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Restaurant POS Terminals Market to Attain Substantial Proceeds by 2024, Growing Adoption of Software Tools at Food Outlets to Fuel the Industry Growth

Author : Ronak Bora | Published Date : 2019-03-26 

The North America Restaurant POS Terminals Market is predicted to witness a high growth due to the increasing number of food outlets. Countries including the U.S. and Canada are experiencing an increased number of food outlets to cater to a high consumption rate of the fast food items among the citizens. According to the National Restaurant Association, it was estimated that in 2017, there were around 1 million restaurant locations in the country. These outlets are adopting advanced technological solutions to offer flexible payment solutions to their customers, providing an impetus to the restaurant POS terminals market.

Moreover, increased spending capability of Canadians at restaurants, bars, and cafes is expected to drive the business of the restaurant industry in the country. In 2017, it was estimated that people spent around USD 54 billion at these food outlets. It was also estimated that the country’s food away from home category amounted to 36% of the overall food expenses in 2017. Such factors are predicted to accelerate the restaurant POS terminals market growth.

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Moreover, the growing adoption of software tools at food outlets will drive the restaurant POS terminals market. Several hardware components including cash drawers, barcode scanners, card readers, etc., are being operated through software programs. Manufacturers in the industry are offering customized software tools for food outlets that suit their business operations. For instance, NCR Corporation is offering Aloha POS that connects all business operations on a single and intuitive platform to keep the business efficient, fast, and responsive.

The applications of these payment solutions in QSRs are high owing to a rise in the number of fast-food outlets including McDonalds, Pizza Hut, KFC, etc. These companies are incorporating integrated countertop models that allow them to provide self-service to their customers. It allows customers to order and pay the restaurant bills at the counter using a single solution. Moreover, the rapid expansion of these food outlets in several countries is expected to drive the restaurant POS terminals market. For instance, in January 2018, McDonalds announced its plan to open around 1,000 stores worldwide. Currently, McDonalds owns approximately 15,000 franchise stores in the U.S alone.

Fixed systems are the most widely adopted POS technologies in the restaurant POS terminals market owing to the integrated technology that includes several peripherals such as barcode scanner, RFID or card reader, POS printer, cash drawer, etc. Such integrated solutions are witnessing a high adoption in FSRs and QSRs due to the high prices of these systems and requirements of the large floor space for installing such systems. These terminals offer a complete system to food outlets that can be installed to handle or manage inventory, sales, orders, and customer profile with the use of a single system.

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Increasing adoption of these integrated systems in fast food outlets to serve customers and manage their orders effectively is predicted to drive restaurant point of sale terminals market growth. Moreover, manufacturers are engaged in incorporating several advanced technologies such as barcode scanner, EMV card reader, and RFID scanner into these integrated systems.

In the restaurant POS terminals market, mobile solutions are experiencing high adoption owing to increased requirements for advanced technologies to improve the customer experience and satisfaction levels. These mobile solutions help food outlets to offer tableside payment and ordering facilities. They also provide several advantages to the food centers including improved customer engagement, crowd management, fast order tacking, and payment settlement options. Such advantages are driving the adoption of these advanced solutions in dining areas, thereby accelerating the restaurant POS terminals market growth.

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Major companies participating in the restaurant POS terminals market include Toshiba Corporation, VeriFone Systems, Inc., TouchBistro, Inc., Toast, Inc., Square, Inc., PAX Technology, Samsung Electronics Co., Ltd., Panasonic Corporation, PAR Technology Corporation, NCR Corporation, NEC Corporation, Micros Systems, Inc., Ingenico Group, and Diebold Nixdorf, among others.

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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for Fractovia.org and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport. He can be contacted at- [email protected] | https://twitter.com/RonakBora26

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