The United States (US) restaurant POS (Point of sale) terminals market is estimated to increase at a rate or CAGR of 6.85 percent in the forecast period of 2021-2030. Several factors like the increasing preferences of people towards eating food away from home, the increasing number of restaurants across the United States of America, and the wide range of benefits that promote the increased use of POS systems contribute towards driving market growth.
The United States restaurant Point of Sale terminals market is expected to obtain a total revenue of around $8510 million by the end of 2030. There will be a rise in total revenues to $4290 million in 2020.
Different Segments of the US POS Market
The United States restaurant Point of Sale market is divided into various segments. This includes segmentation based on deployment mode, POS system type, region, restaurant type, and enterprise size. Furthermore, depending on the type of the POS system, the market is effectively segmented into portable or mobile POS terminals, cloud POS systems, conventional POS systems, self-service kiosk POS systems, and so on. Of the given options, a portable or mobile POS system is expected to reach the highest revenue of more than $3610 million by the time of 2030, an increase of the revenue of $1690 million during 2020.
As far as geographical analysis is concerned, the market can be categorized into West US, North East US, Middle US, and South US. By 2030, the market in the southern United States is estimated to possess the highest revenue value of around $2860 million. It will increase the value by around $1430 million during 2020.
Some of the noteworthy leaders in the United States restaurant POS systems market are Cybrosys Technologies, Amber Systems Technologies, Toast Inc., Square Inc., BrewPOS, Lavu Inc., Clover Network Inc., Oracle, and PAR Technology Corp.
Growth of the Global POS Industry
The market size for the global POS industry is expected to reach around $9.9 billion by 2027, and will raise an overall market growth of 22.8 percent CAGR during the current forecast period.
The development of cloud-based POS solutions takes place on the cloud’s rapid scale-up and scale-down concept. This enables business organizations to include or remove services at any time to meet the end customers’ needs. Businesses are expected to pay only for their services. This helps save money to ensure future-proofing and fail-safe processes as required by traditional on-premise POS systems.
In addition to this, the solution provider will also consider the overall upkeep and maintenance of cloud-based POS solutions. This will enable business owners to concentrate on the core competencies.
The overall growth of the market is expected to witness exciting prospects. This is because most small-scale businesses are going forward with the installation of cloud-based payment systems for customer administration, staff, inventory, and order. The requirement for cloud-based POS will be accelerated by the overall increase in consumer utilization of contactless and mobile-based payments. In April 2020, around 51 percent of customers in the USA made use of contactless payment systems. Such payment solutions included tap-to-go credit cards and mobile wallets.
The overall increasing popularity of digital payments allows many business enterprises –including healthcare, retail, and restaurants- to implement high-end advanced payment solutions. To improve the overall customer experience and stay competitive in the market, the respective industries are progressively embracing cloud-based POS solutions.
Analysis of the COVID-19 Impact
Due to the shutdown of restaurants and businesses, the COVID-19 pandemic had a minor impact on the market growth of cloud-based POS solutions during the first two quarters of 2020. Consumers are motivated to acquire crucial things online because of strict restrictions and lockdowns. This offers them the contactless option for shopping and paying. Businesses will be thus encouraged to embrace high-end solutions capable of integrating digital payment, and mobile ordering capabilities as the concept of online shopping continues becoming more popular.
Cloud-based POS systems help merchants, retailers, and business owners to deploy and meet multi-payment effectively while fulfilling channel requirements of the management of large-scale inventories and other core business processes.
The adverse impact of the global pandemic has been prevalent in other economic sectors across different countries. Some limitations affect the auto, manufacturing, hospitality, aviation, and retail sectors. Due to this, the rapidly-growing digital payment sector –closely associated with the respective industries, has undergone damage. Factors like the shutdown of stores, reduced discretionary consumer spending, travel bans, and others have significantly impacted digital payments. It has eventually slowed down the overall demand for cloud-based POS solutions.
The market is categorized into services and solutions based on the component. The services help businesses in ensuring successful client relationships, which is achieved by offering ongoing support throughout the operations. Organizations benefit from such services by streamlining the respective market operations, enhancing market project execution, and improving resource utilization.
Conventional POS systems charge some software license costs on a per register basis. Contrary to the traditional POS systems, SaaS serves as a type of partnership component in which a monthly fee is paid instead of any upfront charges. Future upgrades, backups, software upgrades, and support are included in the monthly payments.
Enterprise Size Overview
Depending on the size of the business, the market is categorized into small & medium, and large enterprises. In addition, there is the provision of simple tools by the suppliers to SMEs to help them manage projects, assets, and people. These are also helpful in assisting SMEs in entirely using the software solution that has been delivered. The use of cloud-based POS solutions amongst SMEs is estimated to increase in the coming years and will allow SMEs to gain access to a significant market share across the forecasted period.