Restaurant POS Terminals Market Size By Product (Fixed POS Terminals, Mobile POS Terminals) By Component (Hardware, Software, Services) By Application (FSR [Fine dine, Casual Dine/Fast Casual], QSR, Bars & Pubs, Cafes & Bistros), Industry Analysis Report, Regional Outlook (U.S., Canada, Mexico, Germany, UK, France, Italy, Russia, China, India, Japan, South Korea, Brazil), Growth Potential, Competitive Market Share & Forecast, 2018 - 2024
Restaurant POS Terminals Market is expected to exceed USD 25 billion by 2024. Manufacturers in the industry are engaged in offering application-based solutions consisting of several features that support restaurant operations. For instance, Lavu, Inc. is offering application-based POS solutions for bars, ice cream shops, food trucks, and pizza outlets, among others. These tools allow the staff to manage sales, inventory, and customer orders through a single solution. It helps companies to enhance their sales & productivity by reducing business expenses involved in incorporating multiple solutions for performing these operations. Such factors are predicted to accelerate restaurant POS terminals market growth.
Moreover, the growing adoption of software tools at food outlets will drive the restaurant POS terminals market. Several hardware components including cash drawers, barcode scanners, card readers, etc., are being operated through software programs. Manufacturers in the industry are offering customized software tools for food outlets that suit their business operations. For instance, NCR Corporation is offering Aloha POS that connects all business operations on a single and intuitive platform to keep the business efficient, fast, and responsive.
In the restaurant POS terminals market, mobile solutions are experiencing high adoption owing to increased requirements for advanced technologies to improve the customer experience and satisfaction levels. These mobile solutions help food outlets to offer tableside payment and ordering facilities. They also provide several advantages to the food centers including improved customer engagement, crowd management, fast order tacking, and payment settlement options. Such advantages are driving the adoption of these advanced solutions in dining areas, thereby accelerating the restaurant POS terminals market growth.
The applications of these payment solutions in QSRs are high owing to a rise in the number of fast-food outlets including McDonald’s, Pizza Hut, KFC, etc. These companies are incorporating integrated countertop models that allow them to provide self-service to their customers. It allows customers to order and pay the restaurant bills at the counter using a single solution. Moreover, the rapid expansion of these food outlets in several countries is expected to drive the restaurant POS terminals market. For instance, in January 2018, McDonald’s announced its plan to open around 1,000 stores worldwide. Currently, McDonald’s owns approximately 15,000 franchise stores in the U.S alone.
The North America restaurant POS terminals market is experiencing rapid growth due to the increased number of food outlets in this region. The fast-food consumption rate of citizens in the U.S. and Canada is growing at a fast pace due to a rise in the Food-Away-From-Home (FAFH) category of individuals. Such individuals are dependent on several food outlets for their breakfast, lunch, and dinner, which will drive the number of restaurant outlets in the country. These food outlets are witnessing increased requirement of the payment terminals, thereby propelling the restaurant POS terminals market growth.
Players in the restaurant POS terminals market include Samsung Electronics Co., Ltd., VeriFone, Holdings, PAR Technology Corporation, NCR Corporation, Ingenico Group, Diebold Nixdorf, NEC Corporation, Micros Systems, Inc., Panasonic Corporation, Toshiba Corporation, Toast, Inc., Square, Inc., PAX Technology, and TouchBistro, Inc., among others. These companies are competing based on the demands and requirement of consumers from various industrial sectors. Technological innovations by restaurant POS terminals market players are growing rapidly, driving the adoption of smart solutions in payment devices.
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