New York, June 19, 2023 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Global Restaurant Point Of Sale Terminal Market Size, Share & Industry Trends Analysis Report By Application, By End User, By Component, By Deployment, By Product, By Regional Outlook and Forecast, 2023 – 2029” –
The fixed POS are substantially deployed by the Quick service restaurants as tourism industry is growing and people prefers fast food, which in turn, offers opportunities to brands to expand their business. For example, Yum! Brands have more than 53,000 stores across the world. Thus, Quick Service Restaurants generated approximately $5,950.9 million in 2022. Some of the factors impacting the market are adoption of cashless transactions, increasingly adopting point-of-sale (POS) terminals to improve business operations, and Point of sale security issues.
Customers are less likely to carry cash on hand as transactions become more cashless and prefer to use a debit or credit card instead. Hence, the market is expanding as a result of the growing inclination for cashless transactions. To ensure that business operations run smoothly, the duties of the restaurant POS terminal include billing customers, documenting sales data, managing payroll, and controlling inventory. As a result, the additional benefit of implementing a POS system to get insights related to customer choice and sales patterns is anticipated to contribute to the expansion of the market in the projected period. On the Contrary, Cybercriminals steal sensitive and private data from unsuspecting clients through point-of-sale apps, including information on their credit or debit cards, which damages their credit scores and causes financial losses. Hence, the market is predicted to grow slower due to POS terminal security issues.
Product Outlook
Based on product, the market is segmented into fixed and mobile. The fixed segment dominated the market with maximum revenue share in 2022. This is because the adoption of point-of-sale terminals in more notable restaurants that serve a large number of customers and have several locations to manage is primarily responsible for the increase in the adoption of fixed POS terminals.
Component Outlook
On the basis of component, the market is divided into hardware and software. The hardware segment held the highest revenue share in the market in 2022. This is because touchscreen monitors or tablets, cash drawer, EFTPOS, and receipt printer must be added to the restaurant POS system. In addition, the availability of OLED displays and touch screens, thermal receipt printers, and touch payment EFTPOS systems, among many other innovations, are expected to aid the market segment’s expansion in the projected period.
Deployment Outlook
By deployment, the market is classified into cloud and on-premise. The cloud segment garnered a prominent revenue share in the market in 2022. This is because cloud-based deployment increases data visibility, gives enterprises greater mobility, improves data security, reduces downtime for upgrades, and streamlines information across several locations. For quick-service restaurateurs offering upscale culinary experiences, the security, financial, and operational advantages of POS cloud implementation have become clear, aiding the segment’s growth in the forecasted period.
Application Outlook
Based on the application, the market is bifurcated into front-end and back-end. The front-end segment registered the highest revenue share in the market in 2022. This is owing to the restaurant POS terminal’s primary job being to manage front-end activities such as placing orders, billing, keeping track of sales, accepting payments, managing orders, corresponding with customers, reporting, and marketing. A POS system to prepare orders accurately and promptly is essential for managing restaurants’ front ends.
End user Outlook
On the basis of end-user, the market is divided into full-service restaurant (FSR), quick service restaurant (QSR), institutional and others. The quick service restaurant (QSR) segment acquired a substantial revenue share in the market in 2022. This is because QSRs must frequently attend to a large number of customers in a short period of time, necessitating the assistance of POS systems to determine customer needs, quickly take orders, shorten order turnaround times, and offer quicker customer service. Hence the benefits provided by the POS terminals to the QSR are expected to boost the segment’s growth.
Regional Outlook
Region-wise, the market is analyzed across North America, Europe, Asia Pacific, and LAMEA. The Asia Pacific region generated the highest revenue share in the market in 2022. This is because of the region’s quickly expanding and changing food service business, driven by favorable demographic trends, and rising disposable income in nations. Many small-scale eateries in Asian nations have begun utilizing tablet-based POS systems and digital kiosks to show menus, take orders, improve operational efficiency, and improve customer experience, boosting the market growth in the region.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Oracle Corporation, Aireus Inc. (CaTech systems Ltd), DCR Point of Sale Systems, Alchemy Web Private Limited, Lightspeed Commerce Inc., PAX Global Technology Limited, VeriFone Holdings, Inc. (Francisco Partners), NCR Corporation, Revel Systems (Welsh, Carson, Anderson & Stowe) and TouchBistro, Inc.
Strategies Deployed in Restaurant Point Of Sale Terminal Market
Nov-2022: Oracle has unveiled Oracle MICROS Simphony. The MICROS Simphony is an order-and-pay solution that features compatibility with the Oracle payment cloud service. The MICROS Simphony can be used to improve service, enhance security, and lessen the administrative load.
Jul-2022: PAX Technology, Inc. has partnered with Datacap, an omnichannel gateway provider based in North America. The partnership allows PAX to serve the restaurant system providers in a better way by combining their hardware solutions with Datacap’s payment platform.
May-2022: Verifone has partnered with Lavu, a restaurant software provider. The partnership will combine Verifone’s FLEX payment solution with Lavu’s restaurant software suite, thereby allowing Verifone to serve their customers in a better way through the combined offering.
May-2022: NCR Corporation has launched NCR Aloha Cloud, a cloud-based POS software. Aloha Cloud features an updated UI and compatibility across different platforms. By using this new Aloha cloud, restaurants can manage third-party delivery marketplaces.
Aug-2021: NCR Corporation took over Foremost Business Systems, a restaurant POS solutions provider. The acquisition extends the geographical reach of the company by allowing it to enter into the Minneapolis market and increases the capabilities of NCR Corporation.
Nov-2019: PAX Technology has partnered with Truevo Payments, a payment service provider based in Europe. The partnership allows PAX to enter the UK market by allowing them to provide their products through Truevo Payments.
Scope of the Study
Market Segments covered in the Report:
By Application
• Front-End
• Back-End
By End User
• Full-Service Restaurant (FSR)
• Quick Service Restaurant (QSR)
• Institutional
• Others
By Component
• Hardware
• Software
By Deployment
• On-premise
• Cloud
By Product
• Fixed
o Cash Counters Terminal
o Vending Machine
o Self-serve Kiosks
• Mobile
By Geography
• North America
o US
o Canada
o Mexico
o Rest of North America
• Europe
o Germany
o UK
o France
o Russia
o Spain
o Italy
o Rest of Europe
• Asia Pacific
o China
o Japan
o India
o South Korea
o Singapore
o Malaysia
o Rest of Asia Pacific
• LAMEA
o Brazil
o Argentina
o UAE
o Saudi Arabia
o South Africa
o Nigeria
o Rest of LAMEA
Companies Profiled
• Oracle Corporation
• Aireus Inc. (CaTech systems Ltd)
• DCR Point of Sale Systems
• Alchemy Web Private Limited
• Lightspeed Commerce Inc.
• PAX Global Technology Limited
• VeriFone Holdings, Inc. (Francisco Partners)
• NCR Corporation
• Revel Systems (Welsh, Carson, Anderson & Stowe)
• TouchBistro, Inc.
Unique Offerings
• Exhaustive coverage
• Highest number of market tables and figures
• Subscription based model available
• Guaranteed best price
• Assured post sales research support with 10% customization free
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