Restaurant Point-of-Sale (POS) Terminals Market Brief Analysis By Top Key Players - Verifone Systems Inc., PAX Technology Limited, Posist, Posera, and EposNow
Top Key Player: -
- PAX Technology Limited
- Verifone Systems Inc.
- Oracle Corporation
- Ingenico Group
- PoSsible POS
- Upserve, Inc.
- Revel Systems
- Squirrel Systems.
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The rising number of cashless transactions and growing need for digital payments primarily drive the growth of this market. POS solutions are increasingly being adopted in the restaurant industry to increase productivity, reduce serving time, and gain business insights. Availability of mobile devices at low costs also supplements market growth. Other driving factors include increasing internet penetration, growing transactions through ecommerce, and increasing advancements in technologies.
There has been an increasing adoption of mobile POS terminals in restaurants. Mobile POS terminals are integrated with mobile devices such as smart phones and tablets, which offer benefits such as reduced serving time, higher workforce efficiency, while improve customer experience. This solution allows users to keep a track of tables being served. Servers are provided with options of adding modifiers, making notes, customizing menus, and taking orders. It also offers an ‘UpServe Live’ feature, which enables users to track restaurant and bar sales, sale of items in the restaurant, guest count, and weekly trends.
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North America generated the highest revenue in the market in 2017, and is expected to lead the global market throughout the forecast period. The high consumption of fast food in North America boosts the restaurant industry in the region, thereby increasing the need to simplify transactions and increase efficiency in restaurants. The government in the region encourages consumers to adopt EMV-enabled devices. These devices offer additional security and minimize breaches and frauds in digital payments.
The different types of POS terminals used in restaurants include fixed POS terminals and mobile POS terminals. In 2017, fixed POS terminals accounted for higher market share owing to cost efficiency and time effectiveness. Fixed POS terminals can be easily connected to hardware like PCs and printers, and are ideal for use at places with high transaction volume. Mobile POS terminals are expected to grow at a higher CAGR during the forecast period owing to owing to increasing demand for wireless technologies. These solutions enable users to boost customer interaction by reducing waiting time, and offering mobility services. The demand of mobile POS terminals has increased in small restaurants, bars, and cafes owing to low costs associated with them, and increasing use of mobile devices such as smartphones and tablets for increasing efficiency.
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The various end-users of restaurant POS terminals include fast food restaurants, casual dining restaurants, fine dining restaurants, bars and pubs, and others. In 2017, fast food restaurants accounted for the largest share in the global market and are estimated to grow at a substantial rate during the forecast period. The use POS terminals enable fast food restaurant to offer services in short time periods and simplifying the process of taking orders, payments, and customer management.
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