The growing adoption of software tools at food outlets will drive the restaurant POS terminals market. Several hardware components including cash drawers, barcode scanners, card readers, etc., are being operated through software programs. Manufacturers in the industry are offering customized software tools for food outlets that suit their business operations. For instance, NCR Corporation is offering Aloha POS that connects all business operations on a single and intuitive platform to keep the business efficient, fast, and responsive.
Technological advancements and rising adoption of advanced payment technologies across the restaurant sector is driving the restaurant point of sale terminals market size. The restaurant outlets are dependent on the technologies that will enhance their business operations with minimum operational and installation costs. The mobile solutions are the perfect technologies catering to such requirements. Several developers in the restaurant POS terminals market are engaged in developing solutions to provide effective tableside technologies to FSRs.
For instance, TouchBistro is offering POS solutions that allow the staff to fulfill the customers’ orders accurately and faster while upselling high-margin menu items and using pop-up modifiers for suggestive selling. The solutions help restaurants in serving their customers at tableside or counters. Similarly, Toast, Inc. is offering Toast Go handheld POS system, which is designed specifically for the industry.
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The North America restaurant POS terminals market is predicted to witness a high growth due to the increasing number of food outlets. Countries including the U.S. and Canada are experiencing an increased number of food outlets to cater to a high consumption rate of the fast food items among the citizens. According to the National Restaurant Association, it was estimated that in 2017, there were around 1 million restaurant locations in the country. These outlets are adopting advanced technological solutions to offer flexible payment solutions to their customers, providing an impetus to the restaurant POS terminals market.
Moreover, increased spending capability of Canadians at restaurants, bars, and cafes is expected to drive the business of the restaurant industry in the country. In 2017, it was estimated that people spent around USD 54 billion at these food outlets. It was also estimated that the country’s food away from home category amounted to 36% of the overall food expenses in 2017. Such factors are predicted to accelerate the restaurant POS terminals market growth.
Major companies participating in the restaurant POS terminals market include Toshiba Corporation, VeriFone Systems, Inc., TouchBistro, Inc., Toast, Inc., Square, Inc., PAX Technology, Samsung Electronics Co., Ltd., Panasonic Corporation, PAR Technology Corporation, NCR Corporation, NEC Corporation, Micros Systems, Inc., Ingenico Group, and Diebold Nixdorf, among others. These players are competing in the restaurant POS terminals market by expanding their business operations globally and developing innovative solutions that are incorporated with advanced technologies such as EMV and NFC.
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