According to a new market research report published by Transparency Market Research entitled “Quick Service Restaurants IT Market (By Component – Hardware (Digital Signage, Kiosks, Drive through Terminal, Point of Sale, Handheld Devices, Digital Menu Cards) , Software (Front of House, Inventory Management, Reconciliation, Labor Management, HR Software, Data Analytics, Marketing, Restaurant Operation, Support Operation, Franchise Management) Services; – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2020 – 2027,” the global Quick Service Restaurants IT market is expected to reach US$ 21,771.7 Mn by 2027. The market is anticipated to expand at a CAGR of 7.7% during the period from 2020 to 2027. The global Quick Service Restaurants IT market is mainly driven by increasing demand for user-friendly and efficient solutions such as digital signage, point of sales solutions etc. Additionally, the growing use of mobile for payment processing by customers’ requires the quick service restaurants to keep their IT infrastructure up to date and effective. This factor is therefore driving the Global Quick Service Restaurants IT Market.
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QSR refers to quick service restaurants also known as fast food restaurants. Quick Service Restaurants IT market can be analyzed based on hardware components, supporting software solutions and services. QSR hardware includes digital signage, kiosks, and drive through Terminal, Point of Sale, handheld devices and digital menu cards. The major software solutions used to support daily operations at QSRs include front of house, inventory management, reconciliation, labor management, HR software, data analytics, marketing related solution, restaurant operation, support operation, franchise management. The adoption of various new technology systems in the restaurant industry has increased significantly in the recent past. Also, food chains, corporations and high end operators having longer-term outlook are striving to implement the most effective tools for maximizing their use of technology. Quick service restaurants (QSR’s) are the most demanding segment in the restaurant industry for implementation of technology systems so as to run their daily operations in the most effective and efficient manner. These systems require centralized operation, so as to provide a standardized operation with effective and comparative reporting of operational results.
Based on component, Quick Service Restaurants IT market can be segmented into hardware, software and services. In 2016, demand for software segment was growing, due to visible trend for automation which is primarily catered through QSR software. The software component of the segment was growing at a highest CAGR during the forecast period. Among software, the front of house software accounted for the maximum share. The reconciliation software is expected to grow at faster rate. The reason being, the growing need for accuracy in financial processing. Other major software solution prominently being used in quick service restaurant are inventory management, data analytics, franchise management and marketing solution. The service segment is expected to grow at a higher CAGR as compared to hardware segment.
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The Hardware component is expected to grow at a healthy CAGR during the forecast period. Among Hardware component, the growth for point of sale devices is expected to be higher in comparison to other hardware devices used in QSR. However, the demand for digital signage was comparatively more in 2016. Additionally, the digital signage solution accounted for the maximum share in the overall Quick Service Restaurants IT market’s hardware segment. Other major hardware component of Quick Service Restaurants IT market are digital menu card and kiosks.
Geographically, North America is the largest market for Quick Service Restaurants IT market, globally owing to large number of QSR establishments in this region along with rising in-house IT spending by QSRs so as to efficiently serve their customers. The Asia-Pacific region is also expected to witness the fastest growth during the forecast period.
Some of the key players engaged in Quick Service Restaurants IT market globally include Abcom Pty Ltd., CAKE Corporation, CAKE Corporation, Delphi Display Systems Inc. GoFrugal Technologies Pvt. Ltd., Microsoft, Oracle Corporation, Panasonic Corporation, VeriFone Systems, Inc., Restaurant Service Solutions and NCR Corporation. Some of the key strategies adopted by leading players are expanding customer reach by following a growth strategy, developing new innovative solutions to enhance security features, providing competitive solutions globally etc.
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