Hospitality Point Of Sale Software Market Forecast 2031 | Industry Growth

The hospitality point-of-sale software market size is expected to grow at a CAGR of 9.1% from 2023 to 2031. The hospitality point-of-sale software market includes growth prospects owing to the current hospitality point-of-sale software market trends and their foreseeable impact during the forecast period. The hospitality point-of-sale software market is growing due to factors such as huge growth of the hospitality sector, increasing adoption of cloud-based solutions, and rising number of small and medium scale eateries.

Hospitality Point Of Sale Software Market Analysis

Point-of-sale (POS) software facilitates hospitality and service-based transactions. Hospitality point of sale enables customers to make payments for goods or services and helps businesses process those transactions. Hospitality point-of-sale software plays a significant role in the hospitality industry. It provides security and makes all transactions seamless. It provides the best customer experience and optimizes payment operations. Hospitality point-of-sale software is widely used in restaurants and hotels. It allows for collecting guests’ orders and purchases from different points of sale and charging them directly to their rooms.

Hospitality Point Of Sale Software Market Overview

• The hospitality point-of-sale software allows hotels to optimize their daily operations in areas such as payment processing, inventory management, customer management, employee management, and others.
• The hospitality point-of-sale software market is highly competitive with companies such as Oracle Corporation, NCR Corporation, Clover Network, INC., and Lightspeed, among others.

Hospitality Point Of Sale Software Market  Driver

Increasing Adoption Of Cloud Based POS Systems by Hotels And Restaurants to Drive The Hospitality Point Of Sale Software Market

• The growing use of cloud-based point-of-sale (POS) systems by hotels and restaurants is expected to significantly boost the hospitality point-of-sale software market. Cloud-based POS systems offer several advantages over traditional systems, making them increasingly attractive to businesses in the hospitality industry.
• Cloud-based POS systems are more flexible and scalable, allowing hotels and restaurants to easily adapt to changing business needs and accommodate growth. Additionally, cloud-based systems offer improved accessibility, allowing staff to access the POS system from anywhere with an internet connection, which enhances efficiency and customer service.
• Moreover, cloud-based POS systems typically require lower upfront costs compared to traditional on-premises systems, making them more affordable for small and medium-sized businesses. They also offer automatic updates and backups, reducing the risk of data loss and ensuring that businesses always have access to the latest features and security enhancements.
• Thus, the increasing adoption of cloud-based POS systems by hotels and restaurants is driving the hospitality point of sale software market growth.

Hospitality Point Of Sale Software Market  Report Segmentation Analysis

• Based on component, the hospitality point-of-sale software market is segmented into software and services. The software segment is expected to hold a higher hospitality point-of-sale software market share in 2023.

Hospitality Point Of Sale Software Market  Share Analysis By Geography

The scope of the hospitality point-of-sale software market is primarily divided into five regions - North America, Europe, Asia Pacific, Middle East & Africa, and South America. North America is experiencing rapid growth and is anticipated to hold a significant hospitality point-of-sale software market share. With the rise of restaurants, hotels, and cafes, there's a growing demand for efficient and reliable point-of-sale systems tailored to their needs. For instance, According to the National Restaurant Association, there were 749,000 restaurants in the US as of 2023. 10,608 new restaurants opened in 2023 in the US, which is 5.7% more than in 2022. With such an increasing number of restaurants, businesses are opting for advanced software solutions to streamline their operations, manage inventory, process payments, and enhance customer service.

Hospitality Point Of Sale Software Market  Report Scope

The "Hospitality Point Of Sale Software Market  Analysis" was carried out based on component, deployment, enterprise size, and geography. On the basis of component, the market is segmented into software and services.  On the basis of deployment, the market is segmented into cloud and on-premises. On the basis of organization size, the market is segmented into large enterprises and SMEs. Based on geography, the market is segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South America.

Hospitality Point Of Sale Software Market  News and Recent Developments

Companies adopt inorganic and organic strategies such as mergers and acquisitions in the hospitality point-of-sale software market. A few recent key market developments are listed below:

• In October 2023, Mastel Hospitality announced a partnership with REVO. This partnership complements Mastel Hospitality’s existing offerings, solidifying their commitment to providing the best solutions for their clients.

[Source: Mastel Hospitality, Press Release]

• In June 2022, Openbravo announced the launch of a new Point-of-Sale (POS) for quick service restaurants (QSR) and fast-casual restaurants. Key features of the solution include the fast and flexible creation of menus and a powerful pricing engine with options like the definition of specific prices based on restaurant areas and delivery modes. It allows order customization, supports a variety of payment and delivery options, and offers restaurants the ability to easily integrate with online ordering solutions, kitchen systems, as well as delivery platforms for order preparation and delivery.

[Source: Openbravo, Press Release]

Hospitality Point Of Sale Software Market  Report Coverage & Deliverables

The hospitality point-of-sale software market forecast is estimated based on various secondary and primary research findings, such as key company publications, association data, and databases. The market report "Hospitality Point Of Sale Software Market  Size and Forecast (2021–2031)" provides a detailed analysis of the market covering below areas-

• Market size & forecast at global, regional, and country levels for all the key market segments covered under the scope.
• Market dynamics such as drivers, restraints, and key opportunities.
• Key future trends.
• Detailed PEST & SWOT analysis
• Global and regional market analysis covering key market trends, key players, regulations, and recent market developments.
• Industry landscape and competition analysis covering market concentration, heat map analysis, key players, and recent developments.
• Detailed company profiles.

Hospitality Point Of Sale Software Report Scope