Global Restaurant POS Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Restaurant POS Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Restaurant point of sale (POS) is a system, that enables restaurants to offer better services to their customers and employees by increasing the overall efficiency of a restaurants daily routine, which includes receiving and processing orders, maintaining finances, etc. Restaurant point of sale can be used for a number of various restaurant operations such as taking food & beverage orders, reserving tables, processing card transactions, managing restaurant staff, among others.

Market Overview:

The latest research study on the global Restaurant POS market finds that the global Restaurant POS market reached a value of USD 4629.94 million in 2022. It’s expected that the market will achieve USD 6631.11 million by 2028, exhibiting a CAGR of 6.17% during the forecast period.

Influence of COVID-19 Outbreak on Restaurant POS Industry Development

Novel coronavirus not only threatens the lives of people all over the world, but also causes social anxiety and pessimism, and affects the global Restaurant industry chain. Since the outbreak of the epidemic, the number of confirmed cases has been increasing, and trading and normal business activities have been forced to stop. The catering industry has been severely impacted, which has spread along the value chain and brought adverse effects to the industry. According to the National Restaurant Association, the trend brought the industry back to 2014 levels in terms of sales. In 2020, more than 110,000 institutions closed, many of them permanently. But that doesn't mean there aren't growth opportunities. The pandemic is forcing consumers to change their behavior. Some of these behavioral changes are here to stay, and they are driving restaurant trends that could lead to growth.

Due to the adverse impact of coronavirus, consumer behavior is totally changed which has enforced the restaurants to adopt the new technology including restaurant POS to manage front-end and back-end operations efficiently. Restaurant POS is a central hub to manage menu, inventory, payment process, and other operations. With the coronavirus, the major concern is human contact. Hence contactless payment does not require any physical contact between the customer card and the payment terminal. This type of payment is possible through mobile wallets, credit, or debit cards. Restaurants are increasingly using wireless restaurant POS integrated with contactless payment technology. Therefore, increasing concern regarding safety and security will drive the demand for restaurant POS after reopening the restaurants.

Restaurant POS Drivers

Some of the benefits associated with restaurant POS have led to increased use by people in the catering industry, driving the growth of the market.
Simplify billing operations
In addition to simple billing, Restaurant POS Software allows customers and servers to view the entire menu on a tablet. This table billing function will reduce the manual labor involved and increase customer satisfaction. In addition, Restaurant POS Software can push orders from all delivery platforms directly to POS. This eliminates the need to manually add orders received from various online ordering channels.
Strictly control inventory
Restaurant POS Software with integrated inventory management system will send an alarm when any inventory goods reach its reorder level, thus achieving the effect of inventory management. Efficient Restaurant POS Software can even track the consumed inventory as each dish is prepared.
customer relationship management
With the help of restaurant POS, a complete customer database can be centrally managed. If there are multiple branches, you can have a central customer database and subdivide customers according to their geographical location, ordering behavior and history.
After mastering the complete customer details, you can send customized SMS and e-mail very quickly to inform your customers about the new situation of the restaurant, such as holding activities and offering discounts. Restaurant POS Software can help manage customer loyalty, and loyalty programs is a good way to increase customer retention rate.
Protection from internal theft
The restaurant industry is the main victim of internal theft and theft. Restaurant POS Software can provide real-time reports on all sales, generated bills, available inventory and sold goods, thus greatly reducing the scope of theft and dependence on managers.
Simplify internal management
It simplifies the communication between kitchen and waiters. Orders are sent directly to the kitchen printer by computer. Restaurant POS Software can also act as a clock to help prepare payroll. In addition to the daily operation of the restaurant, Restaurant POS Software can also organize income statement and business tax.

Restaurant POS Market Challenges

More and more consumers were getting their data stolen when transacting with magstripe technology, and fraudsters were getting increasingly more sophisticated with the size and scope of their operations. Since magstripe data could be used in multiple transactions, criminals only needed to steal a person's data once to get a long runway of use before getting caught.
According to Verizon's 2019 Breach Investigation Report, point-of-sale (POS) intrusions, web applications and crimeware patterns accounted for 93% of all data breaches in accommodations and restaurants. Point-of-sale data leakage is a serious concern for companies. Although there is no clear law that POS providers are responsible for data breaches, some POS dealers have been sued for selling systems that do not comply with the PCI DSS standard. Customers will suffer huge losses due to cybercrime, and POS providers will suffer credibility as a result, resulting in loss of customers and reduced brand attractiveness.

Region Overview:

From 2022-2027, North America is estimated to witness robust growth prospects.

Company Overview

The top three companies are NCR Corporation, Oracle Corporation, Ingenico Group with the revenue market share of 17.66%, 12.86%, 11.58% in 2020.

NCR Corporation is a leader in banking and commerce solutions, powering incredible experiences that make life easier. With its software, hardware, and portfolio of services, NCR enables transactions across financial, retail, hospitality, travel, telecom and technology industries.

Oracle is one of the leading suppliers of software for information management, relational database products and more recently cloud products and services.

Segmentation Overview:

By type, Fixed POS segment accounted for the largest share of market in 2021.

Application Overview:

By application, the Front End segment occupied the biggest share from 2017 to 2022.

Key Companies in the global Restaurant POS market covered in Chapter 3:

Harbortouch Payments
Newland
Revel Systems, Inc.
TouchBistro, Inc.
Oracle Corporation
LightSpeed
Ingenico Group
VeriFone Systems, Inc.
PAX technology
NCR Corporation

In Chapter 4 and Chapter 14.2, on the basis of types, the Restaurant POS market from 2018 to 2029 is primarily split into:

Fixed POS
Mobile POS

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Restaurant POS market from 2018 to 2029 covers:

Front End
Back End

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)