New York, United States , May 17, 2023 (GLOBE NEWSWIRE) -- The Global Restaurant Point of Sale Terminal Market Size is to grow from USD 19.76 billion in 2022 to USD 49.87 billion by 2032, at a Compound Annual Growth Rate (CAGR) of 9.7% during the forecast period. The drivers of the restaurant point of sale terminal market include increasing demand for efficient and convenient payment systems, rising adoption of cloud-based POS solutions, and growing demand for analytics and data-driven insights. Additionally, the need for enhanced customer experiences, improved inventory management, and reduced operational costs are driving the growth of the market.
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A Restaurant Point of Sale (POS) Terminal is a computerized system designed to simplify and enhance the management of a restaurant. It enables staff to take orders, process payments, and generate receipts. In addition, it provides real-time data on inventory and sales, enabling managers to track their restaurant's performance and make data-driven decisions. POS terminals can also integrate with other systems such as accounting, inventory management, and loyalty programs, making restaurant operations more efficient. By using a POS system, restaurant owners can improve their customer service, reduce errors, and streamline their overall operations.
Browse key industry insights spread across 200 pages with 120 market data tables and figures & charts from the report on "Global Restaurant Point of Sale Terminal Market Size, Share, and COVID-19 Impact Analysis, By Product (Fixed and Mobile), By Component (Hardware and Software), By Deployment (Cloud and On-Premise), By Application (Front-End and Back-End), By End-User (FSR, QSR, Institutional, and Others), By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2032". Get Detailed Report Description Here:
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The cloud segment is expected to grow at a CAGR of around 10.4% during the forecast period
Based on the deployment, the global restaurant point of sale terminal market is segmented into FSR, QSR, institutional, and others. The cloud segment in the restaurant POS terminal market is expected to witness significant growth in the forecast period due to several factors. Cloud-based POS systems offer several benefits such as remote access, scalability, real-time data analytics, and lower hardware costs, making them attractive to small and medium-sized businesses. Additionally, the increasing adoption of mobile and self-service ordering and the need for contactless payments are expected to drive the demand for cloud-based POS systems. Furthermore, the growing trend of digital transformation and the need for real-time insights to improve operational efficiency is expected to further fuel the adoption of cloud-based POS systems in the market.
The front-end segment held the largest market share of more than 68.4% in 2022
Based on application, the global restaurant point of sale terminal market is segmented into front-end and back-end. The front-end segment held the largest market share in 2022. The front-end segment includes devices such as touchscreens, displays, and tablets that allow customers to place orders and view menus. With the increasing adoption of mobile and self-service ordering, the demand for front-end devices is expected to remain high. Moreover, the front-end segment offers greater flexibility and customization options, allowing businesses to enhance the customer experience and improve order accuracy. As a result, the front-end segment is expected to continue holding a significant market share in the near future.
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Asia-Pacific is predicted to grow at a significant CAGR of 10.2% over the forecast period.
Based on region, the Asia Pacific region is expected to continue growing for restaurant POS terminals due to several factors. The increasing adoption of digital payment systems, rising investments in the hospitality sector, and expanding restaurant chains are expected to boost demand for POS terminals in the region. Moreover, the growing trend of cloud-based POS solutions and the increasing use of mobile devices for ordering and payment are also expected to drive market growth. Additionally, the growing awareness of the benefits of data analytics and the need for real-time insights to improve operational efficiency is expected to further fuel the adoption of POS terminals in the region.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Some of the major players in the global restaurant point of sale terminal market include PAX Technology Limited, Verifone Systems Inc., NCR Corporation, Revel Systems, Aireus Inc., Dinerware, Inc., Posist, EposNow, LimeTray, POSsible POS, Oracle Corporation, Posera, ShopKeep, Squirrel Systems, TouchBistro, and Upserve, Inc.
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Market Segment
This study forecasts revenue at global, regional, and country levels from 2019 to 2032. Spherical Insights has segmented the global restaurant point of sale terminal market based on the below-mentioned segments:
Restaurant Point of Sale Terminal Market, By Product
- Fixed
- Mobile
Restaurant Point of Sale Terminal Market, By Component
- Hardware
- Software
Restaurant Point of Sale Terminal Market, By Deployment
- Cloud
- On-Premise
Restaurant Point of Sale Terminal Market, By Application
- Front-End
- Back-End
Restaurant Point of Sale Terminal Market, By End-User
- FSR
- QSR
- Institutional
- Others
Restaurant Point of Sale Terminal Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of Middle East & Africa
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