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Restaurant POS terminals market size surpassed USD 10 billion in 2022 and is anticipated to witness 8% CAGR from 2023 to 2032. Increasing emphasis on maintaining and streamlining consumer engagement along with sales operations across restaurants is slated to bolster the industry demand.
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Rising concerns regarding cyberattacks and data breaches may impede restaurant POS terminals market growth. Awareness regarding cybercrimes has made consumers anxious about sharing their personal data and other card details with restaurant businesses. Restaurants that are not acclimated to encryption technology and wireless solutions find it more difficult to safeguard their devices against such data breaches. The privacy and security risks associated with conducting business online could also influence product deployment.
Restaurant POS terminals industry size from fixed POS terminals is projected to exhibit a 5% growth between 2023 and 2032. Fixed POS terminals can efficiently be connected to kitchen screens that automatically display orders without any manual involvement. This feature allows owners to manage operations smoothly during peak business hours. These POS terminals also enable the integration of higher functionality modules such as online ordering and payment, loyalty programs, accountancy, and table reservations.
|Market Size in 2022:||USD 10 billion|
|Forecast Period:||2023 to 2032|
|Forecast Period 2023 to 2032 CAGR:||8%|
|2032 Value Projection:||USD 35 billion|
|Historical Data for:||2018 to 2022|
|No. of Pages:||300|
|Tables, Charts & Figures:||502|
|Segments covered:||Product, Component, Application, Region|
|Pitfalls & Challenges:|
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The restaurant POS terminals market revenues from the service segment was over 500 million. Companies specializing in the POS terminal services are focusing on enhancing their assistance offerings to ensure combined hardware and software system functionality and improved consumer experience. They offer both on-site and remote maintenance assistance based on customer’s needs. High-quality service provided by these companies for a wide range of product models will encourage the sales of restaurant POS terminals.
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Asia Pacific restaurant POS terminals market is poised to observe 10% growth during 2023 to 2032. The application of contactless payment modes is on a rise in countries like India, China, Singapore, and South Korea. To assure economic progress and support new businesses, governments of these countries are promoting the use of digital payment acceptance methods. Consumers have also inclined more towards online food delivery services in the region. Meanwhile, restaurant owners are accepting contactless POS devices to ensure improved consumer convenience to make payments.
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Leading players in the restaurant POS terminals business landscape include Cake Corporation, Clover Network Inc., Diebold Nixdorf Incorporated, Harbortouch, Hewlett Packard Company, Ingenico Group, Lavu, Lightspeed POS Inc., NCR Corporation, NEC Corporation, Oracle Corporation, Panasonic Corporation, PAR Technology Corporation, PAX Technology, Revel Systems Inc., Samsung Electronics Co. Ltd., Square Inc., Squirrel Systems, Toast Inc., Toshiba Corporation, TouchBistro, Inc., Upserve, Inc., and Verifone Holdings, Inc.
These market participants are concentrating on launching cutting-edge solutions to boost their business footprint. For instance, in September 2022, Commerce Technology launched SkyTab POS, which comes with latest hardware, powerful features, sturdy administration tools, and different mobile solutions. The new technological platform enables restaurateurs to provide improved guest experiences and the ability to manage every part of the business. It has built-in marketing tools, dependability systems, contactless buying and payment, and unified real-time ordering and reservations.
With the deadly COVID-19 outbreak, restaurants worldwide were affected severely at the beginning of 2020. Due to the lockdown and other restrictions, many small businesses in the hospitality sector were forced to shut down. However, as the restraints on crowding and other movement are lifted, the rate of dine-ins has increased considerably this year. Such a scenario could boost the implementation of restaurant POS terminals by 2032.
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