PUBLISHER: The Business Research Company | PRODUCT CODE: 1409762
PUBLISHER: The Business Research Company | PRODUCT CODE: 1409762
“Restaurant POS Terminals Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on restaurant pos terminals market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for restaurant pos terminals? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The restaurant pos terminals market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
A restaurant point of sale (POS) system consists of hardware (POS terminals) and software (hospitality point of sale) designed to manage sales transactions, including credit card processing, receipt printing, and other essential functions. Unsuch as systems used in retail or hotel enterprises, restaurant POS systems are tailored specifically for the restaurant industry. Modern restaurant POS systems can automate various aspects of business operations, such as sales, labor, and inventory metrics tracking. They streamline internal processes and facilitate communication among staff members, contributing to the efficient operation of the restaurant. This automation helps reduce employee turnover, minimize order errors, decrease wait times, and alleviate stress levels, while simultaneously increasing sales, profit margins, and customer satisfaction.
The main types of restaurant POS terminals are fixed POS terminals and mobile POS terminals. Fixed POS terminals are positioned relative to the viewport, ensuring that an element with the attribute position fixed remains in the same location regardless of how far the page is scrolled. The deployment modes for restaurant POS systems include on-premises and cloud, serving both front-end and back-end functions. These systems cater to various types of establishments, including full-service restaurants (FSR), quick-service restaurants (QSR), institutional full-service restaurants, and other end users.
The restaurant POS terminals market research report is one of a series of new reports from The Business Research Company that provides restaurant POS terminals market statistics, including restaurant POS terminals industry global market size, regional shares, competitors with restaurant POS terminals market share, detailed restaurant POS terminals market segments, market trends, and opportunities, and any further data you may need to thrive in the restaurant POS terminals industry. This restaurant POS terminals market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The restaurant pos terminals market size has grown strongly in recent years. It will grow from $15.09 billion in 2023 to $16.46 billion in 2024 at a compound annual growth rate (CAGR) of 9.1%. The growth observed in the historical period can be attributed to factors such as customization and integration of POS systems, economic conditions, shifts in consumer behavior, the entry of new players into the market, and different phases of adoption within the restaurant industry.
The restaurant pos terminals market size is expected to see strong growth in the next few years. It will grow to $22.83 billion in 2028 at a compound annual growth rate (CAGR) of 8.5%. The anticipated growth in the forecast period can be attributed to factors such as mobile integration, the adoption of cloud-based solutions, the rise of contactless payments, the implementation of artificial intelligence (AI) and analytics, and the continued demand for customization in restaurant POS systems. Major trends expected in the forecast period include the evolution of user interfaces, increased demand for mobility in POS systems, the incorporation of omnichannel capabilities, integration of QR codes for enhanced functionality, and the emergence of subscription-based models in the restaurant POS industry.
The restaurant POS terminal market is anticipated to experience growth driven by the increasing trend of online food ordering. This trend involves placing food orders through websites or applications, either for delivery or pickup. The surge in online ordering and meal delivery is influenced by changing consumer preferences, with a significant portion of customers now using mobile apps to place food orders online. To streamline operations and enhance customer satisfaction, restaurants are increasingly utilizing POS systems. For example, a January 2023 article by Appmysite reported that 70% of customers in the USA prefer online food purchases, highlighting the substantial growth in digital ordering compared to on-site ordering. As a result, the rising trend of online food ordering is expected to propel the restaurant POS terminal market's growth.
The growing demand for quick-service restaurants (QSRs) is another factor expected to drive the expansion of the restaurant POS terminal market. Quick-service restaurants, also known as fast-food establishments, offer fast, cost-effective meals with minimal table service. These restaurants heavily rely on POS terminals, serving as central hubs for order processing, payment transactions, inventory management, and data analysis. MediaRadar's January 2023 report indicated an estimated 12% increase in consumer spending from 2020 to reach $300 billion in 2021. This rise in demand for quick-service restaurants contributes to the growth of the restaurant POS terminal market.
Innovation in products is a prominent trend gaining traction in the restaurant POS terminals market. Key companies in the industry are dedicated to developing innovative solutions to reinforce their market positions. For instance, in April 2022, Toast, Inc., a US-based cloud-based restaurant management software company, introduced Toast for Quick Service, a specialized POS system tailored for limited-service restaurants. The system, including Toast Mobile Order and Pay Kiosks, enhances order processing efficiency, leading to fewer voids, increased gratuities, and improved staff retention.
Major players in the restaurant POS terminals market are also focusing on introducing innovative products such as restaurant POS workstations to gain a competitive advantage. These specialized computer systems are designed to cater to the unique operations and requirements of restaurants. In June 2023, Oracle Corporation launched the MICROS Workstation 8 Series, specifically designed for the retail and hospitality industries. The Workstation 8 Series features a modern, ergonomic design with a 14-inch touchscreen display, powered by an Intel Celeron processor and running the Microsoft Windows 10 IoT Enterprise 2021 LTSC operating system. This reliable POS solution is equipped with user-friendly features to help businesses in the retail and hospitality sectors enhance their operations.
In September 2022, The PNC Financial Services Group Inc, a US-based financial services corporation, acquired Linga POS LLC for an undisclosed amount. This acquisition enhances PNC's digital capabilities, particularly in serving clients in the hotel and restaurant sectors. Linga POS LLC is a US-based firm specializing in point-of-sale (POS) and payments solutions, offering an industry-leading, cloud-based restaurant operating system.
Major companies operating in the restaurant pos terminals market report are NCR Corporation, NEC Corporation, Oracle Corporation, Panasonic Holdings Corporation, PAX Technology, VeriFone Systems Inc., Samsung Electronics Co. Ltd., Toshiba Corporation, Squirrel Systems Inc., PAR Technology Corporation, Brookfield Equinox LLC, Lover Network Inc., TouchBistro Inc., POS-X LLC, Kounta, POS Nation, Posist Technologies Pvt. Ltd., Posiflex Technology, Touch Dynamic, Micros Retail Systems Inc., Aures Group, Diebold Nixdorf Incorporated, Hewlett Packard Enterprise Development LP, INGENICO S.A., Lightspeed Management Company LLC, Revel Systems Inc., Shift4 Payments Inc., Clover Network Inc., ShopKeep, Lithos POS Systems Inc
Asia-Pacific was the largest region in the restaurant POS terminals market in 2023. The regions covered in the restaurant pos terminals market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the restaurant pos terminals market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The restaurant POS terminals market consists of revenues earned by entities by providing mobile restaurant POS system, traditional POS system, touchscreen POS system, and dedicated server POS system services. The market value includes the value of related goods sold by the service provider or included within the service offering. The restaurant POS terminals market also includes sales of touch-screen monitors, credit card readers, customer-facing displays, cash drawers, barcode scanners, receipt printers, and kitchen printers which are used for providing restaurant POS terminal services. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.