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.
The POS terminal helps to keep records of inventory, payroll, sales figures, and billing. In addition, it helps restaurant owners in sales tax reporting by storing monthly as well as yearly data thereby, eliminating the need to prepare the sales report daily.
In addition, customer relationship management software is installed in the POS terminal which helps to fetch customer information, sale report and gives regular updates. The CRM-based POS enables tracking of customer purchase patterns which helps owners to customize their menu accordingly. Therefore several benefits associated with the restaurant's POS terminal are projected to drive the market growth over the forecast period.
Market Share Insights
The market is highly competitive in nature due to the presence of a large number of players including Posera; ShopKeep; Squirrel Systems; PAX Technology Limited; Verifone Systems Inc.; Aireus Inc.; Harbortouch Payments, LLC; Dinerware, Inc.; POSist, EposNow; Upserve, Inc., Revel Systems; TouchBistro; LimeTray; Ingenico Group; Oracle Corporation; POSsible POS; NCR Corporation; and Toshiba Corporation. Strategies such as product development, partnership, and acquisition are implemented by major market players. For example, in 2019, Qu POS, Inc. developed a POS platform to support restaurants from one central hub in managing omnichannel orders. Moreover, in 2017, NCR Corporation partnered with MONKEY which is a cloud-based software provider. This initiative will help NCR Corporation to manage its orders with the cloud-based platform.
The industry players are also striving to offer new features in the product at a low cost. The Touch Bistro offers POS solutions with tablets with attractive features such as inventory management, cash management, and order tracking for quick-service restaurants. Continuous innovation in products and the growing focus of industry players to provide customized solutions are expected to fuel the demand for POS solutions. For example, Revel Systems formed a partnership with Intuit Inc. in order to develop an online restaurant POS terminal with the name QuickBooks that allows restaurants to track their payment, inventory, CRM information, payroll, and sales.
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Regional Insights
In 2019, Asia Pacific dominated the global market and accounted for revenue of over USD 4 billion. It is estimated that the Asia Pacific will retain its position over the forecast period owing to the rapidly growing and expanding foodservice sector in emerging countries such as China and India. In these countries, several restaurants are using POS terminal solutions such as tablets and kiosks to place orders, display menus, enhance customer experience, and increasing operating efficiency.
In 2019, North America was the second-largest market shareholder. This is due to the presence of a large number of POS software developers and rapidly growing restaurant services. In addition, the growing demand for POS software in restaurants to overcome daily challenges associated with management and operation is anticipated to further drive the regional market growth. Moreover, the presence of quick-service restaurants in the U.S. is expected to positively impact regional market growth.
Impact of COVID-19
The outbreak of coronavirus has caused massive disruption in the restaurant industry. Many restaurant owners realized that their old business model will not work in post-COVID-19. Due to the adverse impact of coronavirus, consumer behavior is totally changed which has enforced the restaurants to adopt the new technology including POS terminal to manage front-end and back-end operations efficiently. POS terminal in the restaurant is a central hub to manage menu, inventory, payment process, and other operations. With the coronavirus, the major concern is human contact. Hence contactless payment does not require any physical contact between the customer card and the payment terminal. This type of payment is possible through mobile wallets, credit, or debit cards. Restaurants are increasingly using wireless POS terminals integrated with contactless payment technology. Therefore, increasing concern regarding safety and security will drive the demand for POS terminals after reopening the restaurants.
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