U.S. Restaurant Point Of Sale Solution Industry Overview
The U.S. restaurant point of sale solution market size was valued at USD 3.42 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 3.9% from 2021 to 2028.
The demand for POS solutions in the U.S. can be attributed to the move toward a cashless economy and the rising adoption of technologies in businesses. The increased adoption of cashless transactions in the U.S.in recent years has helped drive the adoption of point of sale (POS) solutions, with the COVID-19 pandemic further boosting the move toward contactless payments. The pandemic has also favored the growth of the restaurant POS solution market by fueling the demand for payment wallets and budget-friendly mPOS terminals.
Gather more insights about the market drivers, restrains and growth of the U.S. Restaurant Point Of Sale Solution Market
The restaurant industry in the U.S. has grown to cater to the increasing population with a busy lifestyle. According to National Restaurant Association, the U.S. restaurant industry was projected to make USD 899 billion in sales in 2020. However, the COVID-19 pandemic shook the industry, leading to the shutdown of more than 110,000 restaurants permanently or for long-term across the country. To revive the industry, the government has given safety instructions and lifted strict lockdown to allow restaurant operate at full capacity. Moreover, the home delivery culture in the U.S. has risen tremendously, boosting the quick service restaurants demand. To keep up with the changing dynamics and growing restaurant’s needs, the POS solution vendors are launching solutions for better control of back-end and front-end operation.
The rising demand for NFC-ready POS terminals has helped the POS terminal industry increase its foothold in the U.S. market. Increased availability of POS terminals accepting contactless payments with cards featuring NFC-enabled contactless payment services such as MasterCard PayPass, UnionPay QuickPass, and Visa PayWave has transformed the U.S. payment industry. Thus, a major increase in deployment of POS terminals, specifically contactless features enabled terminals was noted in the country. Moreover, a considerable decline in the prices of NFC-enabled POS terminals has boosted their adoption over the years.
The COVID-19 pandemic severely impacted the foodservice industry in the country and led to the shutdown of multiple restaurants. According to Firefly, Datassential’s proprietary database,10.2% percent of the U.S. full-service and limited-service restaurants, as well as food trucks, have permanently closed in the country as of December 2020. The remaining restaurants survived the pandemic by adopting the digital ordering channel. As the U.S. is focusing on fully vaccinating its population, the restaurant sector is expected to bounce back, which could positively impact the U.S. restaurant POS solution market.
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U.S. Restaurant Point Of Sale Solution Market Segmentation
For this study, Grand View Research has segmented the U.S. restaurant POS solution market based on product, component, deployment, and end-user:
U.S. Restaurant POS Solution Product Outlook (Revenue, USD Million, 2017 - 2028)
- Fixed POS
- Mobile POS
U.S. Restaurant POS Solution Component Outlook (Revenue, USD Million, 2017 - 2028)
- Hardware
- Software
- Services
U.S. Restaurant POS Solution Deployment Outlook (Revenue, USD Million, 2017 - 2028)
- Cloud
- On-premises
U.S. Restaurant POS Solution End-user Outlook (Revenue, USD Million, 2017 - 2028)
- FSR
- QSR
- Institutional
- Others
Market Share Insights
- December 2020: Lightspeed acquired Upserve Inc., a restaurant management cloud-software company.
- November 2020: Helcim Inc. launched QR code functionality for its business customers. Merchants using the company’s Hosted Payment Pages, Helcim’s Online Store, and Online Food Ordering solutions could leverage the new functionality for faster and contactless payment.
Key Companies profiled:
Some of the prominent players operating in the U.S. restaurant point of sale solution market are:
- Ingenico (acquired by Worldline)
- PAX Technology
- Clover Network Inc.
- Lightspeed
- Square Inc.
- TouchBistro
- Toast, Inc.
- Helcim Inc.
- Revel System
- Bepoz America LLC
- Oracle
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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