The North America restaurant POS systems 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 systems 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 systems market growth.
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The rising focus towards increasing business efficiency and offering improved customer satisfaction is certain to augment restaurant POS systems market size in the forthcoming years. Of late, POS systems have advanced rapidly and have been offering businesses improved flexibility, control and intelligence than ever before. Restaurants are constantly shifting from traditional cash registers and fixed credit card readers to iPads, mobile or cloud-based POS systems, technologies that provide businesses with additional features as well as keep track of all data and transactions in a single system.
Moreover, the restaurant POS systems market players are engaged in developing software solutions that can be incorporated into the payment terminals to support several business processes such as accounting & book-keeping, daily sales tracks order management, managing staff accounts, etc. The software base installed in these integrated systems helps to control, manage, and operate the hardware components and other peripheral devices. The players offer these modern solutions to their customers to improve business operations and enhance the customer dining experience.
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The cafes & bistros are experiencing a significant growth in the restaurant POS systems market. Increasing young customers in these food outlets are driving the businesses of these cafes. These food stalls offer an ambient environment and seating facilities that allow the young crowd to spend time quality time. Such factors are encouraging the café owners to implement modern solutions that will attract more customers. The major franchised cafés such as Café Coffee Day and Starbucks have adopted fixed countertop solutions due to their self-service business process, allowing customers to order and pay their restaurant bills at the counter.
In the restaurant POS systems 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 systems market growth.
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Major companies participating in the restaurant POS systems 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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