Quick service restaurant is a restaurant that provides fast food in minimal time on the table. Nowadays quick-service restaurants are adopting digital services such as digital menu cards, handheld devices, point of sales, and signage systems for enhancing consumer experiences. This system are gaining momentum in a QSR system as they improve productivity and accuracy.
The U.S. quick service restaurant (QSR) ecosystem market is estimated to account for US$ 7,323.2 Mn in terms of value by the end of 2019.
Drivers:
The growing need for enhancing customer experience is expected to augment the market growth of quick-service restaurants. With the rising a number of restaurants in the U.S. country there is intense competition in the U.S. market. Hence, it has become important for the restaurant to improve its service in order to sustain itself in the market. Hence, growing focus on enhancing the customer experience and satisfaction level, enhancing customer service is necessary for the quick-service restaurant.
Market Opportunities
Increasing focus on updating the restaurant menus and recipes for offering healthiest food options is projected to bring new market opportunities. Many restaurants have started offering fruits and vegetables over processed food products. This is attributed to growing health-conscious consumers around the globe and improving lifestyle of the customers. Thus increasing availability of healthy menus and recipes at restaurants is projected to foster market growth over the forecast period.
Market Restraints
Health issues associated with the consumption of fast food is expected to hinder the market growth of the U.S. quick service restaurant. Also, increasing adoption of a healthy lifestyle among consumer is another major factor restraining the market growth of the U.S. quick-service restaurant.
Key Takeaways:
U.S. quick service restaurant (QSR) ecosystem market was valued at market in 2019 and is forecast to reach a value of US$ 17,183.8 Mn by 2027 at a CAGR of 11.2% between 2020 and 2027
Billing and Management segment dominated the U.S. quick service restaurant (QSR) ecosystem market in 2019, accounting for 92.9% share in terms of value followed by analytics software solution
Market Trends
E-menu card is a major trend in the quick-service restaurant industry. It has the ability to revolutionize the quick-service restaurant industry. Also, increasing ordering food through mobile and online is again expected to foster the market growth. Online ordering offers various discounts and schemes which are further propelling the market growth of the U.S. quick-service restaurant. Moreover, the incorporation of the new and advanced solution in payment compact and mobile POS is further anticipated to propel the market growth of U.S. quick-service restaurant.
A growing partnership among restaurants for enhancing payment services is one of the key trends in the market and this trend is expected to foster the market growth. For instance, in January 2020, Adyen the global payments platform announced that it has been selected by Subway® as its payments partner for North America. Adyen will support Subway, the quick-service restaurant and it’s Franchise Owners in offering a simpler and more customer-centric payments experience in-restaurant, online, and through the Subway App.
Global U.S. Quick Service Restaurant (QSR) Ecosystem Market - Impact of Coronavirus (Covid-19) Pandemic
The sudden coronavirus outbreak has put the world to a halt. The restaurant industry is worst affected by the pandemic situation. In addition, most of the restaurants globally are converting in-store customers into online customers by are opting strategies to help customers get contactless deliveries at their homes as well as zero contact dining.
Competitive Section:
Company Names
- Panasonic Corporation
- Nanonation, Inc.
- NEC Display Solutions Ltd.
- Cisco Systems Inc.
- Hewlett-Packard Company
- Omnivex Corporation
- Samsung Electronics Co. Ltd.
- LG Display Co. Ltd.
- Keywest Technology, Inc.
- REDYREF Inc.
Few Recent Developments
In September 2019, Panasonic launched ClearConnect to help restaurants and retailers improve customer journey. ClearConnect covers every aspect of food and retail service operations, from kiosks to point-of-sale (POS), drive-thru, back office, and 24/7 service and support.
Segmentation
By Components
- Hardware
- Signage system
- Kiosks
- Drive through terminals
- Point of Sale (POS)
- Handheld devices
- Digital menu cards
- Software
- Billing and management solution
- Analytics software solution
- Services (Network services and cloud solutions)
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