Restaurant Point of Sale Terminals Market worth over $25bn by 2024
Published Date: January 9, 2019 Authors: Preeti Wadhwani, Saloni Gankar
Restaurant Point of Sale Terminals Market size is set to exceed USD 25 billion by 2024, according to a new research report by Global Market Insights, Inc.
Technological advancements and rising adoption of advanced payment technologies across the restaurant sector is driving the market demand. The restaurant outlets are dependent on the technologies that will enhance their business operations with minimum operational and installation costs. The mobile solutions are the perfect technologies catering to such requirements. Several manufacturers in the market are engaged in developing solutions to provide effective tableside technologies to FSRs.
For instance, TouchBistro is offering POS solutions that allow the staff to fulfill the customers’ orders accurately and faster while upselling high-margin menu items and using pop-up modifiers for suggestive selling. The solutions help restaurants in serving their customers at tableside or counters. Similarly, Toast, Inc. is offering Toast Go handheld POS system, which is designed specifically for the industry.
Moreover, the restaurant point of sale terminals market players are engaged in developing software solutions that can be incorporated into the payment terminals to support several business processes such as accounting & book-keeping, daily sales tracks order management, managing staff accounts, etc. The software base installed in these integrated systems helps to control, manage, and operate the hardware components and other peripheral devices. The players offer these modern solutions to their customers to improve business operations and enhance the customer dining experience.
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The cafes & bistros FSR segment will observe substantial growth in the restaurant point of sale terminals market during the forecast period. Increasing young customers in these food outlets are driving the businesses of these cafes. These food stalls offer an ambient environment and seating facilities that allow the young crowd to spend time quality time. Such factors are encouraging the café owners to implement modern solutions that will attract more customers.
The major franchised cafés such as Café Coffee Day and Starbucks have adopted fixed countertop solutions due to their self-service business process, allowing customers to order and pay their restaurant bills at the counter. However, small cafes operating in specific areas and catering to a smaller customer crowd are moving toward mobile solutions owing to price sensitivity and maintenance costs associated with fixed solutions.
Browse key industry insights spread across 293 pages with 349 market data tables & 31 figures & charts from the report, “Restaurant POS Terminals Market Size By Product (Fixed POS Terminals, Mobile POS Terminals) By Component (Hardware, Software, Services) By Application (FSR [Fine dine, Casual Dine/Fast Casual], QSR, Bars & Pubs, Cafes & Bistros), Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2018 - 2024” in detail along with the table of contents:
Fixed systems are the most widely adopted POS technologies in the market owing to integrated technology that includes several peripherals such as barcode scanner, RFID or card reader, POS printer, cash drawer, etc. Such integrated solutions are witnessing a high adoption in FSRs and QSRs due to high prices of these systems and requirements of the large floor space for installing such systems. These terminals offer a complete system to food outlets that can be installed to handle or manage inventory, sales, orders, and customer profile with the use of a single system.
Increasing adoption of these integrated systems in fast food outlets to serve customers and manage their orders effectively is predicted to drive restaurant point of sale terminals market growth. Moreover, manufacturers are engaged in incorporating several advanced technologies such as barcode scanner, EMV card reader, and RFID scanner into these integrated systems.
The North America restaurant POS terminals market is predicted to witness high growth from 2018 to 2024 propelled by increasing number of food outlets across the region. Countries including the U.S. and Canada are experiencing an increased number of food outlets to cater to a high consumption rate of the fast food items among the citizens.
According to the National Restaurant Association, it was estimated that in 2017, there were around 1 million restaurant locations in the country. These outlets are adopting advanced technological solutions to offer flexible payment solutions to their customers, providing an impetus to the market. Moreover, increased spending capability of Canadians at restaurants, bars, and cafes is expected to drive the business of the restaurant industry in the country.
Major companies participating in the restaurant point of sale terminals market include Toshiba Corporation, VeriFone Systems, Inc., TouchBistro, Inc., Toast, Inc., Square, Inc., PAX Technology, Samsung Electronics Co., Ltd., Panasonic Corporation, PAR Technology Corporation, NCR Corporation, NEC Corporation, Micros Systems, Inc., Ingenico Group, and Diebold Nixdorf, among others.