Quick Service Restaurant IT Market: Increasing innovation in food packing to impact the market in the forecast period of 2018-2025

Quick Service Restaurant IT Market

Quick service restaurants are those restaurants which usually offers food products which needs minimal preparation time and can be provided quickly. They offer limited menu which can be prepared in less time. The orders are usually prepared and highly structured, with no space for variation. Some of the common types of the quick service restaurants are self service restaurants, assisted self service restaurants, and full serviced restaurants. Today, these QSR are adopting different technologies so they can create new ways enhance their productivity and efficiency. Some of the common technologies used are kiosks, digital menu cards, the point sale solutions, and other.

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Some of the factors which are responsible for the growth of the Global Quick Service Restaurant IT Market in the forecast period 2018-2025:

  • Rising innovation in food packaging: Packaging is very important part of the food as they have the ability to maintain the food quality and meet the customer demand. Because of the increasing demand, several recent trends in food packaging are being created. Many manufacturers are using advanced technologies in the packaging so they can make their product look more appealing and more informative. Technological advances have also made paper the go - to food packaging material as it removes some of the disadvantages of plastic or metal packaging. There also advanced equipment available for the packing, sealing, wrapping, labeling, and other applications.
  • Growing demand for advanced technology and automation: There is also demand for advanced technology and automation in the quick service restaurant to making them more productive and efficient. This type of automation comes in different of configurations, such as self-checkout terminals, touch screen kiosks and mobile apps. This advancement also helps the company to enhance the sales and increase their demand in the market.

The market is based on component. Based on component, the market is quick service restaurant IT segmented into hardware, software and services.Based on hardware, the market is sub segmented into digital signage, kiosks, drive thru terminals, point of sales, handheld devices, and digital menu cards. Based on software, the market is segmented into front of house, inventory management, reconciliation, labor management, HR software, data analytics, marketing, restaurant operation, support operation and franchise management.

Some of the recent developments in the market by some of the prominent player in the market in the forecast period of 2018- 2025:

  • In May 2019, Viant announced the launch of their new quick service restaurant solution. The new offering allows quick-service national and regional restaurants (QSRs) to reach important customers calculate offline sales and refine fly campaigns. This new solution will help the advertisers so they can improve their measurement and targeting capabilities.
  • In September 2018, CureFit announced the launch of their new quick service restaurants. This new quick service restaurant will provide fitness and health solutions through four verticals MindFit, EatFit, CareFit, and CultFit.

Quick Service Restaurant IT Market is expected to reach USD 18,664 million by 2025 from USD 10387.33 million in 2017 and is projected to grow at a CAGR of 7.6% in the forecast period of 2018 to 2025

The renowned players in quick service restaurant IT market are 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, Revel Systems, Inc., Restaurant Service Solutions, Verifone Systems, Inc., The Wendy’s Company, Restaurant Brands International, Dunkin' Brands Group and many more.

Favorable government policies and increasing rules and regulation associated with the QSR IT are the factors which is affecting the market growth positively. On the other hand, rising automation in quick service restaurant will also accelerate the demand of the quick service restaurant IT. Growing demand for accurateness in the financial dealings will also affect the growth of the market. On the other hand, rapid urbanization, and increase usage of digital services & devices will also enhance the demand of the quick service restaurant IT in the forecast period of 2018- 2025.

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