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 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.
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Key Player Mentioned:
- Ingenico (acquired by Worldline)
- PAX Technology
- Clover Network Inc.
- Lightspeed
- Square Inc.
- TouchBistro
- Toast, Inc.
- Helcim Inc.
- Revel System
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.
Product Segment Analysis:
- Hardware
- Software
- Services
Regional Segment Analysis: North America, Europe, Asia Pacific, Latin America, and Mideast and Africa.
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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.
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