Restaurant Point-of-Sale Terminal Industry Overview
The global restaurant point-of-sale terminal market size was valued at USD 15.46 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 6.4% from 2021 to 2028.
The COVID-19 pandemic impacted the business of the restaurant sector due to the temporary shutdowns and lack of dine-in customers. However, the adoption of digital ordering channels helped a few restaurants survive the pandemic while using POS for contactless payments. The increasing demand for improved Point-of-Sale (POS) terminals is backed by its efficient management facility in comparison to the manual systems or traditional cash register. The POS system functions such as sales analysis, inventory management, customer feedback, and employee management analysis which is impelling the market growth.
Gather more insights about the market drivers, restraints, and growth of the Global Restaurant Point-of-Sale Terminal market
The restaurant POS terminal functions involve billing, recording sales figures, payroll management, and inventory control to ensure business function. Everyday sales and inventory data recorded in the POS system are analyzed to track the sales pattern and help restaurateurs manage sales tax reporting as well as track their monthly and annual sales. Hence, the installation of fixed or mobile POS systems can reduce everyday tedious and manual tasks recording sales and preparing tax reports. Additionally, integration of Customer Relationship Management (CRM) software in the POS system automatically fetches customer information to create regular updates and prepare sales reports. Thereby, the added advantage of installing a POS system to extract insights related to customer preference, and sales trends are expected to augment the market growth.
Restaurants need streamlined business operations to boost product demand. Hence, restaurateurs have deployed point of sales systems to operate with improved efficiency by reducing billing time, monitoring the order completion time, and avoid order error during peak hours. Metropolitan cities in every country are the hubs for fine dining restaurants, cafes, breweries, nightclubs, and pubs where people congregate regularly with family, friends, or colleagues for leisure time or official meet, respectively. Hence, restaurant staff needs to maintain quick order and billing facilities to offer a great dining experience. A POS system strives to manage the back-end preparation for a smooth front-end operation during busy hours. A rise in the number of dine-in restaurants, nightclubs among others will contribute to the market growth over the next few years. The impact of COVID-19 will result in a short-term impediment; however, the market will soon hit recovery with large-scale vaccination programs.
The restaurant POS terminal market growth slumped due to the COVID-19 pandemic that forced people to stay indoors and avoid outside activities. Although the online ordering system helped many restaurants to keep the operation on track, the revenue loss led to the declined sale of new POS systems. As the countries such as China, Japan, South Korea, the U.S., Russia, the U.K., Germany, and other countries are recovering from the pandemic and have fully operated restaurants, the POS vendors are adding new features to help restaurants adapt to the challenge of dining. In 2021, the restaurant sector is expected to revive and boost the demand for mobile POS terminals across various types of restaurants.
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Market Share Insights
August 2020 - TouchBistro acquired TableUp, a Boston-based loyalty and marketing solutions provider to integrate TableUp solution in its POS restaurant management platform.
April 2020 - TouchBistro unveiled “Restaurant Recovery Navigator” as a go-to information source that will help restaurateurs plan their business amidst the pandemic that affects their future growth. The companies also focused on providing a product with additional features at affordable prices.
Key Companies profiled:
Some prominent players in the global Restaurant Point-of-Sale Terminal market include
- PAX Technology Limited
- Verifone Systems Inc.
- NCR Corporation
- Revel Systems
- Aireus Inc.
- Dinerware, Inc.
- Posist
- EposNow
- LimeTray
- POSsible POS
- Oracle Corporation
- Posera
- ShopKeep (acquired by LightSpeed)
- Squirrel Systems
- TouchBistro
- Upserve, Inc.
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