A Quick Service Restaurant (QSR) is a particular type of restaurant that has minimal table service and serves fast food cuisines. The food served at QSRs are typically from a limited menu and is cooked in advance and then kept hot for customers so that they can carry off the food to their home. Information technology (IT) is facilitating the QSR industry in innovative ways to attract customers.
The global QSR IT market was valued at US$ xx million in the year 2018 and is expected to reach US$ xx million by the year 2023, growing at a CAGR of approximately 8.1%. The main factors that are driving the growth of the global QSR IT market are the rising adoption of digital payments and digital signage, and accuracy in financial processing. Moreover, the increasing craze for dining out in a technology-driven environment where availability of facilities like free Wi-Fi is also fuelling the growth of the market. However, the high operational cost for maintaining the robust infrastructure of QSR IT is expected to impede the market growth.
According to the component, the market is categorized into hardware, software, and service. Among these, the hardware segment is likely to grow with highest CAGR during the forecast period, owing to increasing demand for IT in point-of-sale applications.
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Based on application, the market is segmented into franchise management, restaurant operation, inventory management, and others. Among these, restaurant operations and inventory management account for majority share in the market, owing to streamlined restaurant process designing and maintenance.
North America holds a dominating position in the market, owing to customers’ drift towards ‘pocket food’ like burgers, burritos, and others. The Asia-Pacific region is expected to grow with the highest CAGR over the forecast period. Remarkable growth opportunities are observed in this region, owing to the rising demand for local cuisines and western food in this region.
The key players in the global QSR IT market are NCR Corporation (US), Verifone Systems Inc (US), Cognizant (US), LG (South Korea), Oracle Corporation (US), Panasonic Corporation (Japan), Delphi Display Systems Inc (US), Revel Systems (US), HM Electronics Inc (US), Microsoft Corporation (US), NCR Corporation (US), and CAKE Corporation (US), amongst others.