Published on : Dec 22, 2017
Albany, New York, December 22, 2017: Information technology (IT) has become a vital and integral part of every business plan. As a result, various industries are increasingly turning IT into a driving force in all aspects of business, quick service restaurants are one of them. Quick Service Restaurants are popular for their minimal table service and fast food cuisine. Today, QSRs are adopting technological solutions such as digital signage, handheld devices, point of sales solutions, digital menu cards, and kiosks in a bid to offer differentiated services. A new study, titled “Quick Service Restaurant (QSR) IT Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 – 2025” has been freshly publicized to the online repository of Market Research Hub (MRH), which offers a holistic outlook of the market covering market trends, factors along with industry growth prospects from 2012 to 2017, and forecast to 2027.
Growth Forecast Analysis
This 170-page research projects that the global QSR IT market will 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. The report covers all the major trends and recent developments playing influential role in the QSR IT market’s growth over the forecast period.
Geographically, the quick service restaurant IT market has been segmented into five regions: North America, Europe, Asia-Pacific, Middle East & Africa and South America. For each regional segment, the market size for future years has been analyzed which is based on revenue and market development between 2017 and 2022. North America is currently the leading market and expected to hold the largest market share in the global QSR IT market. This is because the region has a large number of quick-service restaurants, of which several are spending substantially on in-house IT to better serve their customers.
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 growing demand for automation and advanced technology in quick service restaurants, the market is expected to experience high growth in coming decade. 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 strong and modern IT infrastructure.
For a clear understanding, the market has been analyzed on the basis of component. Based on component the QSR IT market is segmented as hardware, software and service. The software segment is further classified into Reconcillation, Data Analytics, Restaurant Operation, Inventory Management, Front of House, Labor Management, HR Software, Marketing, Support Operation and Franchise Management.
Later, the research states that key players operating in the global smart mining market are focusing on providing cost competitive and customized products to the customers. At present, NCR Corporation, HM Electronics, Abcom Pty Ltd., Microsoft Corporation, Panasonic Corporation, CAKE Corporation, Cognizant, Restaurant Service Solutions, Delphi Display Systems, Inc. GoFrugal Technologies Pvt. Ltd., Inc., Imagine! Print Solutions, LG Display Co. Ltd., NEC Display Solutions of America, Inc., Revel Systems, Inc., Oracle Corporation, PAR Technology Corporation and Verifone Systems, Inc. are some of the major players functioning within the QSR IT market.
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