Quick Service Restaurant (QSR) IT Market
Quick Service Restaurant (QSR) IT Market (By Component - Hardware (Digital Signage, Kiosks, Drive Thru Terminals, Point of Sales, Handheld Devices, Digital Menu Cards), Software (Front of House, Inventory Management, Reconciliation, Labor Management, HR Software, Data Analytics, Marketing, Restaurant Operation, Support Operation and Franchise Management) and Service) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2020 - 2027
Press Release :
Rising number of restaurants are searching for new ways to make their business effective and efficient. Various solutions are being explored to identify newer areas of revenue generation and optimize resource use including customer relationship management, supply chain management and others. Hence many quick service restaurants (QSR) are increasing their reliance on technology to find best of the solutions. Today, QSR are innovating and adopting digital devices such as handheld devices, digital menu cards, signage systems, point of sales and kiosks. QSR IT is going through a transition due to proliferation of mobile devices, rapidly changing consumer behavior and transformation of hardware systems to cloud. Digital solutions are gaining momentum in a QSR ecosystem as they offer enhanced productivity, efficient customer check out, greater table turnaround and improved accuracy. Among the QSR solutions available signage systems and digital POS systems are being increasingly adopted as these solutions help serve customers quickly and also help in brand building. Moreover, QSR are allocating large IT budgets in order to embed newer technologies to their businesses. Most of these technologies are shifting to mobile based and analytical solution platform in order to understand and provide quick service to their end–users. Quick service restaurants (QSRs) are the most demanding segment in the restaurant industry for the implementation of technology systems so as to run their daily operations in the most effective and efficient manner.
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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 divided into hardware, software and service. The hardware segment can be further classified into digital signage, kiosks, drive thru terminals, point of sales, handheld devices and digital menu cards. The software segment is classified into front of house, inventory management, reconcillation, labor management, HR software, data analytics, marketing, restaurant operation, support operation and franchise management. In 2016, demand for software segment was growing, due to visible trend for automation which is primarily catered through QSR software. Therefore, software segment is growing at a faster rate during the forecast period. Geographically, QSR IT market can be divided into North America, Europe, Asia-Pacific, Middle East & Africa and South America. North America is expected to hold largest share among global QSR IT market. Asia-Pacific is expected to witness highest CAGR during the forecast period owing to growing demand for advanced technology in the emerging economies such as China and India in the quick service restaurants.
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Increasing hourly wages in QSR industry is triggering the QSR automation which is driving QSR IT industry. QSR automation through integration of hardware, software and cloud offers high profitability in terms of eliminating excess manpower and improving service quality. However, security concerns pertaining to data breaches and challenges pertaining to network connectivity are restraining the growth of QSR IT market. Today, smartphone are standard consumer devices that empower users with social network reviews, price comparisons and information. This also provides customers the ability to pay for food items by simply tapping their smartphone screens which is providing the opportunity for the growth of QSR IT market.
The global QSR IT market is highly fragmented with number of companies operating in the segment. Leading players are currently focusing on providing cost competitive and customized products to the customers. Moreover, as part of this strategy, the companies are engaging in various strategic partnerships, acquisitions, focusing on expanding their business through new service additions and geographical presence.
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Some of the key players engaged in QSR IT market include
- 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.
Quick Service Restaurants (QSR) IT consist of hardware, software and service. These components are often used for automating various processes in quick service restaurants. QSR IT market report provides analysis for the period 2020 – 2027, wherein the period from 2020 to 2027 is the forecast and 2019 is the base year. The report covers all the major trends and recent developments playing influential role in the QSR IT market’s growth over the forecast period. It also highlights the drivers, restraints, and opportunities expected to impact market’s growth during the said period. Some of the factors supporting the growth of the market globally include supportive government policies, acts and regulations associated with QSR IT adopted by various industries in various regions around the world. With increasing demand for automation and advanced technology in quick service restaurants, the market is expected to experience high growth in coming decade. The impact of these and other macro-micro economic factors has been analyzed while developing the market growth models. The study provides a complete perspective on global QSR IT market’s evolution throughout the above mentioned forecast period in terms of revenue (in US$ Mn).
The market overview section of the report establishes the market dynamics such as the drivers, restraints, and opportunities that influence the current nature and future status of this market. Using these factors, the study identifies various trends prominent in the industry and are expected to influence the market growth during the forecast period from 2020 to 2027. An attractiveness analysis has also been provided for every segment in the report, in order to provide a thorough understanding of the overall scenario in the QSR IT market. In addition to this, the report provides an overview of various strategies adopted by the key players engaged in global market. Key market indicators included in the report provide significance of the factors which are capable of changing the market scenario. These indicators are expected to define the market position during the forecast period.
The report segments the market on the basis of component and region. On the basis of component the QSR IT market is segmented as hardware, software and service. In terms of hardware the QSR IT market is segmented as Digital Signage, Kiosks, Drive Thru Terminals, Point of Sales, Handheld Devices, Digital Menu Cards. The software segment is further classified into Front of House, Inventory Management, Reconcillation, Labor Management, HR Software, Data Analytics, Marketing, Restaurant Operation, Support Operation and Franchise Management. The global QSR IT market is segmented on the basis of region into North America, Europe, Asia-Pacific, Middle East & Africa and South America. North America is expected to hold the largest market share in the global QSR IT market.
The report also highlights the competitive landscape of the global QSR IT market. Abcom Pty Ltd., CAKE Corporation, Cognizant, 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. and Verifone Systems, Inc. are some of the major players operating within the QSR IT market profiled in this study. Details such as financials, SWOT analysis, business strategies, recent developments, and other such strategic information pertaining to these players have been duly provided as part of company profiling. The report also provides a detailed competitive analysis of the key players in the market and identifies various business strategies adopted by them. Leading players are currently focusing on providing cost competitive and customized products to the customers. Moreover, as part of this strategy, the companies are engaging in various strategic partnerships, acquisitions, focusing on expanding their business through new service additions and geographical presence.
A unique research methodology is utilized by TMR to conduct comprehensive research on the growth of the quick service restaurants IT market and arrive at conclusions on the future growth prospects of the market. This research methodology is a combination of primary and secondary research, which helps analysts warrant the accuracy and reliability of the drawn conclusions.
Secondary resources referred to by analysts during the production of the smart camera system market report include statistics from company annual reports, SEC filings, company websites, World Bank database, investor presentations, regulatory databases, government publications, and industry white papers. Analysts have also interviewed senior managers, product portfolio managers, CEOs, VPs, and market intelligence managers, who contributed to the production of TMR’s study on the quick service restaurants IT market, as a primary resource.
Global QSR IT Market
Global Quick Service Restaurants IT Market, By Component
- Digital Signage
- Drive through terminals
- Point of Sales
- Handheld devices
- Digital menu cards
- Front of House
- Inventory Management
- Labor Management
- HR Software
- Data Analytics
- Restaurant Operation
- Support Operation
- Franchise Management
In addition, the report provides analysis of the global Quick Service Restaurants IT market with respect to the following geographical segments:
- North America
- Middle East and Africa
- South America
Global QSR IT Market