DUBLIN--(BUSINESS WIRE)--The "Global Restaurant Point-of-Sale Terminal Market Size, Share & Trends Analysis Report by Component, by Product (Fixed, Mobile), by Deployment, by Application, by End User, by Region, and Segment Forecasts, 2021-2028" report has been added to ResearchAndMarkets.com's offering.
The global restaurant point-of-sale terminal market size is expected to reach USD 25.95 billion by 2028. It is anticipated to expand at a CAGR of 6.4% from 2021 to 2028.
The need to facilitate multiple payment options, inventory tracking, automated analysis, quick service, centralized recipe and menu management, and Customer Relationship Management (CRM) is boosting the demand for restaurant Point-of-Sale (POS) terminals over the forecast period.
However, the COVID-19 pandemic slowed the market growth owing to closed restaurant business while only the online order system was functional. The restaurant sector is recovering in 2021 and POS vendors have taken measures to introduce new features beneficial for planning the recovery roadmap for restaurateurs.
The restaurants, bars, and food service providers rely highly on POS technology to track sales, products, operations, and inventory. Touchscreen ordering techniques are preferred to guarantee accurate customer orders. The POS technology tends to account for the largest portion of the restaurants' IT budgets and investments, as it serves as an important tool to track sales. The bigger restaurants such as fine dining restaurants, nightclubs, breweries, hotels, cafes, pubs, wineries, and casinos have high-priced menus, and customers prefer card payment in such a scenario. Thereby, the menu price and size of the restaurants act as a stimulus to augment the demand for restaurant POS terminals.
Restaurants' POS terminals for back and end and front-end operation can be deployed separately to segregate the workload and keep administrative task management at the back-end. This also helps in securing sensitive business information from staff and in control of the management to avoid a data breach. Furthermore, the rise in the number of Full-Service Restaurants (FSRs) and Quick Service Restaurants (QSRs) in major cities across the world is favoring the adoption of restaurant POS terminals.
Moreover, the new demand is being generated for POS terminal as some of the largest QSR vendors such as Starbucks, Dunkin' Donuts, Pizza Hut, McDonald's, Wendy's, Subway, KFC, and Burger King are expanding their business and opening new outlets across the world. The restaurant POS terminal streamlines everyday operations for these large QSRs that need to keep their inventory loaded due to the rising number of customers consuming fast foods. Hence, the POS system deployment benefits QSRs by facilitating quick order placement and payment processing while also supporting similar services for online orders.
Restaurant Point-of-Sale Terminal Market Report Highlights
- POS demand in QSRs is expected to witness modest growth exceeding a CAGR of 7.0% over the forecast period. This demand is attributed to the rise in the number of small and large QSR worldwide, a trend expected to continue amid the pandemic
- The swipe card machine segment is expected to account for approximately USD 4.0 billion by 2028. The need to provide secure and quick cashless payment options to the customers is expected to contribute to the segment growth. Moreover, social distancing during the pandemic is expected to boost demand for cashless payment option using POS terminals
- Asia Pacific is anticipated to expand at a CAGR exceeding 8.1% over the forecast period. Increasing usage of credit/debit cards as a payment option along with a rise in the number of quick-service restaurants is expected to favor regional demand over the next few years. The POS industry is anticipated to capitalize on the opportunities in countries including Japan, South Korea, India, and Vietnam
Market Dynamics
Drivers
- Growing demand for mobile POS terminals in restaurants
- Multiple functions provided by POS for restaurant management
- Gradual shift toward EMV-based cards
Restraints
- Connection reliability
- Data Security Concerns
Companies Mentioned
- Action Systems, Inc.
- Aireus Inc.
- Dinerware, Inc.
- EposNow
- Harbortouch Payments, LLC
- Ingenico Group
- LimeTray
- NCR Corporation
- Oracle Corporation
- PAX Technology Limited
- POSsible POS
- Revel Systems
For more information about this report visit https://www.researchandmarkets.com/r/wt6r1s
