Restaurant Point-Of-Sale (POS) Terminals Market Size & Share, by Product type (Fixed, mobile); Component (Hardware, Software, Services); Deployment (Cloud, on-premises) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2024-2036

  • Report ID: 2052
  • Published Date: Mar 27, 2024
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2024-2036

Restaurant Point-Of-Sale Terminals Market size is expected to reach USD 45 Billion by the end of 2036, growing at a CAGR of 9.5% during the forecast period, i.e., 2024-2036. In the year 2023, the industry size of the restaurant point-of-sale terminals was USD 15 Billion and the growth is propelled by the increasing surge in the adoption of online orders using delivery services and apps in the past few years, and the COVID-19 pandemic has only increased the demand for such services. According to a report, food deliveries have increased to a worldwide market worth about 150 billion USD, which has more than tripled since 2017. In the U.S., this has doubled during the COVID-19 pandemic, which is following positive growth of about 8%.

Furthermore, there is a surge in demand for quick-service restaurants, also known as fast-food restaurants, which provide inexpensive, fast foods with minimal table service. The Quick-service restaurant (QSRs) heavily relies on point-of-sale (POS) terminals mainly for payment processing, order taking, data analysis, inventory management, and also for ensuring efficient and smooth restaurant management. According to a report by MediaRadar, the cloud-based sales enablement tool, is estimated to reach about 300 billion USD in 2021 from about 12% in 2020.


Restaurant Point-of-Sales (POS) Terminals Market.PNG
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Restaurant POS Terminals Market: Growth Drivers and Challenges

Growth Drivers

  • Growing use of contactless payments- Contactless payments already gained a high popularity before the pandemic, but after the COVID-19 pandemic, this data has increased its utilization which acted as a growth driver and made this mode of payment the preferred mode of payment for many customers. This has led to an increased demand for POS terminals that enable contactless functionality. According to Worldwide India, In January 2020, only 25% of the transactions in supermarkets were contactless, but this percentage rose to 31% by January 2022.
  • High Demand for automation- Automation is becoming increasingly popular in the food service industry, and the pandemic has hastened this transition. This has driven the demand for POS terminals that can enable and facilitate automation. Such terminals can help reduce labor costs, improve the accuracy and speed of operations, and provide a better customer experience. This trend will continue to boost the growth of the US restaurant POS terminals market Growing demand for omni-channel retailing- Omni-channel retailing, allows the combination of various sale channels (in-store, online, and mobile) to create a seamless shopping experience for customers and is gaining popularity. This has driven the demand for POS terminals that can support such omnichannel transactions. As the demand for omnichannel retailing continues to grow in the coming years, the demand for POS terminals compatible with omnichannel systems will also increase.
  • Growth of online food delivery apps: Online food delivery apps have gained massive popularity in recent years, and the COVID-19 pandemic has driven this trend even further. This has driven the demand for POS terminals that can serve as a link between the restaurant and the food delivery service, allowing for a seamless ordering and payment process for the customers. This trend will continue to drive the growth of the US restaurant POS terminal market in the coming years.

Challenges

  • Difficulty in maintaining and updating software- POS terminal systems, like any other software and hardware system, require a regular update and maintenance to keep the system functional and up-to-date. This is a challenge for several restaurants, as the software can be a bit complex and the updating process can be very long and costly, this asks for trained personnel to handle it, which can act as a restraining factor for the restaurant POS terminals market
  • Limited availability of skilled labor- The adoption of POS terminal systems requires trained and skilled staff to utilize the system's features and capabilities.
  • Limited compatibility with the existing systems.
  • Complexity and learning curve.

Restaurant point-of-sale terminals Market: Key Insights

Base Year

2023

Forecast Year

2024-2036

CAGR

~ 9.5%

Base Year Market Size (2023)

~ USD 15 Billion

Forecast Year Market Size (2036)

~ USD 45 Billion

Regional Scope

  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • North America (U.S., and Canada)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)
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Restaurant point-of-sale Terminals Segmentation

Product type (Fixed, mobile)

Fixed POS is estimated to gain a robust market share of 54% in the coming years owing to a simple and beginner-friendly user experience, which helps to attract users and increase the newer and younger workforce. This also helps to reduce the cost of training, a significant challenge faced by several restaurant POS terminals market. According to a report, the turnover rate for restaurants was 72.9% nationally, while for the full-service restaurants by the end of 2017, according to their hourly staff turnover rate was about 102.8%.

Component (Hardware, Software, Services)

The Hardware segment in restaurant point-of-sale terminals market is set to garner a notable share shortly and is likely to remain the second largest segment in the component of the market as it enables the Point-of-Sale terminals to provide users with more personalized experiences, that can support several features such as targeted marketing, loyalty programs, along with tailored recommendations also. This can lead to increased customer satisfaction and engagement, as consumers feel more connected and valued by the business. This can act as a growth driver for the restaurant POS terminals market, as it can help to differentiate businesses and attract more customers.

Deployment (Cloud, on-premises)

The cloud-based segment in restaurant pos terminals market is estimated to hold a noteworthy share owing to the improved data protection and security for user data which is managed and stored by the software. The data is stored on secured and remote servers and can ensure greater privacy and security from data breaches and losses. According to a survey by Netwrix in March 2022, more than 720 IT professionals were surveyed all over the globe using online questionnaires, and about 80% of the organization's data is stored in cloud-based storage.

Our in-depth analysis of the global restaurant POS terminals market includes the following segments:

          Product Type

  • Fixed
  • Mobile

          Component

  • Hardware
  • Software
  • Services

          Deployment

  • Cloud
  • On-premises

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Restaurant point-of-sale Terminals Industry- Regional Synopsis

APAC Market Forecast

The restaurant point-of-sale terminals market in Asia Pacific is estimated to have the largest share of approximately 41% in 2023, impelled by the rise in digital payments and the prevalence of smart cards, mobile wallets, and online banking methods are contributing to the growth of POS terminals as they offer convenience and security for transactions. According to the World Bank two-thirds of adult populations worldwide make and receive a digital payment, with the total share in the developing economies that grew from 35% in 2014 to about 57% in 2021. While, in the developing economies, approximately 71% have an account at a bank, other financial institution, or with a mobile money provider, up from 63% in 2017 and 42% in 2011. Moreover, government initiatives promoting electronic payment methods are further encouraging the use of POS terminals in restaurants.

North American Market Statistics

The North American restaurant point-of-sale terminals market is estimated to be the second largest, during the forecast timeframe is led by the integration of several advanced technologies such as machine learning along with automation into POS terminals and is expected to further drive restaurant POS terminals market growth by enhancing operational efficiency and providing innovative solutions to restaurant owners.

Research Nester
Restaurant Point-of-Sales (POS) Terminals Market size
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Companies Dominating the Restaurant point-of-sale terminals Landscape

top-features-companies
    • Aireus Inc.
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    • Dinerware, Inc.
    • EposNow
    • LimeTray
    • NCR Corporation
    • Oracle Corporation
    • ParTech, Inc
    • PAX Technology Limited
    • Posera
    • Posist
    • POSsible POS
    • Revel Systems

In-the-news

In The News

  • Verifone, collaborated with Lavu, a seller of restaurant software this partnership aims to enable the cross-distribution of a unified point-of-sale system along with high-end payment solutions.
  • ParTech, Inc., a restaurant POS provider, launched their PAR Wave, an All-In-One touch panel designed for hardware components for the hospitality industry. PAR's Wave combines its security, performance, functionality, and new design to meet the demands of the restaurant industry.

Author Credits:  Abhishek Verma, Hetal Singh


  • Report ID: 2052
  • Published Date: Mar 27, 2024
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

The growing demand for omni-channel retailing and the high demand for automation are the major factors driving the growth of the market.

The market size of Restaurant point-of-sale (POS) terminals is anticipated to attain a CAGR of 9.5% over the forecast period, i.e., 2024-2036.

The major players in the market are, Dinerware, Inc., EposNow, LimeTray, NCR Corporation, Oracle Corporation, ParTech, Inc., PAX Technology Limited, Posera, Posist, POSsible POS, Revel Systems, Asahi Seiko, TERAOKA SEIKO, TIMELEAP, TOSHIBA TEC, and others.

The fixed-type segment is anticipated to garner the largest market size by the end of 2036 and display significant growth opportunities.

The market in the Asia Pacific region is projected to hold the largest market share by the end of 2036 and provide more business opportunities in the future.
Restaurant Point-of-Sale (POS) Terminals Market Report Scope
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