MARKET OVERVIEW- GLOBAL QUICK SERVICE RESTAURANT ECOSYSTEM MARKET
Increase in awareness, urbanization and surge in technology is expected to acts as a vital factor escalating the market growth. Moreover, growing digitalization and use of smart phones is expected to act as a major factor driving the Quick Service Restaurant Ecosystem market. Surge in number of Quick Service Restaurants and demand for fast food is further propelling market growth. In addition to that, quick service restaurant industry has entered into digital era mainly due to growing consumer demands and increasing commodity cost which will further create new opportunities for Quick Service Restaurant Ecosystem market.
The increasing trend of eating out in urban cities in many countries, across the economic classes, without the need for any special occasion has fueled the demand for the quick service restaurant. Rapid urbanization due to the increase in population and economic growth and the rise in disposable income of people have led to the adoption of the eating out culture in the country. A rising number of restaurants are searching for new ways to make their business effective and efficient. Many quick service restaurants are preferring technology adoption to find prefer the best of the solutions. Many QSR are innovating and adopting digital devices such as handheld devices, digital menu cards, kiosks, signage systems and point of sale. Further, increase in consumption of fast-foods and ready-to-eat foods by the consumers. The rising trend of dining out and less time spent on cooking are some factors driving the demand for the quick service restaurant ecosystem market. Further, increasing investment in airports and expressway infrastructure for serving the consumers has opened new pavements for various quick-service restaurants to open their outlets. In addition, the growing concept of socializing at cafes among the young people has further fueled the quick-restaurant service ecosystem market growth.
The lack of best practices by quick-service restaurants that lead to the reduction of food has negatively impacted the quick-service restaurant ecosystem market growth. Further, small players in the developing economies lack manpower and adequate technologies, which leads to poor quality of food being delivered to the consumers are some factors the hindering the market growth.
Growing smartphone use, which has become a standard consumer device that empowers users with social network reviews, price comparisons and information. This device also helps customers to pay for food by simply tapping their smartphone screens, which is providing the opportunity for the growth of the quick service restaurant ecosystem market.
MARKET GROWTH CHALLENGE
Security concern pertaining to data and challenges in pertaining to network connectivity are major growth challenge of the quick service restaurant ecosystem market.
CUMULATIVE GROWTH ANALYSIS
The report provides in-depth analysis of global Quick Service Restaurant Ecosystem market, market size, and compound annual growth rate (CAGR) for the forecast period of 2022-2028, considering 2021 as the base year. With increasing demand for various Quick Service Restaurant Ecosystem in various applications has led the increasing demand for market and is expected to witness the growth at a CAGR at specific CAGR from 2021-2028.
QUICK SERVICE RESTAURANT ECOSYSTEM MARKET SEGMENTAL OVERVIEW
The global Quick Service Restaurant Ecosystem market comprises of different market segment like hardware, software and geography.
QUICK SERVICE RESTAURANT ECOSYSTEM MARKET BY HARDWARE
The hardware studied in the global quick service restaurant ecosystem market are
- Signage Systems
- Drive-Through Terminals
- Point Of Sales
- Handheld Devices
- Digital Menu Cards
The signage system accounts for the largest share in the QSR ecosystem market. The rising demand for adopting advanced products that require digitized information management and guidance that can be accessed from remote locations is a key factor driving the growth of signage systems. Growing technological advancement and increasing infrastructural development in developing economies boost the adoption of signage systems in the quick service restaurant market ecosystem. Further, many cafes and restaurants are increasingly preferring signage system to grow their business.
QUICK SERVICE RESTAURANT ECOSYSTEM MARKET BY SOFTWARE
The major software used in the global quick service restaurant ecosystem market are:
- Billing solutions
- Management solutions
- Analytics software solutions
The billion solution software accounts for the largest share in the quick service restaurant ecosystem market. Increasing adoption of billion solution software by restaurant owners for tracking sales, payment processing, billing, and order management reporting. Billing software saves printing and postage costs, reduces deadlines and streamlines business workflow through unified invoicing processing.
QUICK SERVICE RESTAURANT ECOSYSTEM MARKET BY GEOGRAPHY
The global Quick Service Restaurant Ecosystem market is studied for the following region
- North America
- Rest of the world (RoW)
Asia-pacific is likely to witness rising demand for a quick service restaurant ecosystem across the country. The region has a prominent market for quick service restaurants due to the growth opportunities in developing countries such as India, China and Japan. Furthermore, the growing demand for organized food service and the growing trend of out-of-home dining in the Asia-Pacific region are major factors in the growing demand for the quick service restaurant ecosystem market growth in the region. Increasing hourly wages in the quick service restaurant industry boosts the need for QSR automation, which drives the QSR ecosystem market. Adding to that, growing demand for advanced technology in the emerging economies such as China and India is growing demand for technology in quick service restaurants.
COVID-19 IMPACT ANALYSIS ON GLOBAL QUICK SERVICE RESTAURANT ECOSYSTEM MARKET
The repercussions of the pandemic have been described in detail in this report. The varied observations made by the Axiom market researchers provide accurate information about each point surrounding the growth of the single-domain antibody platforms market. Report provides complete analysis of changes in the global market expenditure, economic and international policies on the supply and demand side. The report also studies the impact of the pandemic on global economies, international trade, business investments, and GDP and marketing strategies of key players present in the market. COVID-19 has various impact in different countries depending on their cultural norms, mitigation efforts, and health infrastructure. The economies in low and middle-income countries is affected negatively due to loss of income, the shutdown of business, human and goods movement restrictions imposed by governments, de-globalization and breakdown of markets because of both demand shocks and supply constrain. The COVID-19 outbreak will have a negligible negative impact on the quick service restaurants market. As there were changes in consumer behavior as they reduced their spending on all restaurant food- takeout and delivery, QSRs and other types of restaurants. However, in the post-COVID-19 pandemic situation, the quick service restaurant ecosystem market will recover with a growing food delivery sector. In addition, foodservice companies have adopted take-away services to deliver safe, hygienic and customized orders to their customers.
COMPETITIVE LANDSCAPE ANALYSIS
The competitive landscape analysis of Quick Service Restaurant Ecosystem market is majorly focused on expanding the global growth of Quick Service Restaurant Ecosystem with new product innovation, business expansion, increasing presence of range of manufacturer operating in Quick Service Restaurant Ecosystem has led the growing demand for the market. Besides, the market offers range of products in different application to fulfill the required demand of consumer which is further contributing healthy growth in the market.
The key players studied in market are
- Keywest Technology Inc.
- Nanonation Inc.
- Cisco System Inc.
- Hewlett-Packard Company
- Omnivex Corporation
- Panasonic Corporation
- Samsung Electronics Co. Ltd.
- LG Display Co. Ltd., REDYREF Inc.
- NEC Display solution Ltd
March 2019: White House hosted a lunch meal for the North Dakota State Bison football team where the food was from McDonald's and Chick-Fil-A. Items like Big Macs and fried chicken sandwiches and sauce were on the menu.