04-14-2017 08:13 PM CET - IT, New Media & Software

Quick Service Restaurant IT Market: Current trends, Opportunities, Challenges by 2024

Press release from: TMR - Research Reports
USA Quick Service Restaurant IT Market, USA Quick Service Restaurant IT Market Size
USA Quick Service Restaurant IT Market, USA Quick Service Restaurant IT Market Size
The U.S. market for quick service restaurant is witnessing a rapid digital transformation. Technological advancements are making inroads in the restaurant industry in the U.S., with restaurateurs increasingly integrating tech gadgets in the internal systems to monitor, control, and undertake a number of core operations.

The use of electronic gadgets and systems in the quick service restaurant industry, where timely delivery of orders forms the core of success and good relations with customers, has demonstrated excellent improvements in delivery times and revenues. Tech savvy consumers are also favoring places that are capable of linking the technologies they use to ensure quicker delivery of meals and bill payments.

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The software segment is expected to expand at the fastest CAGR of 9.9% over the period between 2016 and 2024. Usage of IT solutions for operations such as inventory management, franchise management, human resources management, data analytics, marketing, and customer support is becoming a norm for QSRs in the U.S.

In the next few years, the front-of-house segment, which includes solutions supporting online/mobile ordering will emerge as a key revenue generator in the U.S. QSR IT market. The sub segment of mobile ordering will witness the fastest growth owing to the mounting usage of smartphones in the country; the mobile ordering segment will expand at a CAGR of 10.8% from 2016 to 2024.

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The market features a high level of fragmentation and intense competitive rivalry. In 2015, the top five companies accounted for a share of mere 25% in the overall market. The presence of a large number of software providers in the market has positioned buyers at a commanding position. However, base installation costs, post installation maintenance costs, high costs of hardware products, and upgradation costs still make digitization a costly affair and hinders its expansion across small-sized QSRs in the U.S.

To overcome this challenge and expand their consumer base, vendors in the market are focusing on offering economic and customizable solutions that can make use of pre-existing IT infrastructure. Cloud-based solutions and extended financing and warranty options in collaboration with financial institutions are also being offered by a large number of companies in the market to appeal to this group of end user.

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