Quick Service Restaurant IT Market – U.S. Industry Analysis & Forecast 2016 – 2024
LONDON, Jan. 26, 2017 /PRNewswire/ — The increasing competition and adoption of new technological solutions such as data analytics (in front and backend operation) and mobile devices is expected to drive the growth of the U.S. quick service restaurant (QSR) IT market in near future. QSRs are expected to heavily invest in software based solution in order to increase customer footprint and thereby drive sales revenue. Many QSRs are expected to replace their older kiosk and signage solutions which would drive the market growth in the hardware segment. Furthermore, up-gradation and introduction of new software to restructure daily business operations is expected to drive the market for software and service segment. The U.S. QSR IT market comprises different hardware components, supporting IT, and services such as network security and cloud based services.
The QSR market by hardware component is classified into five major segments: signage systems, kiosks, point of sales, handheld devices, and digital menu cards. The software segment is further categorized as front of house, inventory management, reconciliation, labor management, HR software, data analytics, marketing, restaurant operation, support operation and franchise management. These software segment are further categorized as per the software used in the QSR industry. Digital signage is expected to be the largest revenue contributor in the hardware segment owing to high initial cost as compared to other hardware and increasing usage in signage system and drive through terminal segment. The front of house software segment is expected to contribute largest market share within the QSR software market, since it accounts majority for payment and point of sale solution software.
As customers are increasingly using social and digital media as part of their lifestyle, quick service restaurants have been promptly recognizing the need for digital and social media as medium of interaction to reach wide audience and improve their marketing. Moreover, many customers prefer QSRs with self-service options, such as kiosk systems, as it reduces the waiting time. Thus, with changing customer preference for convenient and quick services, the QSR industry players need to adapt in order to avoid losing their customers to competitors. Subsequently, as the QSR industry moves toward digital technology and business intelligence solutions, the demand for POS, kiosks, handheld devices, signage systems, digital menu cards, IT (data analytics, marketing and front of house) is expected to expand significantly.
Furthermore, the report analyzes the factors that drive and restrain the growth of the quick service restaurant IT market in the U.S. The report also discusses the prevailing market trends, prospective growth opportunities, and major strategies increasing the trend of technology adoption in the quick service restaurant market. Also provided is the market positioning analysis for hardware and software vendors, and competitive strategies adopted by key players in the U.S. quick service restaurant market. Furthermore, the report also provides price trend analysis for purchase and annual maintenance cost of software segmentation for the period 2014 to 2024.
Other point of sale articles of interest:
- Total Merchant Services Offers Free Payment Processing for Businesses of All Types
- Global and China Mobile Payment Industry Report, 2016-2020
- New Report Reveals Online Shoppers Want More Payment and Financing Options
- Chinese Companies Spending More on Digital Advertising
- Interconnect Designer and Manufacturer RF Industries Fourth Quarter, Fiscal 2016 Results
- Mirakl eCommerce Announces Record Growth, Continued International Expansion
- NCR Silver Launches Redesigned Point-of-Sale Application
- Interactions Releases “Winter Shopping Trend Report”