As per The Business Research Company’s Restaurant POS Terminals Market Report 2023, the market will grow from $13.9 billion in 2022 to $15.1 billion in 2023, at a compound annual growth rate (CAGR) of more than 8%. Further, the market will reach $20.7 billion in 2027, with a CAGR of more than 8%. Asia-Pacific held the largest restaurant POS terminals market share in 2022.
Due to the growing popularity of online meal ordering, it is projected that the market for restaurant POS terminals would expand in the next years. Meal orders placed online must be placed using a website or other application, whether they are being picked up or delivered. A shift in consumer tastes is one factor contributing to the expansion of online ordering and food delivery services. More individuals are using mobile apps to place online food orders from restaurants. Restaurants are employing POS systems more frequently to improve operations and customer satisfaction.
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Major restaurant POS terminals companies are NCR Corporation, NEC Corporation, Oracle Corporation, Panasonic Holdings Corporation, PAX Technology, VeriFone Systems Inc., Posiflex Technology, Touch Dynamic, and Micros Retail Systems Inc.
Key trend in the restaurant POS terminals market is the emphasis on product innovation. Leading companies in this industry are focused on developing innovative solutions to strengthen their market position.
For example, Toast, Inc., a US-based restaurant management cloud-based software company, launched Toast for Quick Service in April 2022. This specially designed POS system caters to limited-service restaurants of all sizes and offers enhanced capabilities, such as Toast Mobile Order and Pay Kiosks. These innovations enable faster and more accurate order processing, leading to reduced errors, increased gratuities, and improved staff retention.
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The global restaurant POS terminals market is segmented as –
1) By Type: Fixed POS Terminals, Mobile POS Terminals
2) By Deployment Mode: On-Premise, Cloud
3) By Application: Front End, Back End
4) By End User: Full-Service Restaurant (FSR), Quick Service Restaurant (QSR), Institutional Full-Service Restaurant, Other End Users
The restaurant POS terminals market report serves as a comprehensive guide, offering a detailed understanding of the global market, its growth trajectory, key players, and emerging trends. It serves as a valuable resource for businesses and individuals seeking to navigate the evolving landscape of the restaurant industry and make informed decisions to drive success in this market.
Restaurant POS Terminals Global Market Report 2023 by The Business Research Company provides insights on the restaurant POS terminals market size, restaurant POS terminals market segments, restaurant POS terminals market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
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