Published Date: 31-May-2023
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According to a new report, published by KBV research, The Global Restaurant Point Of Sale Terminal Market size is expected to reach $33.9 billion by 2029, rising at a market growth of 7.9% CAGR during the forecast period.
The Back-End segment is showcasing a CAGR of 8.6% during (2023 - 2029). The growth is attributed to a back-office POS system increasing operational efficiency by taking administrative responsibilities away from the front-end POS terminal. In addition, the desire to safeguard management's privacy and limit employee access to crucial company data due to the danger of data breaches has contributed to the demand for back-end restaurant POS systems, propelling the segment's expansion.
The Full-Service Restaurant (FSR) segment is leading the Global Restaurant Point Of Sale Terminal Market by End-user in 2022 thereby, achieving a market value of $14.1 billion by 2029. This is owing to the fact that full-service eateries need to put more effort into delivering good customer service and make sure their satisfaction in all aspects. In addition, the POS terminal allows the FSRs to manage and smoothen billing and payment procedures for fast transactions, which aids them in providing top-notch services to their customers, driving the segment’s expansion in the projected period.
The Software segment has shown the growth rate of 9.7% during (2023 - 2029). This is due to the fact that custom restaurant point-of-sale software supports the POS system hardware for managing business operations easily. The need for POS software is anticipated to be driven by the need to meet customer expectations about the security of their card and personal data, payment method, and rewards. In addition, the requirement for software specific to the type of restaurant further drives the segment's growth.
The On-premise segment is generating highest revenue share in the Global Restaurant Point Of Sale Terminal Market by Deployment in 2022 thereby, achieving a market value of $23.9 billion by 2029. This is due to the fact that on-premise deployment is still a preferred option for eateries who are concerned about data protection. The on-premise implementation is still preferable since it provides total system control, customization options, and minimal downtime because an internet connection is unnecessary. Additionally, a permanent, non-exclusive license is purchased for the system's installation and operation. Hence, the benefits of the on-premise restaurant POS terminals will boost the segment's growth.
The Mobile segment is poised to grow at a CAGR of 10.7% during (2023 - 2029). The expansion can be attributed to the increased table turns, enhanced service levels, lower overall operation costs, readily available accurate dish information, suggestive marketing, and the mobility to attend to customers. The lower costs associated with purchasing mobile devices such as smartphones and tablets, in addition to advancements in wireless technology, have led to an increased usage of mobile point-of-sale (mPOS) terminals by proprietors of restaurants.
The Asia Pacific market dominated the Global Restaurant Point Of Sale Terminal Market by Region in 2022, and would continue to be a dominant market till 2029; thereby, achieving a market value of $12.5 billion by 2029. The Europe market is exhibiting a CAGR of 7.5% during (2023 - 2029). Additionally, The North America market would showcase a CAGR of 7.3% during (2023 - 2029).
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of Oracle Corporation, Aireus Inc. (CaTech systems Ltd), DCR Point of Sale Systems, Alchemy Web Private Limited, Lightspeed Commerce Inc., PAX Global Technology Limited, VeriFone Holdings, Inc. (Francisco Partners), NCR Corporation, Revel Systems (Welsh, Carson, Anderson & Stowe) and TouchBistro, Inc.
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