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Restaurant Industry Trends
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Sunday June 11th, 2006 |
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Hospitality point-of-sale shipments continue growth with restaurants leaping 16 percent in 2003, reports IHL Consulting Group
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Point-of-sale installations at restaurants in the United States and Canada leaped by 16 percent in 2003, with equally strong growth expected for 2004, according to a new market technology study released today by IHL Consulting Group. |
Five different segments within hospitality, from quick-service dining to casinos and cruise ship, are analyzed in the study.
"After substantial growth in 2003, we expect strong double-digit increases in shipments of POS equipment for restaurants in the bar/restaurants and quick service/fast food category for 2004," said Greg Buzek, president of IHL Consulting Group, an analyst firm and consultancy that serves retailers and retail technology vendors. "Other segments of the hospitality industry will see slower but positive levels of POS technology growth."
Unlike other retail outlets, which have largely embraced POS technology, restaurants and bars still use electronic cash registers at nearly two-thirds of check-out points. "This leaves significant potential for continued POS shipment growth in the years to come," he said. "The overall opportunity for POS in the bar and restaurant category is enormous."
Additional details in IHL's "2004 North American Hospitality Point-of-Sale Terminals Market Study" include the overall market value for hardware, software, peripherals and maintenance; installed base of technologies and operating systems, POS shipments, biometric technologies, handheld wireless terminals and more.
"POS vendors who want to give their sales a shot in the arm this year will focus on creating the best options for restaurant owners," Buzek said. "This means developing an in-depth understanding of restaurant operations, from the challenges faced by the sheer size of large-format stores to the simplicity required by fast-food outlets with high staff turnover."
IHL Consulting Group is an independent business-consulting firm headquartered in Franklin, Tenn., that provides market analysis and business consulting services for retailers and information technology companies that focus on the retail industry.
Cost of the "2004 North American Hospitality Point-of-Sale Terminals Market Study" is $1,495.
IHL's market research reports are detailed at www.ihlservices.com.
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