As per a report by Transparency Market Research (TMR), the global quick service restaurants (QSR) IT market showcases the presence of several players thereby making the vendor landscape highly fragmented and competitive. Key players within 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.
Leading players within the market are focusing on providing cost competitive and customized product offerings to customers. As part of the growth strategy, players are taking the inorganic growth route which will help bolster their position. This includes engaging in various strategic partnerships, acquisitions along with efforts for new service additions and geographical expansion.
As per the estimates of a TMR report, the global quick service restaurants IT market will clock a CAGR of 7.6% during the forecast period from 2017 to 2025, for the market to become worth US$18,664.0 mn by the end of 2025.
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Based on component, the software segment held a significant 24.5% of the overall QSR IT market in 2016. Going forward, the software segment is likely to clock a 10.5% CAGR during the forecast period due to newer trend of automation which is primarily served through QSR software.
Geographically, North America is currently the leading market for QSR IT as 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. Asia Pacific is also anticipated to emerge as a lucrative market for QSR IT in the upcoming years.
Heavy Reliance on Technology for Efficient and Effective Everyday Operations Boosts Adoption of QSR IT
Majorly fuelling the growth of global QSR IT market is the increasing demand for user-friendly, easy to comprehend, and efficient solutions that customers expect from fast food joints. Today, QSR are innovating and adopting solutions such as digital signage, digital menu cards, point of sales solutions, handheld devices, and kiosks. Of all QSR IT solutions, signage systems and digital point of sales systems are the most adopted as they help serve customers in an efficient manner and also help in brand building.
At present, rising number of quick service restaurants that are giving tough competition to each other has necessitated them to devise new ways to make their business effective and efficient. QSRs are exploring various areas such as customer relationship management, supply chain management, and are increasing their reliance on technology to increase revenue generation as well as to optimize resources.
Increasing Use of Mobile Payment Solutions Necessitates Robust IT Infrastructure for QSRs
Additionally, the rising adoption of mobile payment solutions requires quick service restaurants to be equipped with an up to date and effective IT infrastructure. At present QSR IT is undergoing transformation due to incessant adoption of mobile devices, and rapidly changing consumer behavior. To cater to this, digital solutions are increasingly becoming common in a QSR ecosystem owing to their advantages of enhanced productivity, greater table turnaround, efficient customer check out, and improved accuracy.
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