A POS (point of sale) restaurant management system aids food & beverage operators in processing orders and maintaining financial control over their business, with the help of cash management and integrating with payment service providers. Some POS restaurant management systems are equipped with additional features for monitoring the ingredients inventory.
Increased Demand for POS Terminals Driving Adoption of POS Restaurant Management Systems
From computer systems to management systems, an exponential growth has been witnessed in the restaurant software industry over the past few years. POS system is the first foray that restaurants have taken in the restaurant software space, enabling them in exchanging cash & credit, and consolidating sales data in a single storage. A number of next-generation POS restaurant management systems are providing tablets with restaurant ordering applications, real-time business analytics, and modules for integrated gift & loyalty cards.
Demand for POS terminals has witnessed a significant rise in light of its multi-functionality benefits to restaurant owners, which in turn has driven the demand for POS restaurant management systems. The flexibility of POS systems, equipped with features including stock & inventory management, customer relationship management, and billing, help restaurant operators in making effective decisions and profitably carrying out their business operations.
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Transparency Market Research (TMR), in its recent report, has projected the global POS restaurant management systems market to exhibit a double-digit CAGR over the forecast period (2017-2026). Global revenues from POS restaurant management systems are poised to reach approximately US$ 30,000 Mn by 2026-end.
APEJ to Remain Largest Market for POS Restaurant Management Systems
Continuously expanding food service sector in countries of Asia-Pacific excluding Japan (APEJ), such as China and India, on the back of favorable demographic condition, is likely to proliferate demand for POS terminals in the region. In terms of revenues, the market for POS restaurant management systems will remain the most lucrative in Asia-Pacific excluding Japan (APEJ), closely followed by Europe. North America is also expected to be an attractive market for POS restaurant management systems, albeit projected to reflect a relatively lower CAGR through 2026.
On the basis of type, mobile POS terminals will continue to dominate the POS restaurant management systems market in terms of revenues as well as CAGR through 2026. Rapid rise in popularity of wireless technology, coupled with constant reduction in prices of mobile devices has accelerated the adoption of mobile POS terminals by restaurant owners. In addition, Fixed POS terminals will also witness an impressive expansion in the market through 2026.
Based on end-users, although full-service restaurants will continue to account for a slightly larger revenue share of the market, sales of POS restaurant management systems in quick-service restaurants are projected to witness a significantly higher CAGR than in full-service restaurants through 2026.
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Largest Revenue Share of the Market will be accounted by Billing Application in 2017
The largest revenue share of the POS restaurant management systems market will be accounted by billing application in 2017. However, the market revenue share of delivery management will surpass that of billing by 2026-end. Revenues from sales of POS restaurant management systems for application in billing and delivery management will collectively exceed US$ 13,000 Mn by 2026-end.
In terms of revenues, although hardware is expected to be the most attractive component of POS restaurant management systems in 2017, by 2026-end software platform will become the largest component segment in the market. Sales of software platform will witness the fastest expansion in the market through 2026, on the basis of component.
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Competition Tracking
Key players profiled by TMR’s report on the global POS restaurant management systems market include Ingenico Group, Verifone System, Lavu, POSist Technologies Pvt. Ltd., Ravel Systems POS, EPOS now, TouchBistro, AccuPOS, PAX Technology, and Clover. These market players are adhering to strategies such as partnership, acquisition, and research & development, with an aim to broaden their product portfolio. In April 2016, for example, Revel and Verifone entered into a partnership for simplifying & enhancing their payment management.
Emergence of Data Analytics and Cloud System to Drive POS Restaurant Management Systems Market
The POS restaurant management systems market is likely to observe considerable growth in the years to come. Technological disruptions in the restaurant sector and surging need for restaurant-specific software, such as menu management, table management, inventory management, and payment and billing processing. These are the important trends stimulating development of the global POS restaurant management systems market in the forthcoming years.
High Volume of Cash and Credit Transactions to Benefit from this System
The design of restaurant management software system is done in such a way that its features and abilities are able to effectively manage bar and restaurants. The point of sale software is considered one of the major benefits for the management of a restaurant. As such, the point of sale software is an iPad, computer, or even a cash register wherein cashiers are able to tally their cost and feed into their products. They are also able to accomplish the tasks related to financial transactions. In addition, restaurants deal with huge amount of cash and credit transactions, which can be handled easily utilizing restaurant management software. All these benefits are estimated to work in favor of the global POS restaurant management systems market in the years to come.
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