According to a new study published by Report Ocean Market Research the worldwide Restaurant POS Terminals market is anticipated to reach USD 30,966 million by 2026. In 2017, the fixed POS terminal dominated the global market, in terms of revenue. North America is expected to be the leading contributor to the global market revenue during the forecast period.
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The rising number of cashless transactions and growing need for digital payments primarily drive the growth of this market. POS solutions are increasingly being adopted in the restaurant industry to increase productivity, reduce serving time, and gain business insights. Availability of mobile devices at low costs also supplements market growth. Other driving factors include increasing internet penetration, growing transactions through ecommerce, and increasing advancements in technologies.
There has been an increasing adoption of mobile POS terminals in restaurants. Mobile POS terminals are integrated with mobile devices such as smart phones and tablets, which offer benefits such as reduced serving time, higher workforce efficiency, while improve customer experience. The integration of technologies such as smart card, RFID (Radio Frequency Identification), VoIP (Voice Internet Protocol), and Wi-Fi, provides features such as sales analytics, inventory management, employee management, invoice management, and capture of electronic signatures. The declining prices of mobile devices, increasing demand for portable & wearable devices, rising NFC-based transactions, and technological advancements further supplement the growth of restaurant POS terminals.
The rising adoption of cloud-based and Android POS devices also boosts market growth. Breadcrumb POS by UpServe is a cloud-based point of sale (POS) solution available in the market aimed at enabling restaurants and bars to manage customer interaction. A few features offered by the solution include tip adjustment, logbook, and ability to spilt checks among others. This solution allows users to keep a track of tables being served. Servers are provided with options of adding modifiers, making notes, customizing menus, and taking orders. It also offers an ‘UpServe Live’ feature, which enables users to track restaurant and bar sales, sale of items in the restaurant, guest count, and weekly trends.
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Small business owners are investing in effective POS terminals to increase overall profitability. BarTab is an on-premise point of sales solution available in the market. This solution is especially developed for small to midsize businesses. The features offered by this solution include stock management, cloud-based till records, and sales analysis. BarTab maintains a record of till reports and provides notifications upon variation. It also maintains a detailed report of current stock levels and average weekly sales. Users can track orders and communicate with staff members for providing enhanced services to customers. TouchBistro is a popular POS solution available in the market. It is an iPad-based point of sale (POS) solution catering the needs of all kind of restaurants. It offers food service specific features along with advanced management capabilities. The solution offers mobility, which enables payment of bills and order placement at the tables, thereby enhancing customer experience. TouchBistro also offers capabilities to split-checks, print or email receipts.
North America generated the highest revenue in the market in 2017, and is expected to lead the global market throughout the forecast period. The high consumption of fast food in North America boosts the restaurant industry in the region, thereby increasing the need to simplify transactions and increase efficiency in restaurants. The government in the region encourages consumers to adopt EMV-enabled devices. These devices offer additional security and minimize breaches and frauds in digital payments.
The different types of POS terminals used in restaurants include fixed POS terminals and mobile POS terminals. In 2017, fixed POS terminals accounted for higher market share owing to cost efficiency and time effectiveness. Fixed POS terminals can be easily connected to hardware like PCs and printers, and are ideal for use at places with high transaction volume. Mobile POS terminals are expected to grow at a higher CAGR during the forecast period owing to owing to increasing demand for wireless technologies. These solutions enable users to boost customer interaction by reducing waiting time, and offering mobility services. The demand for mobile POS terminals has increased in small restaurants, bars, and cafes owing to low costs associated with them, and increasing use of mobile devices such as smartphones and tablets for increasing efficiency.
The various end-users of restaurant POS terminals include fast food restaurants, casual dining restaurants, fine dining restaurants, bars and pubs, and others. In 2017, fast food restaurants accounted for the largest share in the global market, and are estimated to grow at a substantial rate during the forecast period. The use POS terminals enable fast food restaurant to offer services in short time periods and simplifying the process of taking orders, payments, and customer management.
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The well-known companies profiled in the report include PAX Technology Limited, TouchBistro, Verifone Systems, Inc., Oracle Corporation, LimesTray, Ingenico Group, Posist, Posera, PoSsible POS, Aireus., Upserve, Inc., Revel Systems, and Squirrel Systems among others. These companies launch new products and collaborate with other market leaders to innovate and launch new products to meet the increasing needs and requirements of consumers.
The report aims to provide answers to the following key questions:
Target Market:
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Competitors:
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Product/Service:
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Pricing:
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Distribution Channels:
How do customers prefer to purchase similar products/services?
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Customer Satisfaction:
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Market Size and Growth:
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Reasons to Buy This Report
(A) The research provides valuable insights for top administration, policymakers, professionals, product advancements, sales managers, and stakeholders in the market. It helps them make informed decisions and strategize effectively.
(B) The report offers comprehensive analysis of Restaurant Point-of-Sale (POS) Terminals market revenues on a global, regional, and country level, projecting trends until 2030. This data allows companies to assess their market share, identify growth opportunities, and explore new markets.
(C) The research includes segmentation of the Restaurant Point-of-Sale (POS) Terminals market based on types, applications, technologies, and end-uses. This segmentation enables leaders to plan their products and allocate resources based on the expected growth rates of each segment.
(D) Analysis of the Restaurant Point-of-Sale (POS) Terminals market benefits investors by providing insights into market scope, position, key drivers, challenges, restraints, expansion opportunities, and potential threats. This information helps them make informed investment decisions.
(E) The report offers a detailed analysis of competitors, their key strategies, and market positioning. This knowledge allows businesses to better understand the competition and plan their own strategies accordingly.
(F) The study helps evaluate Restaurant Point-of-Sale (POS) Terminals business predictions by region, key countries, and top companies, providing valuable information for investment planning and decision-making.
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