Summary:
A new study published by Report Ocean Market Research projects that the global Restaurant POS Terminals market is expected to achieve a valuation of USD 30,966 million by 2026. In 2017, fixed POS terminals held the dominant position in terms of revenue, and North America is predicted to be the leading contributor to the market revenue during the forecast period.
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Key Drivers of Growth:
The increasing adoption of cashless transactions and the growing demand for digital payments are key drivers behind the market’s growth. POS solutions have gained popularity in the restaurant industry as they enhance productivity, reduce service time, and provide valuable business insights. The availability of affordable mobile devices further fuels the market’s expansion. Other contributing factors include the increasing penetration of the internet, the growth of e-commerce transactions, and technological advancements.
Mobile POS terminals are increasingly being adopted in restaurants. These terminals are integrated with mobile devices such as smartphones and tablets, offering advantages like reduced service time, improved workforce efficiency, and enhanced customer experience. The integration of technologies such as smart cards, RFID (Radio Frequency Identification), VoIP (Voice over Internet Protocol), and Wi-Fi provides features such as sales analytics, inventory management, employee management, invoice management, and the capture of electronic signatures. Declining mobile device prices, the rising demand for portable and wearable devices, increasing NFC-based transactions, and technological advancements are additional factors driving the growth of restaurant POS terminals.
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The growing adoption of cloud-based and Android POS devices is also boosting market growth. One example of a cloud-based point of sale (POS) solution is Breadcrumb POS by UpServe, which caters to the needs of restaurants and bars. It offers features such as tip adjustment, a logbook, and the ability to split checks. This solution enables users to keep track of tables being served and offers features for servers to add modifiers, make notes, customize menus, and take orders. It also provides an ‘UpServe Live’ feature, allowing users to track restaurant and bar sales, item sales, guest counts, and weekly trends.
Small business owners are investing in effective POS terminals to increase overall profitability. BarTab is an on-premise point of sales solution developed for small to midsize businesses. It offers features such as stock management, cloud-based till records, and sales analysis. BarTab maintains records of till reports and provides notifications upon variation. It also keeps a detailed report of current stock levels and average weekly sales. Users can track orders and communicate with staff members to enhance customer service. Another popular POS solution is TouchBistro, which is iPad-based and caters to all types of restaurants. It offers food service-specific features and advanced management capabilities, including the ability to split checks and print or email receipts. The solution enhances customer experience by allowing payment of bills and order placement at the tables.
Regional Leadership:
North America generated the highest revenue in the market in 2017 and is expected to maintain its leading position throughout the forecast period. The high consumption of fast food in North America contributes to the growth of the restaurant industry, increasing the need to simplify transactions and enhance efficiency in restaurants. The government in the region encourages consumers to adopt EMV-enabled devices, which offer additional security and minimize breaches and fraud in digital payments.
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Market Segmentation:
Restaurant POS terminals are categorized into fixed POS terminals and mobile POS terminals. In 2017, fixed POS terminals accounted for a larger market share due to their cost-efficiency and time-effectiveness. Fixed POS terminals can be easily connected to hardware like PCs and printers, making them ideal for use in places with high transaction volumes. Mobile POS terminals are expected to grow at a higher compound annual growth rate (CAGR) during the forecast period due to the increasing demand for wireless technologies. These solutions enhance customer interaction by reducing waiting times and offering mobility services. The demand for mobile POS terminals has increased in small restaurants, bars, and cafes due to their affordability and the growing use of mobile devices such as smartphones and tablets to increase efficiency.
Various end-users of restaurant POS terminals include fast food restaurants, casual dining restaurants, fine dining restaurants, bars and pubs, and others. In 2017, fast food restaurants accounted for the largest share in the global market and are expected to grow substantially during the forecast period. POS terminals enable fast food restaurants to offer services quickly and simplify the process of taking orders, processing payments, and managing customers.
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Key Players:
Prominent companies profiled in the report include PAX Technology Limited, TouchBistro, Verifone Systems, Inc., Oracle Corporation, LimesTray, Ingenico Group, Posist, Posera, PoSsible POS, Aireus., Upserve, Inc., Revel Systems, and Squirrel Systems, among others. These companies continuously launch new products and collaborate with other market leaders to innovate and meet the evolving needs and requirements of consumers.
Customizable Insights:
The report is designed to provide answers to key questions related to target audience, competitors, product/service, pricing, distribution channels, customer satisfaction, market size, and growth potential. It can be customized to fit unique needs and goals, making it a valuable resource for various stakeholders.
Reasons to Purchase This Report:
(A) The research provides valuable insights for top administration, policymakers, professionals, product advancements, sales managers, and stakeholders in the market, helping them make informed decisions and strategize effectively. (B) The report offers comprehensive analysis of the Restaurant Point-of-Sale (POS) Terminals market, including revenues on a global, regional, and country level, projecting trends until 2032. This data allows companies to assess their market share, identify growth opportunities, and explore new markets. (C) The research includes segmentation of the market based on types, applications, technologies, and end-uses. This segmentation enables leaders to plan their products and allocate resources based on the expected growth rates of each segment. (D) Analysis of the market benefits investors by providing insights into market scope, position, key drivers, challenges, restraints, expansion opportunities, and potential threats, helping them make informed investment decisions. (E) The report offers a detailed analysis of competitors, their key strategies, and market positioning, allowing businesses to better understand the competition and plan their own strategies accordingly. (F) The study helps evaluate business predictions by region, key countries, and top companies, providing valuable information for investment planning and decision-making.
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