Rising Demand for Restaurant POS Software Market observed in Forecast Period 2019-23
In the traditional restaurant management system, the point of sale (POS) system is used for the purpose of making payments while purchasing food or services. With the increasing importance of hospitality, customer satisfaction, and other restaurants associated services, the POS software is having a wide range of usage in restaurants. The growing number of QSR chains is resulting in increased competition and so, restaurants are focusing more on value addition over the offered services. Restaurants are giving more importance on improving the supply chain efficiency, as well as the quality of services.
The vendors of the POS software are giving an integrated management system that is flexible enough to continuously keep track of the sales and sales-related activities. The global restaurant POS software market was valued at US$ 940 million in the year 2018 and is expected to reach US$ 1,368 million by the year 2023, growing at a CAGR of approximately 7.8%. Nowadays, the POS software system is offering a wide range of payment options such as debit card, credit card, and e-wallets options.
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On the basis of the type, the global restaurant POS software is categorized into fixed POS and mobile POS. The mobile POS gives the flexibility to various payment options at the doorstep for delivering food. The increasing adoption of the mobile technology in the restaurant POS market is helping to increase the sales volume, and ensure better serviceability and other advantages. These factors are propelling the growth of the POS software market.
According to the system type, the restaurant POS software market is segmented as DOS system, Linux system, and Windows system. The windows system offers advantages such as flexibility and a less complex interface. This will help to increase the adoption of windows-based POS systems.
On the basis of deployment, the restaurant POS software market is segmented into cloud-based and on-premise deployment. The on-premise deployment is heavily used in the restaurant industry. But, with the increasing adoption of cloud-based solutions, the cloud-based deployment category is expected to grow at the highest CAGR during the forecast period.
The global POS software market is segmented according to applications as - order management, billing management, delivery management, and stock & inventory management. Among these, the billing management category is holding the highest share in the market.
On the basis of the end-user, higher adoption of POS software has been observed at QSR restaurants. The increasing number of QSR restaurants will be creating opportunities for restaurant POS software in the future.
The key players of the restaurant POS software market are, SoftTouch (US), eZeeTechnosys (India), Toast POS (US), BIMPOS (Lebanon), TouchBistro (Canada), PAR Technology (US), AccuPOS (US), FoodZapsTechnology (Singapore), Focus POS (US), Aloha POS/NCR (US), and Heartland Payment Systems (US), amongst others. The major players are adopting strategies like new product launches, strategic partnerships, mergers & acquisitions, etc. For instance, in April 2019, PAR Technology has announced a strategic partnership with Altametrics & Hubworks, for the development of cloud-based POS solutions.