The global restaurant POS terminal market size is projected to reach USD 25.1 billion by 2027 and expected to grow with a CAGR of 6.8% over the forecast period, from 2020 to 2027, according to Million Insights. Rising demand for outside food, especially on weekends by people has incurred the need for optimizing operations right from inventory management to customer feedback. Therefore, adaptation POS has enhanced the management of customer relationship, staff scheduling, and table orders. Moreover, over the recent past, adoption of mobile POS terminals has increased due to ease of usage and low installation cost.
National Restaurant Association (U.S.) has reported that, growing high preference of customers for self-serving ordering kiosk expected to open new opportunities for market growth. It has been witnessed that portable POS devices are highly beneficial for restaurants owners, as they can easily integrate and improves operational efficiency. In addition, usage of mobile POS terminals enables restaurant owners to monitor their operations very closely from any location. Such advantage offered by POS due to technological advancement is expected to surge the market growth in the next few years.
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Restaurant POS system not only handles front-end operations but also manages back-end operations including employee management, queue management, reservation, and inventory management. Moreover, growing number of Full-Service Restaurant (FSR) and Quick Service Restaurant (QSR) are expected to further drive the demand for restaurant point of sale (POS) terminals market. Some QSR such as KFC, Pizza Hut, Burger King, Starbucks, McDonald’s,Wendy’s, and Subway are expanding their business across the globe with high benefits offered by installing POS terminal. These popular QSR chains need to streamline their operations daily to avoid risk of out of stock and fulfil the demand increasing from customers at their outlets. POS play an important role to speed up ordering and payment process along with same service for online orders.
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Further key findings from the report suggest:
• QSR application segment is expected to grow with the fastest CAGR over the forecast period due to growing demand for QSR to ease of managing operations for quick order deliveries.
• In hardware segment, swipe card machine segment is expected to reach around USD 5.2 billion by 2027. This growth is attributed to growing need for quick cashless payment by using debit or credit cards.
• Asia Pacific is expected to grow with the fastest CAGR of more than 8.0% from 2020 to 2027 due to growing number of quick service and fine dine restaurants in several countries such as South Korea, Japan, India, Indonesia, and Vietnam.
• Posera, ShopKeep; Verifone Systems Inc.; NCR Corp.; Revel Systems; Aireus Inc.; AireusInc; Dinerware, Inc.; Ingenico Group; PAX Technology Ltd.; Posist; Toshiba Corp.; EposNow; Harbortouch Payments, LLC; TouchBistro; and Upserve, Inc.LimeTray; POSsible POS; Oracle Corporation; and Squirrel Systems; are major players operating in this industry.
Million Insights segmented the global restaurant POS terminal market on the basis of product, component, deployment, application, end user, and region.
Restaurant POS Terminals Product Outlook (Revenue, USD Billion, 2016 – 2027)
• Self-serve Kiosks
• Cash Counters Terminal
• Vending Machine
Restaurant POS Terminals Component Outlook (Revenue, USD Billion, 2016 – 2027)
• Swipe Card Machine
• Touch Screen/Desktop
Restaurant POS Terminals Deployment Outlook (Revenue, USD Billion, 2016 – 2027)
Restaurant POS Terminals Application Outlook (Revenue, USD Billion, 2016 – 2027)
Restaurant POS Terminals End-user Outlook (Revenue, USD Billion, 2016 – 2027)
• Full-Service Restaurant (FSR)
• Fine Dine
• Casual Dine
• Quick Service Restaurant (QSR)
Restaurant POS Terminals Regional Outlook (Revenue, USD Billion, 2016 – 2027)
• North America
• Asia Pacific
• Latin America
• Middle East & Africa
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