A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled “POS Restaurant Management Systems – Global Market Trajectory & Analytics”. The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.
FACTS AT A GLANCE
What’s New for 2022?
- Global competitiveness and key competitor percentage market shares
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Edition: 10; Released: February 2022
Executive Engagements: 373
Companies: 47 – Players covered include AccuPOS Point of Sale; BIM POS; Clover Network, Inc.; EPOS Now Ltd.; eZee Technosys Pvt. Ltd.; Focus POS, Inc.; FoodZaps Technology Pte Ltd; Fujitsu America, Inc.; Heartland Payment Systems; Ingenico Group; Intel Corp.; Lavu; NCR Corporation; Oracle Corp; PAR Technology Corporation; PAX Technology; POSist Technologies Pvt. Ltd.; Revel Systems Inc; Samsung Electronics Co Ltd; Shift4 Payments, LLC; ShopKeep; SilverWare POS; SoftTouch POS; Toast, Inc.; Toshiba Global Commerce Solutions; TouchBistro Inc. and Others.
Coverage: All major geographies and key segments
Segments: Component (Hardware, Software, Services); Product Type (Mobile POS Terminal, Fixed POS Terminal); End-Use (Full-Service Restaurants, Quick-Service Restaurants); Application (Billing, Delivery Management, Order Management, Stock & Inventory Management, Other Applications)
Geographies: World; USA; Canada; Japan; China; Europe; France; Germany; Italy; UK; Rest of Europe; Asia-Pacific; Rest of World.
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ABSTRACT-
Global POS Restaurant Management Systems Market to Reach $18.2 Billion by 2026
Restaurant POS systems have emerged as a valuable tool in the day-to-day management as well as strategic decision-making for restaurants and other foodservice operations. Hotels and restaurants in tourist driven economies were hurt the worst with hospitality and tourism being among the severely impacted industries by the ongoing novel coronavirus (COVID-19) outbreak. Food banquets services remains the worst-impacted segment witnessing pain on par with the decline in the travel and tourism. Additionally, government restrictions on large gatherings and voluntary consumer avoidance of large crowds have further sharpened the blow on food banquets services. Takeaways at restaurants and online food delivery platforms, in comparison, witnessed no negative impact on demand. On the contrary, few online e-commerce platform start-ups succeeded in winning funding support at a time when the rest of the businesses were struggling with unprecedented upheavals in market climate. Accelerated shift of people from conventional retail markets to online food deliveries is resulting in the addition of newer groups of customers in this sector with the promise of higher profits. A lasting implication of the pandemic for all sectors in this industry is the migration towards digital technologies like mobile-based apps, QR-based menu display, contactless payments, online meals customization, online tracking and tracing of ingredients, and AI-enabled smart camera-aided services in the food industry.
Amid the COVID-19 crisis, the global market for POS Restaurant Management Systems estimated at US$12.7 Billion in the year 2022, is projected to reach a revised size of US$18.2 Billion by 2026, growing at a CAGR of 8.5% over the analysis period. Hardware, one of the segments analyzed in the report, is projected to grow at a 7.8% CAGR to reach US$8.8 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Software segment is readjusted to a revised 10.3% CAGR for the next 7-year period. This segment currently accounts for a 36.3% share of the global POS Restaurant Management Systems market. With contactless payments and mobile wallets like Google Pay and Apple Pay increasing in popularity, mPOS systems are also better equipped to accommodate those customers who simply wish to tap or dip their phone to pay. Some mPOS software vendors also provide optional hand-held docking stations called sleds that enable the mobile device to read barcodes and print receipts.
The U.S. Market is Estimated at $2.9 Billion in 2022, While China is Forecast to Reach $3.3 Billion by 2026
The POS Restaurant Management Systems market in the U.S. is estimated at US$2.9 Billion in the year 2022. The country currently accounts for a 23.65% share in the global market. China, the world’s second largest economy, is forecast to reach an estimated market size of US$3.3 Billion in the year 2026 trailing a CAGR of 11.2% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 6.1% and 8% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 6.9% CAGR while Rest of European market (as defined in the study) will reach US$3.7 Billion by the end of the analysis period. Use of contactless cards is increasing across the globe, more importantly in developing regions such as Asia-Pacific. While countries such as Singapore, Japan, and Hong Kong have been most prolific for contactless card expansion over the previous decade, China and India are turning out to be new fertile ground for contactless cards in the recent years. Outside Asia, Turkey and Poland too are witnessing rapid adoption of contactless technology in recent years, as card issuers in these countries bank on innovation as their core strategy, thereby deploying contactless cards as a branding tool for attracting youth. This scenario augurs well for POS terminals market, as more the number of contactless cards in the market, more will be the number of contactless card acceptance points, and greater will be the demand for POS terminals.
Services Segment to Reach $2.8 Billion by 2026
In the global Services segment, USA, Canada, Japan, China and Europe will drive the 5.8% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$1.6 Billion will reach a projected size of US$2.3 Billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$442.2 Million by the year 2026. More
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