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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https://www.transparencymarketresearch.com/sample/sample.php?flag=B&rep_id=34907Increasing 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.
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