Restaurant POS Terminals Market with Future Growth and Business Opportunities by 2027
Global restaurant POS terminals market forecast is strong over the coming few years. The rise in disposable income among people across developed and developing economies has led to an increase in the number of people dining in at restaurants over the years. The increase in number of people that prefer to dine-out has led to the need for digital payment acceptance systems across the hospitality industry.
Since POS systems involve both hardware and software, effective services that ensure optimum operation of the technology will record robust demands. Restaurant POS manufacturers are increasingly focusing on providing superior-quality services to ensure that the integrated hardware and software solutions function efficiently. These companies extend both on-site and remote maintenance services based on certain requirements of the customers.
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Reports estimate that the global restaurant POS terminals market size could cross USD 25 billion in value through 2027. Providing an innovative service portfolio also strengthens a service providers position in the market. This encourages them to give high-quality services. Expounded below are some of the factors likely to influence restaurant POS terminals industry size in the forthcoming years.
High demand from full-service restaurants
Full-service restaurants are showcasing more and more demand for POS systems in a bid to ensure effective business operations. Full-service restaurants use POS systems that allow streamlining of orders to reduce waiting time for diners and empower staff with intuitive solutions.
These machines help restaurants to manage menus, track the most liked dishes, and optimize the prices to expand productivity. The POS systems also ensure improved front and back-end operations. The integration of analytics in POS systems allows full-service restaurants to track average table turnover time to make staffing decisions.
Digitization in ME&A
Middle East and Africa restaurant POS terminals market has witnessed an increase in digitization across the region, with government organisations supporting the adoption of digital payment acceptance to facilitate economic growth. As per a study carried out by Mastercard, nearly 82% UAE respondents chose contactless payment solutions as of October 2020.
The rising penetration of smartphones has led to the use of mobile wallet systems that are fast, secure, and ensure accurate payment. This has encouraged restaurant owners to adopt advanced POS terminals. An increase in the number of international tourists in the region over the years has also supplemented the use of the products to ensure convenience in payment.
COVID-19 and changing hospitality industry
Coronavirus pandemic led to the temporary closure of restaurants across the globe as instructed by the governments to control the spread of infection in public spaces. This has severely affected the demand for POS terminals, high losses faced by the restaurants and the consequent inability to pay for advanced technology. However, changing times call for changing solutions, with the gradual relaxation announced by the governments in various sectors to revive the economy, restaurants are being allowed to facilitate takeaways.
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Many restaurant POS terminals market providers are introducing novel solutions to ensure contactless payments. For instance, in September 2020, Montreal-based Lightspeed introduced – ‘Order Ahead’- a cost-effective online ordering management technology that has been designed to allow takeout, allowing restaurants in North America to provide customers a completely contactless dining experience. The technology helps in reducing friction and high fees in takeout and delivery.
The increasing establishment of restaurants across the globe to meet the burgeoning demand to eat outside has supported the need for fast, reliable and advanced payment acceptance solutions like POS terminals to ensure accurate accountancy of income and expenses.
Table of Contents (ToC) of the report:
Chapter 1 Methodology & Scope
1.1 Scope & definitions
1.2 Methodology & forecast parameters
1.3 COVID-19 impact
1.3.1 North America
1.3.2 Europe
1.3.3 Asia Pacific
1.3.4 South America
1.3.5 MEA
1.4 Data sources
1.4.1 Secondary
1.4.2 Primary
Chapter 2 Executive Summary
2.1 Restaurant POS terminals market 360º synopsis, 2017 - 2027
2.1.1 Business trends
2.1.2 Regional trends
2.1.3 Product trends
2.1.4 Component trends
2.1.5 Application trends
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