Research Nester has released a report titled “Restaurant Point-Of-Sale (POS) Systems Market – Global Demand Analysis & Opportunity Outlook 2027” which delivers detailed overview of the restaurant POS systems market in terms of market segmentation by product type, by component, by application and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
The restaurant POS systems market is segmented by product type into fixed POS terminals and mobile POS terminals, out of which, mobile POS terminals segment is anticipated to hold largest market share on account of rising demand for wireless technology and decreasing costs of mobile devices, which is raising the adoption of mobile devices amongst consumers. mPOS terminals run on mobile devices, such as mobiles and tablets, with the help of a software or an additional attached hardware. In the statistics by Pew Research Center, percentage of U.S. adults who owned smartphones reached 77% from 35% in-between 2011-18.
The restaurant POS systems market is anticipated to record a CAGR of around 11.14% during the forecast period, i.e. 2019-2027. Need for improvement in operational efficiencies, minimization of errors occurred during peak working hours, streamlining of workflow processes and increasing of service delivery speed, all of these factors are estimated to promote the demand for restaurant POS systems market throughout the forecast period.
Regionally, the restaurant POS systems market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Among these regions, Asia-Pacific is expected to have largest market share on the back of growing food service industry in nations such as China and India among others, added with demand for digital kiosk and tablet systems, so as to display their menu in an ever dynamic product offering menus of restaurants. Additionally, demand for increased customer service experience and operational efficiency is further expected to boost the demand for restaurant POS system market in the region.
Moreover, North America is anticipated to gain significant market share on the back of rising restaurant industry and the presence of number of vendors who are offering restaurant POS systems.
Growing Restaurant Industry
The National Restaurant Association, which is a business association for the restaurant industry in the United States, stated in one of their statistical report that, sales of the restaurant industry is estimated to reach $863 billion by the end of 2019 from $43 billion in the year 1970. The estimated numbers is calculated to grow at a growth rate of 20.07x. Furthermore, the restaurant industry contributes to 4% of the U.S. GDP.
The growing restaurant industry is anticipated to raise the demand for automation of restaurant process operations. Growth in the sales of restaurant industry is also responsible for the increasing footfall of customers, expansion of product line, rising number of vendors supplying raw materials and others. Restaurant POS systems helps restaurants achieve all of these problems by helping them increase their operational efficiencies and thereby help them stay ahead of competition. Growing need amongst restaurant owners to stay ahead of competition is anticipated to raise the demand for restaurant POS systems over the forecast period.
However, concerns for high cost of deployment of restaurant POS systems and the lack of availability of trained personals for operating the system, is expected to operate as key restraints to the growth of the restaurant POS system market during the forecast period.
This report also provides the existing competitive scenario of some of the key players of the restaurant POS system market, which includes company profiling of Diebold Nixdorf, Incorporated (NYSE: DBD), Ingenico Group (EPA: ING), Micros Retail Systems, Inc., NEC Corporation (TYO: 6701), NCR Corporation (NYSE: NCR), PAR Technology Corp. (NYSE: PAR), Panasonic Corporation (TYO: 6752), SAMSUNG (KRX: 005930), Toast, Inc. and TouchBistro, Inc. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the restaurant POS system market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.