Global Quick Service Restaurants (QSR) IT Market was valued US$ XX Mn in 2019 and is expected to reach US$ XX Mn by 2027, at a CAGR of 7.5% during the forecast period.
Quick Service Restaurant (QSR) IT Market
Global Quick Service Restaurants (QSR) IT Market Overview:
Worldwide the culture of dining out is getting popular exponentially. This leading to the tremendous rise in number of restaurants and each one is finding new ways to be competitive in the market. Every established and newly launched restaurant is searching for new ways to make its business effective and efficient. A number of new ways are being explored to recognize latest medium of revenue generation and improve resource utilization. These identified ways mainly focus on inventory management, customer relationship management, supply chain management and others. In order to meet these optimizations, technology plays an important role. Therefore, numerous quick service restaurants (QSR) are focusing their support on technology to find best of the solutions. Currently, QSR IT market is experiencing high adoption of technological innovation such as several digital devices, wireless handheld devices, digital menu cards, point of sales (POS), signage systems, and kiosks. Since recent years, QSR IT is witnessing a major transformation due to wide spread use of mobile devices, along with continuously changing consumer behavior and transition of hardware systems to cloud networking. Digital solutions are creating thrust in a QSR ecosystem as they offer improved productivity, efficient ways of revenue generation, effective customer service, more table turnaround and value-added accuracy.
The report presents the analysis of Global Quick Service Restaurants (QSR) IT Market with regards to different segments, geography and role of several small & large companies in the market. At the same time the report study has also analyzed revenue impact of COVID -19 pandemic on the sales revenue of market leaders, market followers and market disrupters in the report and same is reflected in our analysis.
Global Quick Service Restaurants (QSR) IT Market Dynamics:
Today, every restaurant player is striving to implement latest technology. These innovative technology like, smartphone or tablets are standard consumer service provider that allow customers to post social network reviews, check price & menu comparisons, ambiance, online booking and several other information. Increasing usage of such devices is expected to bring rapid transformation in restaurant business. The most attractive facility it provides to customers is the provision to pay for food items through their smartphone in a most convenient way, which is expected to offer the new ways for the growth of QSR IT market.
Moreover, increasing trend of hourly wages in QSR industry is generating the demand for QSR automation which in turn is supplementing the QSR IT industry. With rising demand for automation and advanced technology in quick service restaurants, the market is likely to experience high growth in forecasted period. The QSR automation on the account of integration of hardware, software and cloud network offers high profitability by eliminating excess manpower, their access working duration and improving service quality. Conversely, security concerns relating to data breaches and challenges affecting to network connectivity are hampering the growth of QSR IT market.
Global Quick Service Restaurants (QSR) IT Market Segmentation Analysis:
The global quick service restaurant IT market can be segmented on the basis of component and region. In terms of component, QSR IT market can be classified into hardware, software and service. In 2019, demand for software segment was growing, owing to noticeable rising trend for automation which is mostly provided through QSR software. Therefore, software segment is expected to grow at a faster CAGR of XX% during the forecast period. The software segment is further classified into inventory management, labor management, HR software, data analytics, marketing, restaurant operation, franchise management and some others. Among all data analytics marketing and labor management segments are expected to grow at healthy CAGR XX% and XX% respectively. The growth is attributed to the rising need of advancement for these activities. The hardware segment can be further classified into digital signage, kiosks, drive thru terminals, and point of sales, handheld devices and digital menu cards. Among all point of sales segment is experiencing huge popularity which is expected to lead the growth at highest CAGR XX% during forecasted period.
Geographically, North America is expected to hold largest share of US$ XX Mn by 2027, growing with CAGR XX% during forecast period in global QSR IT market. This growth is attributed to the rising demand of innovative solutions and quick adoption of latest technology in this region. Asia-Pacific is expected to witness highest CAGR of XX% during the forecast period due to rising demand for advanced technology in the emerging economies such as China and India in the quick service restaurants. Similarly, other regions like, Europe, Latin America, and Middle East & Africa as well as all the segments and their sub segments with their current market share, expected growth percentage, factors boosting & hampering the growth and region wise anticipated market share during the each year in forecast period along with their graphical representation are illustrated in the report.
Objective of the Report:
The objective of the report is to present a comprehensive analysis of the Global Quick Service Restaurants (QSR) IT Market including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that includes market leaders, followers and new entrants. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers. The report also helps in understanding Global Quick Service Restaurants (QSR) IT Market dynamics, structure by analyzing the market segments and projects the Global Quick Service Restaurants (QSR) IT Market size. Clear representation of competitive analysis of key players by Application, price, financial position, Product portfolio, growth strategies, and regional presence in the Global Quick Service Restaurants (QSR) IT Market make the report investor’s guide.
Scope of the Global Quick Service Restaurants (QSR) IT Market Report:
Global Quick Service Restaurants (QSR) IT Market, By Component
o Digital Signage
o Drive through terminals
o Point of Sales
o Handheld devices
o Digital menu cards
o Front of House
o Inventory Management
o Labor Management
o HR Software
o Data Analytics
o Restaurant Operation
o Support Operation
o Franchise Management
Global Quick Service Restaurants (QSR) IT Market, By Region
• North America
• Asia Pacific
• Middle East & Africa
• South America
Key players operating in the Global Quick Service Restaurants (QSR) IT Market
• Abcom Pty Ltd.
• CAKE Corporation
• Delphi Display Systems, Inc.
• GoFrugal Technologies Pvt. Ltd.
• HM Electronics, Inc.
• Imagine Print Solutions
• LG Display Co. Ltd.
• Microsoft Corporation
• NCR Corporation
• NEC Display Solutions of America, Inc.
• Oracle Corporation
• Panasonic Corporation
• PAR Technology Corporation
• Restaurant Service Solutions
• Revel Systems, Inc.
• Verifone Systems, Inc.
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