Press release
Restaurant Point of Sale Terminal Market: Insights & Growth Forecast | 2024 To 2033 Key Players Squirrel Systems Ltd., Verifone Systems Inc., NCR Corporation, Revel Systems Inc., Aireus Inc., Dinerware Inc.
Restaurant Point of Sale Terminal Market Share
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According to The Business Research Company's, The restaurant point of sale terminal market size has grown strongly in recent years. It will grow from $29.57 billion in 2023 to $31.64 billion in 2024 at a compound annual growth rate (CAGR) of 7.0%. The growth in the historic period can be attributed to efficiency and accuracy in transactions, streamlining order management, inventory management, enhanced customer experience, menu customization, compliance with regulations..
The restaurant point of sale terminal market size is expected to see strong growth in the next few years. It will grow to $42.79 billion in 2028 at a compound annual growth rate (CAGR) of 7.8%. The growth in the forecast period can be attributed to customer loyalty programs, data-driven personalization, enhanced offline capabilities, sustainability and green initiatives, global expansion and multi-language support.. Major trends in the forecast period include integration with online ordering platforms, contactless payments, enhanced kitchen display integration, focus on customer relationship management (crm), self-service kiosks and ordering stations, customization and scalability..
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Market Drivers and Trends:
Increasing demand for mobile POS systems is expected to propel the growth of the restaurant POS terminal market going forward. Mobile POS systems refer to wireless devices and smartphone-related devices that perform the functions of a cash register and an electronic POS terminal wirelessly. The increase in demand for mobile POS systems automatically increases demand for the restaurant -point of sale terminal market as they use mobile POS systems. For instance, according to Emizen Tech, an India-based company that provides industrial processes and technologies to assist clients, due to the epidemic, there has been an increase in mobile POS systems, and the number of individuals utilizing mobile eWallets to make payments has increased from 900 million to 1.48 billion in 2021. Mobile wallets were used in 25.7% of POS transactions. Within three years, it is predicted to rise by 33.4%. There are 1.5 billion people who are using QR codes for payment. Therefore, the increasing demand for mobile POS systems drives the restaurant POS terminal market.
Product innovations have emerged as the key trend gaining popularity in the 5G chipset market. The major players in the market are developing innovative products for market growth. For instance, in June 2021, Samsung Electronics, a South Korea-based electronics company, developed 3GPP Rel.16 compliant chipsets, a range of next-generation 5G chipsets that deliver cutting-edge 5G technologies. The new chipsets consist of a second-generation 5G modem System-on-Chip (SoC), a third-generation mmWave Radio Frequency Integrated Circuit (RFIC) chip, and a Digital Front End (DFE)-RFIC integrated chip. These are designed to increase power efficiency, boost performance, and reduce the size of 5G solutions.
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Major Key Players of the Market:
Squirrel Systems Ltd., Verifone Systems Inc., NCR Corporation, Revel Systems Inc., Aireus Inc., Dinerware Inc., Posist Technologies Pvt. Ltd., Epos Now Ltd., Alchemy Web Private Limited, Touch Bistro Inc., Oracle Corporation, Diebold Nixdorf Inc., Hewlett-Packard Development Company L. P., Ingenico Group, Lavu Inc., Cake Corporation, Mad Mobile Inc., Square Inc., Toast Inc., Brightpearl Limited, Lightspeed POS Inc., Clover Network Inc., PayPal Holdings Inc., SpotOn Inc., Loyverse Inc., Upserve Inc., ShopKeep Inc., Harbortouch Inc., AccuPOS Inc., Future POS LLC, Heartland Payment Systems Inc.
Restaurant Point of Sale Terminal Market 2024 Key Insights:
• The restaurant point of sale terminal market size is expected to see strong growth in the next few years. It will grow to $42.79 billion in 2028 at a compound annual growth rate (CAGR) of 7.8%.
• Surging Demand For Mobile Pos Systems Fuels Growth In The Restaurant Pos Terminal Market
• Technological Advancements Drive Innovation In The Restaurant Pos Terminal Market
• North America was the largest region in the restaurant point of sale terminal market in 2023
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