The global restaurant point of sale (POS) software market size was USD XX Mn in 2022 and is estimated to reach USD XX Mn by 2031, expanding at a CAGR of XX% during 2023–2031. Increasing adoption of contactless payments and advancements in point of sale options is expected to boost the market.
A restaurant point of sale (POS) software is an electronic point of sale (EPOS) system for processing payments. In traditional restaurants, a physical cash register is placed at the entrance of the bar, the place surrounding the cash register is termed as point of sale. Users can make the payment with cash, smart wallet, or credit card at the counter.
The traditional point of sale is transformed by modern solutions with the development of cloud-based machinery and devices such as smart phones. The top restaurants are using cloud-based systems to maintain menu prices, sales data, reservations, and others. Restaurant owners can check the day-to-day activities and control if the stocks reduce. Thus, a restaurant point of sale (POS) system is deployed to benefit the businessmen.
The outbreak of COVID-19 moderately impacted the restaurant point of sale (POS) software market. During the pandemic period, restaurants were adopting POS solutions for integrating restaurant operations while following the COVID protocols. Additionally, rising demand for contactless payment during the pandemic boosts the market.
Restaurant Point of Sale (POS) Software Market Dynamics
Major Drivers
Adoption of technological advanced devices and solutions in restaurants and the retail sector is driving the market. The developments of restaurants and the retail sector helps the owners integrate order management. Additionally, these systems keep a record of inventory, and delivery timings, and provide a signal when stocks are low.
Existing Restraints
Inadequacy of developed infrastructure and technological advancements in some underdeveloped countries are hampering the market. Moreover, the lack of skilled employees in certain economies hampers the market. The traditional restaurants further hamper while shifting from a traditional system to integrated solutions. Thus hampers the market.
Emerging Opportunities
Growing competitiveness in the restaurant industry and quick restaurant chain service are likely to create opportunities for the market. This, in turn, propels the demand for restaurant POS software. Rising tendency of digitalization in the restaurant industries and advancements in contactless payments creates an opportunity for the market.
Scope of Restaurant Point of Sale (POS) Software Market Report
The market report includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Restaurant Point of Sale (POS) Software Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023–2031
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Segmentation
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Component (Hardware [TouchScreen/Desktop, Swipe Card Machine, and Others] and Software), Deployment (On-premise and Cloud-based), Application (Back-end and Front-end), End-user (Institutional FSR, FSR [Casual Dine and Fine Dine], and QSR)
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, Market Trends, and Revenue Forecast
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Key Players Covered in the Report
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NCR Corporation.; PAX Technology; Revel Systems.; Posist Technologies Pvt. Ltd.; VeriFone, Inc.; LimeTray.; Oracle; TouchBistro; and Lightspeed
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Restaurant Point of Sale (POS) Software Market Segment Insights
Based on component, the restaurant point of sale (POS) software market is divided into hardware and software. The hardware segment is further classified as touchscreen/desktop, swipe card machine, and others. The hardware segment is expected at a significant pace during the projection period. The restaurant point of sale solutions is filled with hardware including receipt printers, touch screen display, and cash drawers. The launch of thermal receipt printers, OLED display, and many alternative developments is fueling the segment.
On the basis of deployment, the global market is segregated into on-premise and cloud-based. The cloud-based segment is projected to register a considerable CAGR during the forecast period, due to the high demand for cloud-based solutions. Cloud-based solutions provide several facilities including flexibility and on-demand services. Cloud-based systems benefit retailers and business owners to operate the business through any mobile device.
The on-premise segment is anticipated to hold a key share of the market during the forecast period. In on-premise solutions, producers and consumers can operate without concern about data security and internet connections. The demand for on-premise system is high, as it provides functionality without an internet connection. The information is stored in a drive that is completely customizable.
In terms of application, the restaurant point of sale (POS) software market is segmented into back-end and front-end. The front-end segment is expected to register a robust CAGR during the forecast period. In the restaurant point of sale system front-end task includes managing orders, ordering sales, processing payments, and interacting with customers. The growth of the segment is attributed to the gathering different order information and generating consecutive orders.
Based on end-user, the global market is classified as institutional FSR, FSR, and QSR. The FSR segment is bifurcated into casual dine and fine dine. The FSR segment is expected to expand at a significant pace during the projection period. Furthermore, the casual dine sub-segment is estimated to hold a large share of the FSR segment, due to growing number of casual dining companies such as McDonald’s, Dunkin, and Pizza Hut.
In terms of region, the global restaurant point of sale (POS) software market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. Asia Pacific is expected to dominate the market during the projection period, due to the increasing number of digital payment devices in grocery stores, retailers, and restaurants in the region. China is a prominent country for the market in the region, owing to the presence of a number of local device manufacturers. Growing number of digital wallet consumers is further boosting the market in Asia Pacific.
The market in Europe is anticipated to expand at a rapid pace in the coming years, due to the high adoption of cloud solutions by consumers. Prominent players in the market have begun developing diverse cloud-based POS solutions to meet the growing demand from the retail and restaurant sectors, which is likely to propel the market during the forecast period.
Segments
The restaurant point of sale (POS) software market has been segmented on the basis of
Component
- Hardware
- TouchScreen/Desktop
- Swipe Card Machine
- Others
- Software
Deployment
Application
End-user
- Institutional FSR
- FSR
- QSR
Region
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
- NCR Corporation.
- PAX Technology
- Revel Systems.
- Posist Technologies Pvt. Ltd.
- VeriFone, Inc.
- LimeTray.
- Oracle
- TouchBistro
- Lightspeed
Competitive Landscape
Players in the global restaurant point of sale (POS) software market include NCR Corporation.; PAX Technology; Revel Systems.; Posist Technologies Pvt. Ltd.; VeriFone, Inc.; LimeTray.; Oracle; TouchBistro; and Lightspeed. These companies adopt strategies such as divestitures, acquisitions, partnerships, collaborations, and product launches to expand their consumer base worldwide. For instance,
- In April 2022, PAX Global Technology Limited introduced a completely integrated Smart PoS payment processing system, Android PayTablet, M8. The device is specially made for high-end retailers and hospitality operators.
- In January 2022, NCR Corporation collaborated with Google Cloud to bring cloud features and several platforms. This collaboration gives retailers the complete access to the new Google cloud infrastructure filled with several valuable insights into the software.
- In March 2022, Cashfree Payments, an API payments and banking service provider, introduced softPOS a PoS solution. It is operated by different grocery shops, automobile companies, and retail shops. In non-banking and automotive sectors, this solution benefits in door-to-door payments.
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