Global Restaurant Point of Sale (POS) Terminals Market was US$ 15.1 Bn in 2019 and is expected to grow at CAGR 6.54% in forecast period.
To know about the Research Methodology :- Request Free Sample Report
Global Restaurant Point of Sale (POS) Terminals Market Overview:
An effective functioning of a restaurant is primarily dependent on the active management of three essential aspects, such as, customer service, employee performance and inventory. With the help of the POS terminal, restaurant operations can be streamlined and can contribute towards improving the profits. The placement of the POS terminal in restaurants can help them improve their efficiency by reducing billing or order error during peak hours, identifying hot-selling items, monitoring the order completion time and providing quick transaction facility. The rising trend to dine out is supplementing the market growth. In addition, the metro cities are a hub to fine dining restaurants, breweries, pubs, cafes, and luxury hotel restaurants where people regularly visit. The effective service at these places is very important to attract more customers and generate more and more revenue for restaurant owners. Hence, the restaurant owners continuously attempt to manage the back-end preparation for a smooth front-end operation throughout the busy hours.
The report study has analyzed revenue impact of covid-19 pandemic on the sales revenue of market leaders, market followers and disrupters in the report and same is reflected in our analysis.
Global Restaurant Point of Sale (POS) Terminals Market Dynamics:
The functions of the POS terminal are inventory, staff and employee management, sales study and customer feedback analysis, all these aspects attracts the attention of the restaurant owners which increases the demand and growth of the market. Moreover, it is more efficient than the traditional cash register or manual systems in the restaurants, along with performing multiple tasks apart from processing payment and registering the everyday sale. Hence, the POS terminal reduces manual and tedious work of going over daily sales report to prepare the tax reporting. Additionally, Customer Relationship Management (CRM) software is being implemented into the POS terminal makes it handy in mapping customer information with their purchase pattern and other information. This supports restaurant owners to customize their menu and offer competitive service as per the customer demand.
On the contrary, the restaurant POS terminal market is facing a challenge in market growth due to concern for data security as the system is connected via the internet, and some of the POS terminal stores data on the cloud. The POS malware data breach is one of the major concerns among POS users. Additionally, reliability on the internet connection for initiating payment and other tasks also can act as a restraint to the adoption of the POS terminals within the countries which lack strong IT infrastructure as the internet downtime or connection error can affect the billing and payment process.
Global Restaurant Point of Sale (POS) Terminals Market by Segment Component:
The software segment is expected to witness the highest CAGR of 8.3% during the forecast period. To fulfill the growing consumer expectations including payment mode, mobility security, and customer engagement contributed to need for updating the POS software in restaurants, which is expected to boost the segment growth. In addition, software vendors are also providing solutions that include Hotel Property Management System (PMS), which offers fully integrated technology capabilities to restaurant owners. Moreover, increasing adoption of mobile POS terminal which require only ungraded software is likely to drive the market growth.
On the other hand, the hardware segment is classified into touchscreen/desktop, swipe card machine and others. Growing usage of mPOS terminals, such as tablets, in restaurants due to their compact and flexible features, which empower restaurant staff to provide speedy and accurate table services. Also, the card swipe machine facilitates quick cashless payment using credit or debit card. Hence, the hardware segment is expected to account for the US$ XX Mn market share by 2027.
Global Restaurant Point of Sale (POS) Terminals Market by Segment End-User:
Based on end user, the restaurant POS terminals market has classified into Quick Service Restaurant (QSR), Full-Service Restaurant (FSR), and institutional FSR, which is further divided into fine dine and casual dine. The Quick Service Restaurant (QSR) is required to provide higher volume products in a short duration and at low price as compared to their competitors in the foodservice industry. Thus, the POS terminals empower QSRs in meeting the changing customer demands and remain competitive by reducing the order turnaround time and providing faster customer service. Thus Quick Service Restaurant (QSR) segment is anticipated to witness the maximum growth with CAGR XX% over the forecast period. The Full-Service Restaurant (FSR) segment headed the market in 2019 accounting for over 41.00% of the global market share with US$ XX Mn and is expected to maintain the dominance over the forecast period with CAGR XX%. The casual dining segment contributed for the second largest share of the market with US$ XX.XX Mn in 2019 and estimated to grow at the highest CAGR of XX% from 2020 to 2027. The affordable and convenient eating option is growing the number of casual dining restaurant, which are highest adopter of POS terminal system.
Global Restaurant Point of Sale (POS) Terminals Market Objective of the Report:
The objective of the report is to present a comprehensive analysis of the Global Restaurant Point of Sale (POS) Terminals Market including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that includes market leaders, followers and new entrants. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers. The report also helps in understanding Global Restaurant Point of Sale (POS) Terminals Market dynamics, structure by analyzing the market segments and project the Global Restaurant Point of Sale (POS) Terminals Market size. Clear representation of competitive analysis of key players by Application, price, financial position, Product portfolio, growth strategies, and regional presence in the Global Restaurant Point of Sale (POS) Terminals Market make the report investor’s guide.
For more information of Visit:https://www.maximizemarketresearch.com/market-report/global-restaurant-point-of-sale-pos-terminals-market/54854/
Scope of the Global Restaurant Point of Sale (POS) Terminals Market Report : Inquire before buying
Global Restaurant Point of Sale (POS) Terminals Market, By Product
Cash Counters Terminal
Global Restaurant Point of Sale (POS) Terminals Market, By Component
Swipe Card Machine
Global Restaurant Point of Sale (POS) Terminals Market,By Deployment
Global Restaurant Point of Sale (POS) Terminals Market, By Application
Global Restaurant Point of Sale (POS) Terminals Market, By End-user
Global Restaurant Point of Sale (POS) Terminals Market, By Region
• North America
• Asia Pacific
• Middle East & Africa
• South America
Key players operating in the Global Restaurant Point of Sale (POS) Terminals Market
• Action Systems, Inc.
• Dinerware, Inc.
• Aireus Inc.
• Harbortouch Payments, LLC
• Ingenico Group
• NCR Corporation
• Oracle Corporation
• Revel Systems
• POSsible POS
• PAX Technology Limited
• Verifone Systems Inc.
• Oracle Corporation
• Squirrel Systems
• Upserve, Inc.
Maximize Market Research offers customization of reports according to the specific requirement of our clients.
This Report Is Submitted By : Maximize Market Research Company Customization of the report: Maximize Market Research provides free personalized of reports as per your demand. This report can be personalized to meet your requirements. Get in touch with us and our sales team will guarantee provide you to get a report that suits your necessities.
About Maximize Market Research: Maximize Market Research provides B2B and B2C research on 20,000 high growth emerging opportunities & technologies as well as threats to the companies across the Healthcare, Pharmaceuticals, Electronics & Communications, Internet of Things, Food and Beverages, Aerospace and Defense and other manufacturing sectors.