Quick Service Restaurant IT Market (Type - Hardware, Software - Front of House, Inventory Management, Reconciliation, Labor Management, HR Software, Data Analytics, Marketing, Restaurant Operation, Support Operation, Franchise Management) - U.S. Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 - 2024
Quick Service Restaurant IT Market: Overview
In the years to come the growing competition as well as the adoption of new technological solutions like Data Analytics (in both front and backend operation) and mobile devices is predicted to carry forward the growth of the quick service restaurant market in the United States.
Quick service restaurants are predicted to invest majorly in software based solutions so as to attract more customers and ultimately increase the sales revenue. Many quick service restaurants are likely to change their existing kiosks and signature solutions that could take the market growth in the hardware sector forward. Plus, with the upgrading and introduction of new software for restructuring daily business operations, it is predicted that the service as well as software segment will grow.
Since social and digital media plays a very important role today, quick service restaurants too are realising the importance of digital and social media as a way to reach audiences and thus improve their marketing. Moreover, many customers today are preferring the use of quick service restaurants with kiosks systems, as it reduces the waiting time considerably. Thus, with the customer's demand for quick and convenient services, the quick service restaurant industry players have to adapt so that they don't lose their customers to their rivals. As the quick service restaurant industry adopts digital technology and business intelligence solutions more and more, the need for customer handheld devices, digital menu cards, IT ( marketing and front of house Data Analytics), POS, Kiosks, signage systems, is predicted to rise noticeably.
Quick Service Restaurant IT Market: Trends And Opportunities
Component wise, the United State's Quick Service Restaurant IT market is dominated by the hardware sector, as in 2015 it had the highest revenue, US$1.99 BN, in the market. The software segment is predicted to grow at the fastest CAGR of more than 9.9% during the said period. The using of IT services for operations like human resource management, data analytics, inventory management, customer support, marketing, and franchise management is now becoming common in the United States Quick Service Restaurants.
The front of house segment, that consists of ways of enabling the online/mobile ordering, will emerge as a major income generator in the years to come in the quick service restaurant IT market. This segment of ordering through a mobile will rise at a CAGR of 10.8% during the years 2016 to 2024. Because of the growing number of smartphone users in the United States, the sub segment of mobile ordering will see the fastest growth.
The quick services restaurants market is extremely fragmented and faces great rivalry from its competitors. In 2015, only 25% of the overall share was accounted by the top 5 companies in the entire market. The buyers are at a ruling position because of the existence of a great number of software providers in the quick service restaurant market. However, post installation maintenance costs, upgradation costs, high costs of hardware products, base installation costs, lead to digitization being costly and thus act as a hindrance in its growth across small-sized quick service restaurants in the United States. To solve this problem and to widen their customer base, vendors in the quick service restaurant market are focusing to provide lowly priced as well as customisable solutions which can take into use the previously existing IT infrastructure. Huge number of companies in the quick service market are providing extra warranty, long term financing, as well as cloud based solutions by collaborating with financial Institutions so as to appeal to this bunch of end user.
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