Us quick service restaurant ecosystem market

Quick service restaurant is a specific type of restaurant that aims to serve fast food to the customer quickly and on time. They are the most demanding segment in the restaurant industry and are gaining rapid adoption across developing as well as the developed region. 

The U.S. quick service restaurant (QSR) ecosystem market is estimated to account for US$ 7,324.2 Mn in terms of value by the end of 2019.

Drivers:

Increasing adoption of the data-centric business model in the QSR ecosystem is driving the market growth. Use of such business model to track voided and purchased items at the point of sale. The data-centric business model also offers a key competitive edge and due to this most of the restaurants are likely to adopt this system in the near future. For instance, McDonald's is continuously pursuing big data analysis to optimize the drive-thru experience.

Increasing preferences for fast food among X, Y, and Z generation is expected to propel the market growth of U.S. quick service restaurant. Factor such as good taste, convenience, and economical in term of time as well as cost is also acting as a catalyst in the growth of the quick-service restaurant market. Moreover, changing lifestyle of the consumer along with the increasing purchasing power is again anticipated to propel the market growth. 

Figure 1. U.S. Quick Service Restaurant (QSR) Ecosystem Market Share (%) in terms of Value, By Component, in 2019

On the basis of component in 2019, the hardware has accounted the largest market share of 78.5% in terms of value, followed by software and services respectively.

Market Restraints

High costs associated with the QSR ecosystem devices are expected to restrict the market growth over the forecast period. For instance, the average price of black menu boards ranges from USD 30 to USD 140. However, the average price of digital signage systems ranges from USD 9,000 to USD 17,000.

Security concerns associated with the data breaches due to network connectivity is one of the major factor hampering the market growth of U.S. quick-service restaurant.

Market Opportunities

Various restaurants have started offering various other services such as take-out, home delivery, and drive-thru which are high in demand across consumer living modern lifestyle. This factor is expected to provide potential market opportunities over the forecast period. Moreover, the shifting preferences among customer towards dinning at home is further expected to contribute to creating demand for home delivery services.

A growing number of restaurants offering vegetarian foods due to veganism is expected to offer lucrative market opportunities. Moreover, increasing adoption of advanced technology such as kitchen-display screens, touchscreen point of sales terminals, and self-order kiosks is again anticipated to foster the market growth of the U.S. quick-service restaurant. All these factors will favor the market growth over the forecast period. 

Figure 2. U.S Quick Service Restaurant (QSR) Ecosystem Market– Opportunity Analysis

Market Trends/Key Takeaways

Payment through m-wallet and bitcoins is a growing trend in the quick-service restaurant industry. Rising concern over credit card safety is also anticipated to drive the demand from-wallet. This is in turn is augmenting the market growth of quick-service restaurants. Also, with the growing awareness regarding the bitcoins, there is a growing trend of adopting such virtual digital currency which is further propelling the market growth.

Changing eating habits and growing the number of independent quick service restaurants due to shifting preferences towards local taste and cuisine is propelling the market growth. Due to the high demand for local taste among local people, there is an increase in the number of quick-service restaurants in the U.S. country, thereby fueling market growth.

Figure 3. U.S Quick Service Restaurant (QSR) Ecosystem Market Share (%) in terms of Value, By Software, in 2019

On the basis of software in 2019, the billing and management has accounted the largest market share of 92.9% in terms of value, followed by analytics software solution.

Global U.S. Quick Service Restaurant (QSR) Ecosystem Market - Impact of Coronavirus (Covid-19) Pandemic

The coronavirus outbreak has caused a significant impact in the restaurant industry owing to closure of most of the restaurants across the globe due to the lockdown situation. Moreover, the quick service restaurant across the world are focusing on strategies such as introduction of own apps to deliver the food online.  The above mentioned factors is expected to contribute to the growth of the QSR market over the forecast period.

Value Chain Analysis

Competitive Section:

Company Names 

1. Panasonic Corporation
2. Nanonation, Inc.
3. NEC Display Solutions Ltd.
4. Cisco Systems Inc.
5. Hewlett-Packard Company
6. Omnivex Corporation
7. Samsung Electronics Co. Ltd.
8. LG Display Co. Ltd.
9. Keywest Technology, Inc.
10. REDYREF Inc.