Globally, point of sale (POS) terminals are being recognized as a highly efficient substitute to traditional cash registers and manual systems in restaurants. Their demand is estimated to witness a sharp rise in the coming years owing to their multifunctionality benefits. Restaurant POS terminals improve efficiency of business operations by cutting down order generation time and errors during peak hours. They also help in tax reporting, payroll, gathering sales figures, and inventory control.
Features of Restaurant POS Terminals
POS terminals are flexible systems that help users carry out their business operations in a profitable manner. A typical POS terminal at restaurants involves several features such as menu management, billing, customer relationship management, stock and inventory management, and reporting and analysis.
Food Delivery Platform Partners with POS Terminal Developers to Provide Better Solutions
Increasing partnerships between online food ordering and delivery platforms and POS terminal developers is likely to help restaurants improve their businesses. For instance, recently, online food ordering company Grubhub decided to team up with Oracle Hospitality to be able to give restaurants a more efficient way of managing in-house and delivery orders. The company says that the integration will improve operations, offer more and better business insights, and free up counter space. It also collaborates with the Upserve Breadcrumb point-of-sale (POS) system, while Toast POS is on their radar. Such partnerships are, therefore, likely to make way for advanced restaurant POS terminals.
Market Insights
Growing inclination toward digital payments, coupled with rising penetration of the Internet, is likely to be one of the primary growth stimulants of the global restaurant point of sale (POS) terminal market. Technological advancements in POS terminal systems such as introduction of real-time analytics can provide a significant push to the market in coming years. However, rising security issues pertaining to customers’ personal data can hamper growth prospects, finds Grand View Research Inc. Nevertheless, rising incorporation of cloud technology into restaurant POS terminals is likely to shape its future.
The market is characterized by high competitive rivalry among key players. Partnerships and acquisitions and extensive research and development are some of the go-to growth strategies for majority of players. Some of the key players in the market are Verifone Systems Inc.; Ingenico Group; NCR Corporation; PAX Technology Limited; and Revel Systems.
In-Depth research report on Restaurant Point of Sale (POS) Terminal Market:
https://www.grandviewresearch.com/industry-analysis/restaurant-point-of-sale-pos-terminal-market
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