Key players in the (point of sale) POS restaurant management systems market are shifting their focus toward providing customized solutions to restaurant operators and owners, depending on their business operations. In addition, some players in the market are offering innovative POS systems for staying at the market’s forefront. For example – Intuit and Revel systems entered into a partnership for developing QuickBooks, a point of sales restaurant system that enables a restaurant in spontaneously syncing its payroll, inventory, sales payment, and CRM information.
Clover, PAX Technology, AccuPOS, TouchBistro, EPOS now, Ravel Systems POS, POSist Technologies Pvt. Ltd., Lavu, Verifone System, and Ingenico Group are key companies profiled by Transparency Market Research in its recent report on the global POS restaurant management systems market.
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According to the report, the global market for POS restaurant management systems will exhibit a spectacular expansion throughout the forecast period, 2017 to 2026. Global sales of POS restaurant management systems are estimated to account for roughly US$ 30,000 Mn revenues by 2026-end.
POS systems have been significantly enhancing the performance of restaurants since the recent past. These systems have transformed into being an essential part of restaurants for registrations of payment receptions, discounts on cash register, and sales operations. POS systems help restaurant owners in improving efficiency by reducing the time order generation, cutting down errors particularly during peak hours of service, and lowering time per transaction.
Several advancements have been witnessed in POS restaurant management systems. The increasingly popular electronic point of sale (ePOS) systems are enabling restaurant operators to make huge savings in cost and time. Moreover, all-in-one POS systems are gaining prevalence in restaurants that offer pre-order or takeaway food services. The all-in-one POS systems are placed usually at the restaurant’s entry, allowing customers in making orders and payments independently.
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On the basis of end-user, quick service restaurants are expected to register the highest CAGR through 2026, although estimated to account for a relatively lower revenue share of the market than full-service restaurants. Increasing demand for relatively low-cost high volume products in shorter duration in quick service restaurants will sustain its presence in the market. Full-service restaurants, however, will remain the dominant end-users of POS restaurant management systems.
Software platform will become the most lucrative component of POS restaurant management system by 2026-end. Growth of software platform can be highly attributed to rising requirement for updating POS software in restaurants, in a bid to cater soaring consumer expectation concerning mobility security, customer engagement, and payment. Between all the components included in TMR’s report, support services will register a relatively higher CAGR than hardware, and a lower CAGR than software platform through 2026.