Restaurant POS Terminals Market worth over $25bn by 2027
Published Date: June 8, 2021 Authors: Preeti Wadhwani, Saloni Gankar
Restaurant POS Terminals Market size is set to surpass USD 25 billion by 2027, according to a new research report by Global Market Insights, Inc.
The expanding cloud computing industry globally, will offer growth opportunities to the market. The increasing need to remotely monitor restaurant chains has supported the growth of the cloud restaurant POS industry. Cloud technology enables owners to access data from POS terminals across any internet-enabled device from any location. This factor ensures enhanced flexibility and scalability. Real-time access to information also enables owners to manage inventory efficiently. As data is located on remote servers, it remains secure even if the POS terminal at a restaurant is damaged. The increasing demand for POS solutions that enable to integrate higher functionality modules, such as online ordering and payment, loyalty programs, accounting, and table reservation, will support the market growth.
The coronavirus (COVID-19) pandemic hindered the restaurant POS terminals market in 2020 attributed to the temporary closure of restaurants due to the strict lockdowns imposed. There was also a decline in new restaurant establishments credited to the declining consumer demand. Health conscious consumers refrained from visiting restaurants owing to concerns associated with the spread of the virus. This hampered the demand for restaurant POS terminals. However, with relaxations in lockdowns in 2021, the market will regain traction. The trend of online food ordering will boost the demand for restaurant POS software solutions that enable to effectively manage the orders during peak hours. The demand for contactless payment acceptance solutions will support the market expansion in 2021.
Increasing demand for fixed POS terminals in large restaurants will support the restaurant POS terminals market progression
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Fixed restaurant POS terminals offer benefits of robust management such as having a cash drawer, employee time clocks, and the capability to manage loyalty programs and gift cards. The traditional POS terminals were used for decades and preferred as the most recognized and accepted way to process cash payments, checks, and credit/debit cards. Large restaurants prefer fixed POS solutions owing to their effective inventory management features. The mobile POS solutions are less secure than fixed solutions and can expose the entire network to fraud, encouraging the shift toward these terminals. Moreover, a fixed restaurant POS terminal can be effectively connected with the screens in the kitchen to display a placed order automatically without manual intervention. The growing need for solutions that enable owners to effectively manage operations during peak hours will propel the industry growth.
Browse key industry insights spread across 300 pages with 469 market data tables and 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), COVID-19 Impact Analysis, Regional Outlook, Price Trend Analysis, Growth Potential, Competitive Market Share & Forecast, 2021 – 2027” in detail along with the table of contents:
The rising demand for robust restaurant POS terminals that ensures effective performance during peak hours will drive the restaurant POS terminals market value
There is an increasing demand for innovative restaurant POS terminals that can operate efficiently during high traffic periods. The manufacturers are focused on developing innovative handheld terminals compatible with hardware components for providing additional features & functions. For instance, Square Inc. offers POS handheld terminals that integrate with a wide variety of third-party hardware accessories such as receipt printers, cash drawers, and barcode scanners. The growing demand for restaurant POS terminals that stand up to cold, heat, spills, drops and heavy use will support the industry expansion. The market will gain traction with the rising demand for kiosks, tablets, terminals, and kitchen displays that offer high speed, processing power, security, and reliability.
The growing use of digital payment techniques in South America to offer growth opportunities to the market
The South America restaurant POS terminals market will expand at 13% growth rate through 2027 led by the increasing use of smartphones for digital payments. Although the region lacked a robust digital infrastructure earlier, the pandemic has fueled the adoption of contactless payment techniques. According to a new Mastercard study conducted in April 2020, 35% of individuals in the region specified that they increased the use of contactless payments. Data from the Brazilian Association of Credit Card Companies and Services (Abecs) based on 2019 report states that contactless payments have grown 565%. This factor will encourage restaurant owners to adopt POS terminals to ensure customer satisfaction. The rising use of smartphones for digital payments will also support the market demand.
Focus on R&D to introduce state-of-the-art solutions is the key strategy amongst market players
Prominent companies operating in the restaurant POS terminals market include Ingenico Group, NEC Corporation, NCR Corporation, PAR Technology Corporation, Diebold Nixdorf Incorporated, Oracle Corporation, Panasonic Corporation, Square Inc., VeriFone Systems Inc., TouchBistro, Inc., Samsung Electronics Co., Ltd., PAX Technology, Toast, Inc., and Toshiba Corporation. The market leaders are innovating their product offerings to cater to the changing hospitality industry demands.