Restaurant POS Terminal Market Size Worth $ 25.95 Billion By 2028: Grand View Research, Inc.
SAN FRANCISCO, May 25, 2021 / PRNewswire / – Global Restaurant POS Terminal Market Size Expected reach 25.95 billion USD by 2028, according to a new report from Grand View Research, Inc. It is expected to grow at a CAGR of 6.4% from 2021 to 2028. The need to facilitate multiple payment options, inventory tracking, automated analysis, prompt service, centralized revenue and menu management, and customer relationship management (CRM) is increasing the demand for point-of-purchase terminals. restaurant sales (POS) during the forecast period. However, the COVID-19 pandemic slowed the growth of the market due to the closure of the restaurant while only the online ordering system was functional. The restaurant industry is recovering in 2021, and point-of-sale vendors have taken steps to introduce new features that are beneficial for recovery roadmap planning for restaurateurs.
Main suggestions from the report:
- Demand for POS in QSRs is expected to experience modest growth exceeding a CAGR of 7.0% during the forecast period. This demand is attributed to the increase in the number of small and large QSRs around the world, a trend that is expected to continue amid the pandemic.
- The magnetic card machine segment is expected to represent approximately 4.0 billion USD by 2028. The need to provide customers with secure and timely cashless payment options is expected to contribute to the growth of the segment. Additionally, social distancing during the pandemic is expected to drive demand for a cashless payment option using point-of-sale terminals.
- Asia Pacific is expected to increase at a CAGR above 8.1% during the forecast period. The growing use of credit / debit cards as a payment option as well as the increase in the number of quick service restaurants are expected to drive regional demand in the coming years. The point of sale sector is expected to take advantage of opportunities in countries, particularly Japan, South Korea, India, and Vietnam
- The main players include Ingenico Group (acquired by Worldline); PAX Technology Ltd .; Verifone Systems Inc .; NCR Corp .; EposNow; Harbortouch Payments, Aireus Inc .; Aireus Inc; Dinerware, Inc .; Posist; LLC; LimeTray; POSsible POS; Posera, ShopKeep (acquired by LightSpeed); Toshiba Corp .; Upserve, Inc .; and TouchBistro
Read the 174-page research report with ToC on “Restaurant Point of Sale Terminal Market Size, Share and Trend Analysis Report by Component, by Product (Fixed, Mobile), by Deployment, By Application, By End User, By Region & By Segment Forecast, 2021-2028 ” at: https://www.grandviewresearch.com/industry-analysis/restaurant-point-of-sale-pos-terminal-market
Restaurants, bars and food service providers rely heavily on point-of-sale technology to track sales, products, operations and inventory. Touch screen ordering techniques are preferred to ensure accurate customer orders. Point of sale technology tends to account for the largest portion of restaurant budgets and IT investments, as it is an important tool for tracking sales. Larger restaurants such as fine dining restaurants, nightclubs, breweries, hotels, cafes, pubs, wineries and casinos offer high priced menus, and customers prefer card payment in such a scenario. . Thus, the price of the menu and the size of the restaurants act as a stimulus to increase the demand for restaurant point of sale terminals.
Restaurant POS terminals for back-end and front-end operations can be deployed separately to separate the workload and maintain the management of back-end administrative tasks. It also helps to secure sensitive business information of staff and control management to avoid a data breach. In addition, the increase in the number of full-service restaurants (FSRs) and quick-service restaurants (QSRs) in major cities around the world is driving the adoption of restaurant point-of-sale terminals. In addition, new demand is generated for point of sale terminals as some of the biggest QSR vendors such as Starbucks, Dunkin ‘Donuts, Pizza Hut, McDonald’s, Wendy’s, Subway, KFC and Burger King expand their businesses and open new businesses. new points of sale around the world. The restaurant’s POS terminal streamlines the day-to-day operations of these large QSRs who have to keep their inventory loaded due to the increasing number of customers consuming fast food. Therefore, the deployment of the POS system benefits QSRs by facilitating rapid order placement and payment processing while also supporting similar services for online orders.
Grand View Research has segmented the global restaurant POS terminal market on the basis of product, component, deployment, application, end user, and region:
- Restaurant POS Terminal Product Outlook (Revenue, USD Million, 2016-2028)
- Self-service kiosks
- ATM terminal
- Vending machine
- Restaurant POS Terminal Components Outlook (Revenue, USD Million, 2016-2028)
- Magnetic card machine
- Touch screen / desktop
- Restaurant POS Terminal Deployment Outlook (Revenue, USD Million, 2016-2028)
- Restaurant POS Terminal Application Outlook (Revenue, USD Million, 2016-2028)
- Restaurant POS Terminal End-User Outlook (Revenue, USD Million, 2016-2028)
- Full Service Restaurant (FSR)
- Quick Service Restaurant (QSR)
- Regional Restaurant POS Terminal Outlook (Revenue, USD Million, 2016-2028)
- North America
- Asia Pacific
- Latin America
- Middle East & Africa (MEA)
List of major players in the Restaurant Point of Sale Terminal Market
- PAX Technology Limited
- Verifone Systems Inc.
- NCR Corporation
- Revel Systems
- Aireus Inc.
- Dinerware, Inc.
- POS possible
- Oracle Corporation
- Will pose
- ShopKeep (acquired by LightSpeed)
- Squirrel systems
- Upserve, Inc.
Find more research reports on Electronics industry, by Grand View Research:
- Contactless Payments Market – The global contactless payments market size has been estimated to be $ 1.34 trillion in 2020. It is expected to grow at a compound annual growth rate (CAGR) of 20.3% from 2021 to 2028.
- Point of Sale Terminal Market – The size of the global point of sale terminal market has been estimated to be $ 75.08 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 6.9% from 2021 to 2028.
- Mobile Point of Sale Terminal Market – The mobile point of sale terminal market has gained traction in recent years due to increased deployments in large retail chains across a variety of store formats and retailers. regional markets.
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Grand View Research, a US-based market research and consulting company, provides syndicated and personalized research reports and consulting services. Checked in California and headquartered at San Francisco, the company has more than 425 analysts and consultants, adding more than 1,200 market research reports to its extensive database each year. These reports provide in-depth analysis of 46 industries in 25 major countries around the world. Using an interactive business intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and assess the opportunities that lie ahead.
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