Rapid inclination of restaurateurs to adopt POS software for better management of operations will complement the restaurant POS terminals market by 2027
Restaurant point-of-sale (POS) terminals are steadily replacing the now obsolete cash registers used in restaurants. Businesses in the food service industry are primarily adopting these advanced POS systems to streamline the communication between waitstaff and kitchen staff, inventory tracking, and improving team management. These systems are also being used as they support future restaurant technologies like self-serving kiosks.
The advent of cloud technology has majorly driven the development of advanced cloud-based POS systems that can facilitate online ordering, inventory management, and digital payments. Owing to the faster, safer, and easily traceable online transactions, cloud-based POS terminals are appealing to large restaurant chain owners worldwide, propelling the business growth.
In 2022, U.S. software company NCR Corp. unveiled a cloud-based POS solution NCR Aloha Cloud that delivers a new user interface (UI) and seamless payment, giving operators more time to focus on running their restaurants.
Considering technological advancements and emerging demand for streaming restaurant operations, Global Market Insights Inc. estimates that the restaurant POS terminals market could surpass US$25 billion by 2027.
Surging Demand for Robust Restaurant POS Systems
Large restaurants and fast food chains are increasingly adopting restaurant POS terminals to simplify their billing operations. It helps restaurant owners to attain real-time analysis for sales and inventory, which helps alert restaurants if they are running low on kitchen supplies, prevent the scope for internal thefts, and help plan future expansion.
Restaurants are also looking for POS terminals that are sturdy and can support equipment with the latest hardware the facilitates smoother business operations. Leading POS hardware companies like Oracle are developing POS hardware solutions that can stand up to environmental conditions across restaurant kitchens like heat, spills, and cold.
Apart from this, restaurants are also trying to keep up with the digital trends. However, businesses located across areas lacking adequate internet bandwidth and connectivity often are unable to adopt cloud-based POS systems that require constant net connectivity.
To overcome this challenge, POS companies are developing restaurant POS software that works perfectly in online as well as offline conditions. Even if a restaurant does not have internet, the POS software will allow restaurant operations to run smoothly.
Highlighting an example, in 2022, software and integrated payments service provider, Vivid launched Vivid POS, an iOS- and Android-based omni-channel POS system, built by restaurateurs that offers support for offline payments, at times when power or internet are unavailable.
Booming Fast-Food Restaurant Space
On account of the growing popularity of fast food restaurants, the demand for Quick Service Restaurant (QSR) POS systems is expected to surge over the assessment timeframe.
These software are specially designed for QSRs to manage inventory, online ordering, express billing, recipe management and more. New innovations driven by QSR majors are further propelling the adoption of these POS systems.
All in all, technological advancements and rapid penetration of cloud technology are expected to play a crucial role in augmenting the restaurant POS terminal market growth. Furthermore, growing popularity of kiosks and consumer attraction to a technologically equipped dining experience is estimated to fuel the adoption of advanced restaurant POS terminals over the forecast period.