Global Quick Service Restaurants IT Market: Snapshot
The global quick service restaurants (QSR) IT market is primarily gaining from the increasing need of quick service restaurants to devise new ways of revenue generation to beat competition which is rising at a rapid pace. Today, QSRs are innovating and adopting solutions such as digital signage, point of sales solutions, digital menu cards, handheld devices, and kiosks in a bid to offer differentiated services.
Apart from this, the rising adoption of mobile payment solutions is also stoking growth of QSR IT market. This requires quick service restaurants to be equipped with a robust and up to date IT infrastructure.
A report by Transparency Market Research (TMR) projects the global QSR IT market to clock a CAGR of 7.6% during the forecast period between 2017 and 2025, for the market to reach a valuation of US$18,664.0 mn by the end of 2025.
Software Component Likely to Display Significant CAGR through 2025
The global QSR IT market is segmented on the basis of component and geography in this report. The segments of this market, based on component include 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 hardware segment is estimated to rise at a CAGR of 6.3% between 2017 and 2025. Among the various hardware sub-segments, point of sale devices is anticipated to register the maximum growth over the forecast period. However, digital signage surpassed among all in terms of demand in 2016 leading to its maximum share in the same year. Digital menu card and kiosks are some other key hardware sub-segments in the QSR IT market.
The software segment can be classified into front of house, inventory management, reconciliation, labor management, HR software, data analytics, marketing related solution, restaurant operation, support operation, and franchise management.
In 2016, the demand for software accounted for the segment to hold 24.5% share of the market. The software segment is anticipated to rise at a significant 10.5% CAGR during the forecast period due to the visible trend of automation which is largely served through QSR software. The front of house sub-segment within the software segment held the leading share of the market in 2016. However, the reconciliation sub-segment is anticipated to surpass other sub-segments in terms of growth rate. This is mainly because of growing need for accuracy in financial processing. Some other key software solution in the quick service restaurants IT market include inventory management, data analytics, franchise management, and marketing solution.
Asia Pacific Projected for Leading Growth Rate
In terms of geography, the global QSR IT market is bifurcated into North America, Asia Pacific, Europe, the Middle East and Africa, and South America. At present, North America is the leading regional market for QSR IT due to the presence of a large number of quick service restaurants along with efforts by QSRs to invest in in-house IT to better serve their customers. Going forward, North America is anticipated to hold the leading share over the forecast period. However, Asia Pacific is anticipated to witness the leading CAGR over the forecast period on the back of adoption of advanced technology in quick service restaurants in emerging economies such as China and India.
Leading companies in the QSR IT market include 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. among others.
Quick Service Restaurant IT Market – Overview
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 2015 – 2025, wherein the period from 2017 to 2025 is the forecast and 2016 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).
Quick Service Restaurant IT Market: Market Dynamics
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 2017 to 2025. 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.
Quick Service Restaurant IT Market: Market Segmentation
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.
Quick Service Restaurant IT Market: Competitive Landscape
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.
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