Quick Service Restaurant IT Market to touch US$ 6,221.37 mn by 2024
Posted by surendra choudhary on March 26th, 2020
The presence of a large number of software companies offering distinguished services to the quick service restaurant (QSR) industry in the U.S. has made the U.S. QSR IT market highly competitive, reports Transparency Market Research (TMR) in a recent report. The top five vendors in the market collectively accounted for a mere 25% in the overall market in 2015. To gain an edge, IT services and solutions providers for the QSR industry in the U.S. are continuously innovating and developing products capable of reducing turnaround times of services.
Innovations that can hit the right note with the country’s tech savvy consumers, making their dining experience not only quick but also memorable, are also being increasingly sought. Vendors in the market are creating long-term partnerships with large- and mid-sized QSRs to gain sustained returns in the intensely competitive market. The provision of IT solution in a single package or bundled services, with monthly or annual payment packages, is also emerging as a prominent trend in the U.S. QSR IT market.
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Some of the key vendors operating in the market are NEC Display Solutions of America, Inc., Panasonic Corporation, HM Electronics, Inc., Oracle Corporation, NCR Corporation, PAR Technology Corporation, and Revel Systems, Inc.
Rising Hourly Wages in the U.S. Trigger Adoption of QSR IT Solutions
The U.S. Bureau of Labor Statistics finds that the average hourly earnings of people working in the food services industry has increased from nearly US.54 in 2010 to US.33 in 2016. This trend in salary inflations is a prominent factor compelling QSR owners in making the shift from manual operations to machine-based automatic operations. In the next few years, IT solutions that can replace the need for manual intervention in QSR operations, such as digital kiosks, tabletop e-waiters, digital checkout counters, and digital menu boards will gain increased adoption. Hand-held devices, especially, such as tablets and smartphones, will gain increasingly prominent positions in the future IT-enabled QSR infrastructures.
Need for Speed in Consumer Services to Stimulate Demand
With a continuous rise in the numbers of quick service restaurants in the U.S., the competition has also soared. Hence, ways of delivering best-in-class services and meeting consumer expectations are being pursued. This has driven the increased adoption of digital channels for transacting in quick service restaurants in the past few years in the U.S. market. QSRs in the country are updating their internal systems to make meal orders and payments compatible with near field communication and mobile wallets. Contactless payment solutions, which can immensely help smoothen transactions, are increasingly being tested by payment solution providers for creating quick payment options.
In the next few years, the rising number of smartphones users in the country is expected to make smartphones the central point of contact with consumers for the QSR industry. Thus solutions enabling purchasing, ordering, and payment using smartphones will be the most promising revenue generators.
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Hardware Components to Contribute to Substantial Share in Revenue
In terms of component, the U.S. QSR IT market is ruled by the hardware segment, which contributed the key share in the market’s revenue in 2015, an estimated US.99 bn. However, the segment is expected to lose its attractiveness to the software segment, which is projected to rise at a high CAGR of 9.9% in the U.S. QSR IT market over the period between 2016 and 2024. The services segment will rise at more than 7% CAGR over the same period.
On a whole, the U.S. QSR IT market will exhibit a favorable 7.4% CAGR from 2016 to 2024. The market is expected to rise from a valuation of US.21 bn in 2015 to US.22 bn by 2024.
This review is based on a recent market research report published by Transparency Market Research, titled “Quick Service Restaurant (QSR) IT Market - U.S. Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 - 2024.”
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Joined: February 12th, 2019
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