The global restaurant point-of-sale terminal market size is expected to reach USD 25.95 billion by 2028, according to a new report by Grand View Research, Inc. It is anticipated to expand at a CAGR of 6.4% from 2021 to 2028. The need to facilitate multiple payment options, inventory tracking, automated analysis, quick service, centralized recipe and menu management, and Customer Relationship Management (CRM) is boosting the demand for restaurant Point-of-Sale (POS) terminals over the forecast period. However, the COVID-19 pandemic slowed the market growth owing to closed restaurant business while only the online order system was functional. The restaurant sector is recovering in 2021 and POS vendors have taken measures to introduce new features beneficial for planning the recovery roadmap for restaurateurs.
The restaurants, bars, and food service providers rely highly on POS technology to track sales, products, operations, and inventory. Touchscreen ordering techniques are preferred to guarantee accurate customer orders. The POS technology tends to account for the largest portion of the restaurants’ IT budgets and investments, as it serves as an important tool to track sales. The bigger restaurants such as fine dining restaurants, nightclubs, breweries, hotels, cafes, pubs, wineries, and casinos have high-priced menus, and customers prefer card payment in such a scenario. Thereby, the menu price and size of the restaurants act as a stimulus to augment the demand for restaurant POS terminals.
Restaurants' POS terminals for back and end and front-end operation can be deployed separately to segregate the workload and keep administrative task management at the back-end. This also helps in securing sensitive business information from staff and in control of the management to avoid a data breach. Furthermore, the rise in the number of Full-Service Restaurants (FSRs) and Quick Service Restaurants (QSRs) in major cities across the world is favoring the adoption of restaurant POS terminals. Moreover, the new demand is being generated for POS terminal as some of the largest QSR vendors such as Starbucks, Dunkin' Donuts, Pizza Hut, McDonald's, Wendy's, Subway, KFC, and Burger King are expanding their business and opening new outlets across the world. The restaurant POS terminal streamlines everyday operations for these large QSRs that need to keep their inventory loaded due to the rising number of customers consuming fast foods. Hence, the POS system deployment benefits QSRs by facilitating quick order placement and payment processing while also supporting similar services for online orders.
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POS demand in QSRs is expected to witness modest growth exceeding a CAGR of 7.0% over the forecast period. This demand is attributed to the rise in the number of small and large QSR worldwide, a trend expected to continue amid the pandemic
The swipe card machine segment is expected to account for approximately USD 4.0 billion by 2028. The need to provide secure and quick cashless payment options to the customers is expected to contribute to the segment growth. Moreover, social distancing during the pandemic is expected to boost demand for cashless payment option using POS terminals
Asia Pacific is anticipated to expand at a CAGR exceeding 8.1% over the forecast period. Increasing usage of credit/debit cards as a payment option along with a rise in the number of quick-service restaurants is expected to favor regional demand over the next few years. The POS industry is anticipated to capitalize on the opportunities in countries including Japan, South Korea, India, and Vietnam
The key players include Ingenico Group (acquired by Worldline); PAX Technology Ltd.; Verifone Systems Inc.; NCR Corp.; EposNow; Harbortouch Payments, Aireus Inc.; Aireus Inc; Dinerware, Inc.; Posist; LLC; LimeTray; POSsible POS; Posera, ShopKeep (acquired by LightSpeed); Toshiba Corp.; Upserve, Inc.; and TouchBistro
Grand View Research has segmented the global restaurant point-of-sale terminal market based on product, component, deployment, application, end-user, and region:
Restaurant POS Terminals Product Outlook (Revenue, USD Million, 2016 - 2028)
Cash Counters Terminal
Restaurant POS Terminals Component Outlook (Revenue, USD Million, 2016 - 2028)
Swipe Card Machine
Restaurant POS Terminals Deployment Outlook (Revenue, USD Million, 2016 - 2028)
Restaurant POS Terminals Application Outlook (Revenue, USD Million, 2016 - 2028)
Restaurant POS Terminals End-user Outlook (Revenue, USD Million, 2016 - 2028)
Full-Service Restaurant (FSR)
Quick Service Restaurant (QSR)
Restaurant POS Terminals Regional Outlook (Revenue, USD Million, 2016 - 2028)
Middle East & Africa (MEA)
List of Key Players of Restaurant Point-of-Sale (POS) Terminal Market
PAX Technology Limited
Verifone Systems Inc.
ShopKeep (acquired by LightSpeed)
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