Selbyville, Delaware, June 09, 2021 (GLOBE NEWSWIRE) --
According to latest report “Restaurant POS Terminals Market by Product (Fixed POS Terminals, Mobile POS Terminals), Component (Hardware, Software, Services), Application (FSR, QSR, Bars & Pubs, Cafes & Bistros), Regional Outlook, Price Trends, Competitive Market Share & Forecast 2027”, by Global Market Insights Inc., the market valuation of restaurant POS terminals will cross $25 billion by 2027. The market growth can be attributed to the high demand for digital payment acceptance solutions across the hospitality sector.
As POS system involves both hardware and software, efficient services that ensure the optimum functioning of the system will witness high demand. The players focus on offering high-quality services to ensure that the integrated hardware and software system runs efficiently. They offer both on-site and remote maintenance services depending on specific customer requirements. Offering an innovative service portfolio further strengthens the manufacturer’s market position. This encourages them to offer high-quality services.
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There is an increasing demand for POS solutions for full-service restaurants to ensure efficient business operations. Full-service restaurants employ POS systems that enable to streamline orders, reduce wait times for diners, and empower staff with intuitive systems. These machines enable restaurants to manage menus, track the most preferred dishes, and optimize the prices to maximize productivity. These POS systems also ensure efficient front and back-end operations, thereby streamlining the order fulfillment and inventory management process. The integration of analytics in POS systems enables full-service restaurant owners to track average table turnover time to inform staffing decisions and enhance turnover strategies.
The growing penetration of digitalization in the Middle East & Africa will offer growth opportunities to the restaurant POS terminals market. The government organization in the region is also supporting the adoption of digital payment acceptance techniques to ensure economic growth. According to a Mastercard study, 82% UAE respondents prefer contactless payment techniques as of October 2020. The increasing penetration of smartphones has, in turn, resulted in the growing use of mobile wallets. This will encourage restaurant owners to adopt POS terminals. The rise in the number of international tourists in the region over the recent years will also boost the implementation of restaurant POS systems to ensure payment convenience.
Key participants operating in the restaurant POS terminals market include Ingenico Group, NEC Corporation, NCR Corporation, PAR Technology Corporation, Diebold Nixdorf Incorporated, Oracle Corporation, Panasonic Corporation, Square Inc., VeriFone Systems Inc., TouchBistro, Inc., Samsung Electronics Co., Ltd., PAX Technology, Toast, Inc., and Toshiba Corporation.
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Some major findings of the restaurant POS terminals market report are:
- The growing acceptance of cloud-based POS systems for inventory management, online ordering, and payment transactions will support the market expansion. Large restaurant chain owners are using cloud-based systems to access data remotely in real time.
- Restaurants are adopting POS systems to cater to the changing consumer demands for convenient digital payment acceptance machines. The increasing penetration of digital payment techniques, such as mobile wallets and smart cards, is supporting the restaurant POS terminals market progression.
- The rising popularity of fast food restaurants will also support the market value. A robust QSR POS system connects customers, order level transaction data, and restaurant marketing data to build an accurate picture of the items sold, the buyer data, and marketing information.
- There is an increasing demand for wireless POS terminals that are compact and portable. Mobile POS terminals enable owners to carry the terminal to the customer’s table, eliminating long queues at the counter.
- The expanding hospitality sector in Asia Pacific, Europe, and North America will offer strong growth opportunities to the restaurant POS terminals market. As restaurant owners focus on ensuring customer convenience and maximizing profitability, there will be an increasing demand for POS systems.
- Key companies are addressing the changing consumer demands and offering solutions suitable for small as well as large-scale restaurants. They are introducing POS terminals that can accept a wide range of payment methods.
Table of Contents (ToC) of the report:
Chapter 3 Restaurant POS Terminals Market Insights
3.1 Industry segmentation
3.2 Impact of coronavirus (COVID-19) pandemic
3.2.1 Global outlook
3.2.2 Regional outlook
3.2.3 Industry value chain
3.2.3.1 Raw material suppliers
3.2.3.2 Component suppliers
3.2.3.3 Manufacturers
3.2.4 Competitive landscape
3.2.4.1 Marketing
3.2.4.2 Distribution channel
3.2.4.3 Business growth
3.3 Industry ecosystem analysis
3.3.1 Raw material suppliers
3.3.2 Component suppliers
3.3.3 Manufacturers
3.3.4 Technology/software providers
3.3.5 System integrators
3.3.6 Distributors
3.3.7 Service providers
3.3.8 Vendor matrix
3.3.8.1 Raw material suppliers
3.3.8.2 Component suppliers
3.3.8.3 Manufacturers
3.3.8.4 Technology/software providers
3.3.8.5 System integrators
3.3.8.6 Distributors
3.3.8.7 Service providers
3.4 Technology & innovation landscape
3.4.1 Biometric POS
3.4.2 Countertop POS
3.4.3 Wireless POS
3.4.4 Connected vs standalone POS
3.5 Regulatory landscape
3.6 Industry impact forces
3.6.1 Growth drivers
3.6.2 Industry pitfalls & challenges
3.7 Growth potential analysis
3.8 Porter’s analysis
3.9 PESTEL analysis
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About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.