The development of technology is having a favorable impact on the global market for fast-service restaurants. One of the main factors boosting the market growth of quick service restaurants is the explosion of online meal delivery due to its convenience, variety, and the expanding market penetration of smartphones and internet accessibility. The COVID-19 pandemic saw more growth in the online food delivery sector, which expanded the fast-service restaurant market. The market is also expanding due to innovations such as self-ordering stands and kitchen display screens with user-friendly interfaces.
According to Data Bridge Market Research, the Quick Service Restaurant Information Technology (IT) Market is expected to grow with a CAGR of 5.10% from 2022 to 2029.
"The Adaptability of Quick Service Restaurants is Boosting the Growth of the Market"
The rising demand for fast food items by the working, millennial, and gen-Z populations is driving the global market for quick service restaurant information technology (IT). In recent years, quick-service restaurants have emerged as preferred eating joints due to the variety of food items available at cost-effective prices and the augmented demand for ready-to-eat and on-the-go items. Expanding these restaurants' market reach into shopping malls and airports is another factor contributing to the market growth. The availability of fast-service restaurants in commercial locations is a major factor boosting the market's growth because their food is simple to consume.
What restraints the growth of the Quick Service Restaurant Information Technology (IT) Market?
"Rising Security Difficulties Are Expected to Hamper the Market's Growth"
Numerous unfavorable variables significantly negatively impact the market's growth for quick-service restaurant information technology (IT). The rapid expansion of the quick service restaurant IT business is being hampered by factors including rising raw material costs and shifting food commodity prices. Another issue facing IT service providers for quick service restaurants is an intense rivalry. The fast-service restaurant IT sector is also being restricted by security difficulties, such as data breaches and internet connectivity problems.
Segmentation: Quick Service Restaurant Information Technology (IT) Market
The quick service restaurant information technology (IT) market is segmented on the basis of component and application.
- On the basis of component, the quick service restaurant information technology (IT) market into hardware, service and software.
- On the basis of application, the quick service restaurant information technology (IT) market into large consumers, and small consumers.
Regional Insights: North America is expected to dominate the Quick Service Restaurant Information Technology (IT) Market
North America is expected to dominate the market due to the presence of important corporations, the rising demand for creative solutions, and the rapid adoption of new technologies in this area. On the other hand, Europe's quick-service restaurant information technology (IT) market is anticipated to experience strong revenue growth throughout the forecast period due to the presence of key industry players, growing digitization, and soaring automation in this region.
In addition, the Asia-Pacific region is likely to register the highest growth rate from 2022 to 2029 due to rapid urbanization, high middle-class incomes, and rising demand for cutting-edge technology in developing countries such as China and India. Additionally, a few important corporations in the area are anticipated to raise market expansion during the forecast period.
To know more about the study visit, https://www.databridgemarketresearch.com/reports/global-quick-service-restaurant-it-market
Recent Developments in Quick Service Restaurant Information Technology (IT) Market
- In 2020, acquiring Dunkin's global consumer packaged goods and loyalty program capabilities inspires added coffee and ice cream to its product portfolio.
- In 2019, the launch of Viant's new fast-service restaurant solution was announced. National and local Quick Service Restaurants (QSRs) may now reach out to important customers, determine offline revenues, and fine-tune fly campaigns thanks to modern technology. Advertisers will gain from this new option by enhancing their measuring and targeting capabilities.
The Prominent Key Players Operating in the Quick Service Restaurant Information Technology (IT) Market Include:
- Oracle (U.S.)
- SAP SE (Germany)
- Cisco Systems, Inc. (U.S.)
- Acumatica, Inc. (U.S.)
- Deltek, Inc. (U.S.)
- Epicor Software Corporation (U.S.)
- IBM (U.S.)
- Accenture (Ireland)
- Infor (U.S.)
- Sage Group plc (U.K.)
- Microsoft (U.S.)
- Zoho Corporation Pvt. Ltd. (India)
- TOTVS (Brazil)
- Unit4 (Netherlands)
Above are the key players covered in the report, to know about more and exhaustive list of Quick Service Restaurant Information Technology (IT) market companies contact, https://www.databridgemarketresearch.com/contact
Research Methodology: Global Quick Service Restaurant Information Technology (IT) Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, global vs Regional and Vendor Share Analysis. Please request analyst call in case of further inquiry.
