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Restaurant POS Terminals Market Growth, Trends & Forecast 2024-2033
Restaurant POS Terminals Market Growth
According to The Business Research Company's, The restaurant pos terminals market size has grown strongly in recent years. It will grow from $15.09 billion in 2023 to $16.46 billion in 2024 at a compound annual growth rate (CAGR) of 9.1%. The growth in the historic period can be attributed to customization and integration, economic conditions, consumer behavior, market entrants, adoption phases..
The restaurant pos terminals market size is expected to see strong growth in the next few years. It will grow to $22.83 billion in 2028 at a compound annual growth rate (CAGR) of 8.5%. The growth in the forecast period can be attributed to mobile integration, cloud-based solutions, contactless payments, ai and analytics, demand for customization. . Major trends in the forecast period include evolving user interfaces, demand for mobility, omnichannel capabilities, integration of qr codes, subscription-based models..
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Market Drivers and Trends:
The growing trend of online food ordering is expected to propel the growth of the restaurant POS terminal market going forward. Online food ordering is the process of placing a food order from a website or other application, either for delivery or pickup. The expansion of online ordering and meal delivery is partly a result of shifting consumer tastes. Restaurant customers are increasingly using mobile apps to place online food orders. Restaurants are utilizing POS systems more frequently to streamline operations and improve customer satisfaction. For instance, according to a food delivery article, published in January 2023 by Appmysite, a US-based no-code mobile app builder, 70% of the customers in the USA prefer to purchase food online and want to have it delivered. Compared to on-site ordering, digital ordering is expanding at a rate that is almost three times faster. Therefore, the growing trend of online food ordering is expected to propel the growth of the restaurant POS terminal market.
Product innovation is a key trend gaining popularity in the restaurant POS terminals market. Major companies operating in the restaurant POS terminals market are focused on developing innovative solutions to strengthen their position in the market. For instance, in April 2022, Toast, Inc. a US-based restaurant management cloud-based software company launched Toast for Quick Service, a specially designed POS system geared toward limited-service restaurants of all sizes. Toast Mobile Order and Pay Kiosks, for instance, offer enhanced capabilities from Toast's restaurant-grade hardware, enabling companies to accept orders more quickly and precisely, resulting in fewer comps and voids as well as higher gratuities and increased staff retention.
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Major Key Players of the Market:
NCR Corporation; NEC Corporation; Oracle Corporation; Panasonic Holdings Corporation; PAX Technology; VeriFone Systems Inc.; Samsung Electronics Co. Ltd.; Toshiba Corporation; Squirrel Systems Inc.; PAR Technology Corporation; Brookfield Equinox LLC; Lover Network Inc.; TouchBistro Inc.; POS-X LLC; Kounta; POS Nation; Posist Technologies Pvt. Ltd.; Posiflex Technology; Touch Dynamic; Micros Retail Systems Inc.; Aures Group; Diebold Nixdorf Incorporated; Hewlett Packard Enterprise Development LP; INGENICO S.A.; Lightspeed Management Company LLC; Revel Systems Inc.; Shift4 Payments Inc.; Clover Network Inc.; ShopKeep; Lithos POS Systems Inc.
Restaurant POS Terminals Market 2024 Key Insights:
• The restaurant pos terminals market will grow to $22.83 billion in 2028 at a compound annual growth rate (CAGR) of 8.5%.
• Rising Demand For Online Food Ordering Drives Expansion Of The Restaurant Pos Terminal Market
• Innovative Solutions Drive Competitive Advantages In The Restaurant Pos Terminals Market
• Asia-Pacific was the largest region in the restaurant POS terminals market in 2023
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Global Restaurant POS Software Market
This report focuses on the global Restaurant POS Software status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Restaurant POS Software development in United States, Europe and China.
In 2017, the global Restaurant POS Software market size was million US$ and it is expected to reach million US$ by the end of 2025, with a CAGR of during 2018-2025.
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