The global restaurant POS terminal market is expected to reach USD 24.7 billion by 2025, according to a new report by Grand View Research, Inc. The growing demand for POS system among the restaurant operators for billing and management solution such as inventory management, cost management, labor management is a major factor that is expected to drive the market growth
Cloud-based POS systems are projected to gain traction over the forecast period owing to the benefits such as the ability to access real-time, enterprise-wide restaurant data from web-enabled devices. Moreover, to this, the cloud-based POS system quickly meet the PCI compliance as all data is stored on the cloud which makes it a suitable option for the restaurant owner.
The front-end application segment holds the largest share of restaurant POS terminal market in 2016 and is expected to reach over USD 15 billion by 2025. The quick service restaurant (QSR) is one of the largest segment of the food service industry. The QSRs are facing high competitions within the food service industry from fast casual, casual and full-service restaurant. Additionally, there is high pressure on the QSR owner to provide faster service at the comparatively low price. The restaurant POS system helps these operators in order management, improving inventory buying decision, staff management, increase customer satisfaction with faster payment processing and others.
The market for quick-service restaurant segment is expected to grow at a CAGR of 11.1% from 2017 to 2025. The market is also anticipated to witness a substantial growth within the fine dine and casual dine segment over the next eight years.
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Further key findings from the report suggest:
- The global restaurant POS terminal market accounted for USD 10.16 billion in 2016 and is expected to grow at a CAGR of 10.1% from 2016 to 2025
- Fixed POS terminal emerged as the largest segment in 2016 and is estimated to generate revenue over USD 7.79 billion by 2025.
- The hardware market for restaurant POS terminal is anticipated to witness moderate growth over the next eight years. The segment has been further segregated into touch screen/desktops, swipe card machines, and desktops.
- The restaurant POS terminal market for FSR is estimated to reach over USD 8 billion by 2025
- The Asia Pacific market is projected to witness substantial growth over the next decade owing to growing adoption of POS terminal among the restaurant operator. The regional market is expected to grow at a CAGR of 9.7% from 2017 to 2025
- Key players include Ingenico SA, Verifone System, and PAX technology dominated the market, accounting for a majority share of the overall market in 2016
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