In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
October 2019: Applova Inc. has announced the launching of Applova Kiosk, which is a kitchen display system, and provides quick service restaurants with an innovative, easy-to-deploy solution to capture additional sales driven by self-serve ordering.
September 2019: Revention Point of Sale Solutions has announced the launch of Revention Tablet POS for restaurant owners, which provides owners with ultimate mobility as well as maximum uptime, with both offline and online features.
Point-of-sale (POS) terminal is referred to those electronic devices which is used to process payments, create and print invoices, manage inventory and execute customer loyalty programs. Furthermore, these devices also help maintain customer databases and operative accounts, helping enterprises manage their sales efficiently and effectively.
Utilization of POS terminals in restaurants helps businesses perform advanced operational tasks such as tracking raw goods, managing employee shifts, manage product offerings in their menus, analyze reports, and further perform loyalty programs for its customers. Restaurant POS systems also helps restaurant businesses to manage their businesses which are located in multiple locations, as well as helps them run business processes in a smart and organized manner.
The restaurant POS system market is observing vibrant growth on account of growing demand amongst restaurants for improvement in their efficiency, reduction of errors during peak working times, streamline workflow processes and further, increase their working speeds, especially for quick servicing restaurants. Additionally, growing sales of restaurants is raising the interests amongst restaurants to invest on POS systems, so as to help them expand their automation processes, and also focus on creating more network branch chains. According to United Census Bureau, sales for retail and food services in USA grew from 4283737 Millions of USD in the year 2010 to 6023408 Millions of USD in the year 2018. The sales for the year 2019 is further growing at a growth rate of 1.04x until September, 2019.
The market is anticipated to record a CAGR of around 11.14% throughout the forecast period, i.e. 2019-2027. The restaurant POS system 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 adoption of mobile devices, such as tablets and smartphones. Increasing demand for wireless technology amongst consumers, coupled with decreasing costs of mobile devices is raising the demand for greater adoption of mobile devices. mPOS terminals are connected to the mobile devices, either by attaching an additional hardware or by deploying a software application into the mobile devices. Restaurant owners can use their mobiles or tablets and work on their requirements using these type of mPOS solutions. According to Pew Research Center, percentage of U.S. adults who owned smartphones increased from 35% in 2011 to 77% in 2018. CLICK TO DOWNLOAD SAMPLE REPORT
According to National Restaurant Association, a business association for the restaurant industry in the United States, sales of the restaurant industry grew from $43 billion in the year 1970 and is estimated to reach $863 billion by the end of 2019, with a growth rate of 20.07x. Additionally, the industry equals to 4% of the U.S. GDP.
Rise in the sales of restaurant industries is anticipated to raise the demand for automation of operational processes amongst restaurant owners. Increasing footfall of customers in restaurants, expansion of product servings in menus of the restaurant, rise in the number of vendors supplying raw materials, growing need for customer loyalty programs, all of these factors are jointly associated for the increasing sales of the restaurants. Owing to such factors, coupled with growing competition, restaurant owners are looking for solutions, so as to stay a step ahead of competition, which is anticipated to raise the demand for restaurant POS systems.
According to United States Department of Agriculture Economic Research Service, food expenditure in the total of limited and full serviced restaurants in the United States grew from 424.43 USD billion in the year 2010 to 677.98 USD billion in the year 2018.
The rising food expenditure in restaurants is anticipated to raise the demand for billing applications in restaurants, so as to minimize mistakes during peak hours at the premises of the restaurant. Restaurant POS systems helps the person responsible for collection of payments, to efficiently manage his sales records as well as manage customer loyalty programs. All of these factors are anticipated to raise the demand for restaurant POS systems market throughout the forecast period.
Initial costs of deployment of restaurant POS systems can be expensive for small and medium restaurant owners. Additionally, lack of efficiency of trained personals for operating the POS systems as well as unavailability of trained personals for operating these systems, coupled with concern for disruption of services owing to malfunctioning of the system are some of the factors anticipated to act as a barrier to the growth of the restaurant POS systems market.
Our in-depth analysis of the restaurant POS systems market includes the following segments:
On the basis of regional analysis, the restaurant point-of-sale (POS) systems market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
Asia-Pacific is expected to hold significant market share on the back of expanding food service industry in countries, such as India, China, and others, as a result of favorable demographic conditions and increased disposable income levels. Moreover, rapid change in advertising of product offerings amongst the restaurants is leading to the adoption of digital systems, such as digital kiosk and tablets, so as to display their menu, place orders, increase operational efficiency and enhance customer experience, and thereby help to stay a step ahead in competition.
Furthermore, North America is anticipated to gain significant market share owing to growing restaurant industry, coupled with the presence of vendors who are offering restaurant POS systems to restaurants.
The restaurant POS systems market is further classified on the basis of region as follows: