Westford, USA,, April 26, 2023 (GLOBE NEWSWIRE) -- SkyQuest projects that the restaurant POS systems market will attain a value of USD 37.60 billion by 2030, with a CAGR of 8.00% over the forecast period (2022-2030). The market is expanding quickly on a global scale due to the restaurant industry's increased acceptance of technology. The market exhibits intense competition, with long-standing businesses and recent newcomers battling for market share. The rising desire for efficiency and automation in the restaurant sector is one of the major market factors. POS systems can help restaurants to increase efficiency and decrease the need for manual labour by automating order-taking, payment processing and inventory management processes. The increasing use of cloud-based POS solutions, which have various benefits such as scalability, cost-effectiveness and real-time reporting is another significant development in the market.
According to the SkyQuest, additionally, the market is characterized by the rising demand for mobile POS systems, which provide flexibility and mobility and enable servers to take orders and handle payments anywhere in the restaurant. Quick-service restaurants, which need to manage orders quickly and effectively. The growing threat of cyberattacks and data breaches is one of the issues facing the sector. Restaurant owners must ensure their systems are safe and secure from unauthorized access due to the possibility of POS systems becoming a fraudster target.
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- Pages - 242
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- Figures – 75
POS restaurant management systems assist business owners in streamlining sales, food inventory, cash flow and bookkeeping processes while improving the customer experience. The payment gateway for table reservations, order administration and analytics, are additional capabilities. Some point-of-sale (POS) restaurant systems also include more sophisticated capabilities, such as food costing and a built-in marketing suite, to aid restaurant operators in budgeting, planning, and carrying out outreach initiatives. Other food and beverage enterprises such as bars, cafes, and food trucks can use Maximum POS restaurant systems and software.
Prominent Players in Restaurant POS Systems Market
- Toast
- Square
- Lightspeed POS
- TouchBistro
- Upserve
- Revel Systems
- NCR Corporation
- Clover Network
- Heartland Payment Systems
- Breadcrumb POS
- ShopKeep
- Oracle Hospitality
- Harbortouch
- POSist Technologies
- Epos Now
- Zomato
- QSR Automations
- Ordermark
- LimeTray
- GoFrugal
Hardware Segment Is Expected To Grow Due to Increasing Adoption of Cloud-Based POS Systems
The hardware segment is anticipated to be the largest segment. This is because hardware elements such as POS terminals, card readers, printers and cash drawers are essential for processing transactions and managing orders and serve as the foundation of every POS system. Therefore, POS terminals, card readers, printers, cash drawers and other ancillary equipment that are used to process transactions and manage orders are included in the hardware section of the restaurant POS systems market.
North America accounted for the largest market for restaurant POS systems. The region is fueled by widespread technology use and the presence of numerous well-established market participants. Canada is the second-largest market in the region after the US. A number of substantial restaurant chains that need cutting-edge POS systems to manage their operations dominate the industry in North America. These huge chains progressively implement cloud-based point-of-sale systems due to their numerous benefits, including real-time reporting and analytics, multi-location administration and streamlined inventory control.
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Software Segment is Anticipated to Grow Due to the Rising Demand for Cloud-Based Solutions
The software segment is anticipated to develop at the fastest rate in the market for restaurant POS systems globally. This is due to the rising demand for cloud-based solutions and the number of restaurants searching for software to manage their businesses more effectively. Benefits like remote access, real-time reporting, and data analytics, which are becoming more and more crucial in the restaurant industry, are provided by cloud-based software. To manage orders, handle payments, and keep track of inventory, the restaurant POS systems market software sector offers both on-premises and cloud-based solutions.
The market for restaurant POS systems is expanding at the fastest rate in the Asia Pacific region due to the rising automation demand and the growing use of online meal delivery services. Several growing economies, such as China and India, which are seeing rapid expansion in the restaurant sector are located in the region. Growth in the use of cloud-based point-of-sale systems, which have various benefits including affordability, scalability, and real-time reporting, is one of the major factors driving the Asia Pacific market. Demand for POS systems that can interface with online meal delivery services is another significant trend in Asia Pacific.
A comprehensive analysis of the major players in the Restaurant POS Systems market has been recently conducted in a report. The report encompasses various aspects, including collaborations, mergers, innovative business policies, and strategies, providing valuable insights into key trends and breakthroughs in the market. Furthermore, the report scrutinizes the market share of the top segments and presents a detailed geographic analysis. Lastly, the report highlights the major players in the industry and their endeavours to develop innovative solutions to cater to the growing demand.
Key Developments in Restaurant POS Systems Market
- In May 2022, Verifone, a provider of payment solutions, and Lavu, a vendor of restaurant software, collaborated to enable cross-distribution of a unified point-of-sale and high-end payment experience for their customers.
- In September 2021, a relationship between TouchBistro and Square, a provider of iPad-based point-of-sale systems for restaurants, was announced. TouchBistro users accessed Square's payment processing capabilities through this partnership.
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Key Questions Answered in Restaurant POS Systems Market Report
- What specific growth drivers are projected to impact the market during the forecast period?
- List the top companies in the market and explain how they have achieved their positions of influence?
- In what ways do regional trends and patterns differ within the global market, and how these differences shape the market's future growth?
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