Queue management system market to reach 738M by 2030
Friday, October 27, 2023
According to an exclusive report by The Insight Partners, the Queue Management System market worth is growing at a CAGR of 5.5% from 2022 to 2030 and is predicted to be worth $738.97 Million by 2030.
According to a new report on “Queue Management System Market Size and Forecast (2020–2030), Global and Regional Share, Trends, and Growth Opportunity Analysis – by Type (Virtual Queuing and Linear Queuing), Component (Solution and Services), Application (BFSI, Hospitals, Retail Outlets, Utility Service Providers and Airports, Restaurants, Government Offices, and Others), and Geography” the market in terms of revenue was estimated to be worth $482.73 million in 2022 and is poised to reach $738.97 million by 2030, growing at a CAGR of 5.5% from 2022 to 2030.
The growth of the queue management system market is driven by rising focus on service quality enhancement in various sectors, increasing demand in healthcare sector and increasing adoption to manage customer traffic and retain customers. However, escalating demand for virtual queue system is emerging as a future trend in the industry.
Queue management system market to be worth $738M by 2030 says a report by the Insight Partners
Global Queue Management System Market Scope:
|Market Size Value in||USD 482.73 Million in 2022|
|Market Size Value by||USD 738.97 Million by 2030|
|Growth Rate||CAGR of 5.5% from 2022 to 2030|
|Segments covered||Type, Component, Application, and Geography|
|Regional scope||North America, Europe, Asia Pacific, Middle East & Africa, South & Central America|
|Country scope||Argentina, Austrailia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States|
|Report coverage||Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends|
US dominates global queue management system market in North America:
The US is one of the early adopters of advanced technologies worldwide. Several hospitals, shopping malls, convenience stores, governmental properties, and airports across the country have already implemented queue management solutions. The fast-paced growth of hospitality often faces the challenge of managing long queues during peak hours, especially in restaurants. This impacts the overall efficiency of operations and leads to customer dissatisfaction. A queue management system in restaurants is highly suitable for overcoming these challenges. This emerging system is revolutionizing the handling of waiting lines in restaurants. According to Wavetec data of July 2023, the US observed 23 minutes of average wait times in restaurants. It is estimated that reducing the wait time for customer increases approximately 15% of the revenue generated by restaurants, which encourage restaurants to adopt a queue management system. The system helps in appropriately managing the customer's queue, improving service quality, enhancing operational efficiency, and increasing a wider loyal customer support base. Thus, the factors mentioned above are expected to offer growth opportunities to the market players in the coming years.
The queue management system is an automated system designed to manage walk-in services. This system benefits organizations in managing as well as controlling queues of customers. It allows a business to accurately understand inefficiencies in the queues and address them on a regular basis to ensure a consistently positive experience. Queue management system offers various benefits by enhancing business productivity and improving customer satisfaction. Standing in a queue is a time-consuming process for both the customers and service providers, which increases the adoption of queue management systems in hospitals, banks, and clinics, among other businesses, for efficient management of queues. The system allows businesses to capture visitor data and extract intelligent customer reports that hold valuable data, which is used for informed decision-making.
Customer retention is among the crucial parameters for any service provider across industries. Improvements in service quality help service providers retain their customers for an extended period. In the modern era, customers have a wider range of options that are easily accessible; they can opt for other options in case the services offered by the business fail to meet their expectations. In December 2022, Yotpo Ltd. surveyed that various businesses are implementing loyalty programs to retain their customers. The loyalty programs influence over 83% of shoppers to buy again from the same store and mandate that stores adopt a queue management system. An unorganized queue in a retail store could lead to a loss in customers as shoppers tend to opt for competitor stores for better services. Owing to mitigate such scenarios, several retail service providers are opting for queue management systems in an effort to retain customers for an extended period. This factor supports the queue management system market growth.
In addition, queue management solutions facilitate service providers in optimizing operational costs. The adoption and deployment of smart customer management systems enable service providers to understand the customer flow easily. Implementation of these smart technologies enables the service provider to conduct insightful analysis related to customer behavioral patterns, customer affluence, and distribution of services. The service providers benefit from the analysis as the data allows the service providers to strategically plan staff placement, thereby reducing the demand for increased human resources and ultimately optimizing cost. Owing to the benefits offered by queue management solutions, its adoption is rapidly increasing across the globe. Thus, the rising adoption of queue management systems in order to manage customer traffic and retain customers fuels the queue management system market growth.
Global queue management system market: Segmental overview
Based on type, the queue management system market is bifurcated into virtual queuing and linear queuing. The virtual queuing segment recorded a larger share in the market in 2022 and is anticipated to register a higher CAGR during the forecast period. Based on component, the queue management system market is divided into solution and services. The solution segment recorded a larger share of the queue management system market in 2022 and is anticipated to register a higher CAGR during the forecast period. Based on application, the queue management system market is segmented into BFSI, hospitals, retail outlets, utility service providers and airports, restaurants, government offices, and others. The BFSI segment registered the largest share of the queue management system market in 2022. The retail outlets segment is anticipated to record the highest CAGR during the forecast period.
Global queue management system market: Competitive landscape
Q-MATIC Group AB, Qminder Ltd, Q-nomy Inc, Skiplino, Wavetec, Aurionpro Solutions Ltd, Advantech Co Ltd, SEDCO Co Ltd, Lavi Industries, and AKIS Technologies UAB are among the key queue management system market players that are profiled in the report. Several other essential queue management system market players were analyzed for a holistic view of the market and its ecosystem. The market report provides detailed market insights to help major players strategize their growth.
- In 2022: Q-MATIC Group AB partnered with Salesforce to design an intuitive and user-friendly app, Qmatic Customer Journey Management. The app helps Salesforce to receive calls, transfer, add, remove, and serve to wait customers at the branch.
- In 2023: Saudi Arabia’s Ministry of Investment adopted SEDCO's Queue Management Solution in its seven offices across 102 counters. The solution includes smart queuing technologies such as mobile booking, digital signage, customer identification, advanced BI, and mobile customer feedback.
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