Selbyville, Delaware,, Dec. 12, 2022 (GLOBE NEWSWIRE) --
The restaurant POS terminals market valuation is anticipated to cross USD 35 billion by 2032, as reported in a research study by Global Market Insights Inc.
Growing adoption of restaurant POS terminals led by increasing the use of food delivery applications by consumers will favor industry growth. Customers are now relying on food delivery apps to place orders that are parceled directly to their homes. Due to the introduction of numerous food-ordering applications, the demand for food delivery POS is expanding quickly across the globe. With the integration of these systems, restaurants can capitalize on online sales, provide a better consumer experience, and enable smoother food ordering and processing. These solutions also help restaurant owners to focus more on improving their food quality.
Emerging demand for mPOS terminals across restaurants
The mobile POS terminals segment held approximately 25% of the restaurant POS terminals market share in 2022. The adoption of mPOS terminals in the restaurant sector is giving food outlets several benefits such as increased sales, better customer experiences, improved security, and swift & accurate transactions. These systems can support the accommodation of rising transaction volumes, simplify migration to EMV, and enable the ability to accept payments from mobile wallets. Such advantages make it possible for small restaurants to execute tasks carried out by fixed terminals at a very low cost.
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Market players working on innovative POS hardware solutions
The hardware component segment is slated to expand at nearly 5% CAGR between 2023 and 2032. POS terminals function well during peak dining hours and are in higher demand across restaurants. They help businesses to save time and energy while undertaking day-to-day operations. To offer more advanced features, POS manufacturers are focusing on developing cutting-edge hardware components. These developments will positively influence the restaurant POS terminals market growth.
POS terminals to allow efficient customer management at full-service restaurants (FSR)
The FSR application is expected to reach over USD 5 billion by 2032. Full-service restaurants (FSR) have a broad menu and are therefore needed to expedite orders and ensure effective business operations. These restaurants witness heavy customer footfall throughout the day as they serve almost all types of food and beverages. POS solutions are used at such restaurants to help ease operations, speed up orders, shorten customer wait times, and provide employees with a user-friendly tool. Restaurants can manage menus, keep track of the most popular meals, and adjust prices to enhance efficiency with the help of these systems.
High adoption of advanced technological solutions in North America
North America restaurant POS terminals market was valued at USD 3 billion in 2022. The region holds the presence of some of the key industry leaders in countries like the U.S and Canada. This is supporting restaurant businesses to incorporate cutting-edge POS solutions. These companies are focusing on the development of advanced POS terminals for restaurants. Expansion in restaurant chains across airports, shopping centers, motorways, and bus stops may drive commendable application scope for restaurant POS terminals in the region.
Introduction of advanced POS terminal to shape business growth
Diebold Nixdorf Incorporated, Samsung Electronics Co. Ltd., Harbortouch, PAR Technology Corporation, Hewlett Packard Company, PAX Technology, Ingenico Group, Lavu, Lightspeed POS Inc., NCR Corporation, and Panasonic Corporation are some of the leading companies in the restaurant POS terminals market. To meet the evolving needs of the restaurant sector, companies are innovating new product offerings.
To cite an instance, in 2022, Toast Inc., one of the leading market participants, introduced a new system that allows quick-service restaurants to run their operations using point-of-sale (POS), digital ordering, and team management. This will enable restaurants to increase revenue, streamline operations, and deliver top-notch customer service.
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Partial chapters of report table of contents (TOC):
Chapter 2 Executive Summary
2.1 Restaurant POS terminals industry 360º synopsis, 2018 - 2032
2.1.1 Business trends
2.1.1.1 Total Adressable Market (TAM), 2023-2032
2.1.2 Regional trends
2.1.3 Product trends
2.1.4 Component trends
2.1.5 Application trends
Chapter 3 Restaurant POS Terminals Industry Insights
3.1 Industry segmentation
3.2 Impact of COVID-19 outbreak
3.3 Impact of Russia-Ukraine conflict
3.4 Industry ecosystem analysis
3.5 Technology & innovation landscape
3.6 Regulatory landscape
3.7 Industry impact forces
3.7.1 Growth drivers
3.7.2 Industry pitfalls & challenges
3.8 Key initiative & news
3.9 Price trend analysis
3.10 Patent analysis
3.11 Investment portfolio
3.12 Growth potential analysis
3.13 Porter’s analysis
3.14 PESTEL analysis
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About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
