Restaurant Point-of-Sale (POS) Terminals Market Trends

The restaurant POS system market is observing vibrant growth on account of growing demand amongst restaurants for improvement in their efficiency, reduction of errors during peak working times, streamline workflow processes and further, increase their working speeds, especially for quick servicing restaurants. Additionally, growing sales of restaurants is raising the interests amongst restaurants to invest on POS systems, so as to help them expand their automation processes, and also focus on creating more network branch chains. According to United Census Bureau, sales for retail and food services in USA grew from 4283737 Millions of USD in the year 2010 to 6023408 Millions of USD in the year 2018. The sales for the year 2019 is further growing at a growth rate of 1.04x until September, 2019.

The market is anticipated to record a CAGR of around 11.14% throughout the forecast period, i.e. 2019-2027. The restaurant POS system market is segmented by product type into fixed POS terminals and mobile POS terminals, out of which, mobile POS terminals segment is anticipated to hold largest market share on account of rising adoption of mobile devices, such as tablets and smartphones. Increasing demand for wireless technology amongst consumers, coupled with decreasing costs of mobile devices is raising the demand for greater adoption of mobile devices. mPOS terminals are connected to the mobile devices, either by attaching an additional hardware or by deploying a software application into the mobile devices. Restaurant owners can use their mobiles or tablets and work on their requirements using these type of mPOS solutions. According to Pew Research Center, percentage of U.S. adults who owned smartphones increased from 35% in 2011 to 77% in 2018. CLICK TO DOWNLOAD SAMPLE REPORT

Growth Drivers

Growing Restaurant Industry

According to National Restaurant Association, a business association for the restaurant industry in the United States, sales of the restaurant industry grew from $43 billion in the year 1970 and is estimated to reach $863 billion by the end of 2019, with a growth rate of 20.07x. Additionally, the industry equals to 4% of the U.S. GDP.

Rise in the sales of restaurant industries is anticipated to raise the demand for automation of operational processes amongst restaurant owners. Increasing footfall of customers in restaurants, expansion of product servings in menus of the restaurant, rise in the number of vendors supplying raw materials, growing need for customer loyalty programs, all of these factors are jointly associated for the increasing sales of the restaurants. Owing to such factors, coupled with growing competition, restaurant owners are looking for solutions, so as to stay a step ahead of competition, which is anticipated to raise the demand for restaurant POS systems.

Rising Food Expenditures in Restaurants

According to United States Department of Agriculture Economic Research Service, food expenditure in the total of limited and full serviced restaurants in the United States grew from 424.43 USD billion in the year 2010 to 677.98 USD billion in the year 2018.

The rising food expenditure in restaurants is anticipated to raise the demand for billing applications in restaurants, so as to minimize mistakes during peak hours at the premises of the restaurant. Restaurant POS systems helps the person responsible for collection of payments, to efficiently manage his sales records as well as manage customer loyalty programs. All of these factors are anticipated to raise the demand for restaurant POS systems market throughout the forecast period.