Quick Service Restaurants IT Market: Keen Players Strive to Offer Customized Solutions to Bolster Position

The global quick service restaurants (QSR) IT market is primarily gaining from the increasing need of quick service restaurants to devise new ways of revenue generation to beat competition which is rising at a rapid pace. Today, QSRs are innovating and adopting solutions such as digital signage, point of sales solutions, digital menu cards, handheld devices, and kiosks in a bid to offer differentiated services.

Apart from this, 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 robust and up to date IT infrastructure.

A report by Transparency Market Research (TMR) projects the global QSR IT market to 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.

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Software Component Likely to Display Significant CAGR through 2025

The global QSR IT market is segmented on the basis of component and geography in this report. The segments of this market, based on component include 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 hardware segment is estimated to rise at a CAGR of 6.3% between 2017 and 2025.

Among the various hardware sub-segments, point of sale devices is anticipated to register the maximum growth over the forecast period. However, digital signage surpassed among all in terms of demand in 2016 leading to its maximum share in the same year. Digital menu card and kiosks are some other key hardware sub-segments in the QSR IT market.

The software segment can be classified into front of house, inventory management, reconciliation, labor management, HR software, data analytics, marketing related solution, restaurant operation, support operation, and franchise management.

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In 2016, the demand for software accounted for the segment to hold 24.5% share of the market. The software segment is anticipated to rise at a significant 10.5% CAGR during the forecast period due to the visible trend of automation which is largely served through QSR software. The front of house sub-segment within the software segment held the leading share of the market in 2016.

However, the reconciliation sub-segment is anticipated to surpass other sub-segments in terms of growth rate. This is mainly because of growing need for accuracy in financial processing. Some other key software solution in the quick service restaurants IT market include inventory management, data analytics, franchise management, and marketing solution.

Asia Pacific Projected for Leading Growth Rate

In terms of geography, the global QSR IT market is bifurcated into North America, Asia Pacific, Europe, the Middle East and Africa, and South America. At present, North America is the leading regional market for QSR IT due to the presence of a large number of quick service restaurants along with efforts by QSRs to invest in in-house IT to better serve their customers.

Going forward, North America is anticipated to hold the leading share over the forecast period. However, Asia Pacific is anticipated to witness the leading CAGR over the forecast period on the back of adoption of advanced technology in quick service restaurants in emerging economies such as China and India.

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Leading companies in 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.

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