Queue Management System Market is Expected to Attain a Valuation of USD 1.1 Billion by 2030

Market Research Future has published a Half-Cooked Research Report on the Global Queue Management System Market.

Overview

The Queue Management System Market is expected to reach USD 1.1 Billion by 2030, registering a CAGR of 7.2% during the forecast period 2020–2030. In this report, Market Research Future (MRFR) includes the segmentation and dynamics of the market to offer a better glimpse of the coming years.

The increasing need to enhance overall customer experience and efficiently manage queues are the key factors driving the growth of the queue management system market. A queue management system helps enterprises in effectively managing and organizing queues resulting in enhanced overall customer experience. The key principle on which the queue management system works is the quantification of queue demand at any time; this data is provided to the specified personnel in real-time.  Sensors are used to count the number of people waiting to be served or already served. This helps in triggering an alert at the time of any discrepancies, and the data is used in predicting queue volume (number of individuals in a queue and number of queues). This helps the enterprises in making effective decisions whenever there is high customer demand. Therefore, an effective queue management system helps enterprises to increase customer expenditure by creating a better experience, optimizing the use of existing staff, and increasing customer loyalty in the long run. Vendors operating in this market are combining predictive analytics feature with queue management to predict queue volume and analyze staff required at each touchpoint. For instance, InfraRed Integrated Systems Ltd offers a predictive queue management system that is widely used by retailers like Morrison, Kroger, Tesco, and Foodland.

The adoption of queue management systems is specifically increasing among the government and retail industry verticals. Also, with the entry of various queue management system providers in the market, enterprises have various vendors to evaluate before selecting the solution vendor, which in turn is creating competition in the market. Also, with the introduction of a more affordable and technologically advanced solution, the popularity of the queue management systems is increasing. All these developments in the market are driving the market forward.

Segmental Analysis

The Global Queue Management System Market has been segmented on the basis of Component, Vertical, and Region.

Based on the component, the queue management system market has been segmented into solutions and services.  The solution segment accounted for the higher market share in the year 2018; it is expected to have a larger market share in the forecast period. With the growing demand for solutions from industry verticals like retail, manufacturing, government, hospitality, and healthcare, the demand for queue management system is increasing considerably.

Based on vertical, the queue management system market has been segmented into healthcare, BFSI, Government, retail, telecommunication, education, hospitality, and others. The retail & consumer goods segment expected to grow at the highest CAGR during the forecast period, 2019–2025. The retail industry is booming globally and retailers operating in the market are continuously focusing on improving customer experience in order to effectively compete in the market. Therefore, they are investing in the deployment of new and advanced technologies. One such technological solution is the advanced queue management system. The continuous demand from large and even mid-sized retailers is driving the market.

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Competitive Analysis

The Prominent Players operating in the Queue Management System Market are AURIONPRO (India), Wavetec (UAE), Xtreme Media Pvt. Ltd. (India), Qmatic (Sweden), VirtuaQ (US), QLess, Inc. (US), Databyte (Australia), Qudini (UK), Tensator (UK), SEDCO (UAE), KareXpert Technologies Pvt Ltd. (India), CampusQ (Australia), Advantech Co., Ltd. (Taiwan) and XIPHIAS Software Technologies (India)

Regional Analysis

The regional analysis for the global queue management system has been done for North America, Europe, Asia-Pacific (APAC), and the Middle East & Africa, and South America.

The market in North America accounted for the largest market share in 2018, and it is expected to register strong growth during the forecast period. The key driving factors for the growth of the queue management system market in the region include the growing demand for such solutions among enterprises operating in the US, Canada, and Mexico.

The market in Asia-Pacific is expected to grow at the highest CAGR during the forecast period. For the purpose of analysis, Asia-Pacific has been categorized into China, Japan, India, and the rest of Asia-Pacific. This growth can be attributed to the growing number of companies in the region and their need for efficient management of queues.