Restaurant POS Systems Market Size, Share, Growth Analysis, By Component(Hardware, software, and services), By Application(Order management, payment processing, inventory management, employee management), By Region - Industry Forecast 2024-2031

Restaurant POS Systems Market size was valued at USD 13.5 billion in 2019 and is poised to grow from USD 14.4 billion in 2023 to USD 23.9 billion by 2031, growing at a CAGR of 6.8% in the forecast period (2024-2031).

The restaurant POS systems market is highly competitive, with several established and emerging players competing for market share. The key companies offer a wide range of products and services, including cloud-based and on-premise POS systems, mobile POS solutions, payment processing services, analytics and reporting tools, inventory management, and integrations with third-party platforms. In addition, many of these companies are investing in research and development to enhance their products and stay ahead of the competition. The market is also characterized by mergers and acquisitions, with companies acquiring smaller players to expand their product offerings and customer base. 'TouchBistro', 'Toast', 'Square', 'Lightspeed', 'Upserve', 'Revel Systems', 'NCR Aloha', 'Clover POS', 'Oracle Hospitality', 'Dinerware', 'POSist', 'eZee Technosys', 'BIM POS', 'Squirrel Systems', 'Future POS', 'Maitre'D POS', 'Agilysys', 'Brink POS', 'SilverWare POS', 'Compeat'

The demand for automation in the restaurant industry is increasing, as it helps to streamline operations, reduce errors, and enhance customer service. POS systems play a critical role in automating various processes such as order taking, payment processing, inventory management, and analytics, among others.

Cloud-based POS Systems: There is a growing trend of restaurants adopting cloud-based POS systems as they offer greater flexibility, scalability, and accessibility compared to traditional POS systems. With cloud-based POS systems, restaurant owners can easily manage multiple locations and access real-time sales data from anywhere.

North America is the largest market for restaurant POS systems, accounting for a significant share of the market. The region is driven by the high adoption of technology and the presence of several established players in the market. The US is the largest market in the region, followed by Canada. The market in North America is characterized by the presence of several large restaurant chains that require advanced POS systems to manage their operations. These large chains are increasingly adopting cloud-based POS solutions, which offer several advantages, such as real-time reporting and analytics, multi-location management, and simplified inventory management. In addition to large restaurant chains, there is also a growing demand for POS systems among small and medium-sized restaurants in North America. Many of these businesses are adopting mobile POS solutions, which offer flexibility and mobility, allowing servers to take orders and process payments from anywhere in the restaurant. Another key trend in the North America market is the increasing demand for contactless payments, driven by the COVID-19 pandemic. Many restaurants are now offering contactless payment options, such as mobile payments and digital wallets, to reduce the risk of infection and improve customer experience.