Queue Management System Market to Garner $1.4 Bn, Globally, by 2031 at 7.2% CAGR: Allied Market Research
Saturday, October 1, 2022
Rise in need to manage customer traffic and customer movement to boost productivity and surge in emphasis on customer service have boosted the growth of the global queue management system market.
PORTLAND, Ore., Sept. 26, 2022 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Queue Management System Market by Offering (Solution, Service), by Deployment Model (On-Premise, Cloud), by Mode (Virtual Queuing, Non-Virtual Queuing), by Queue Type (Structured Queue, Unstructured Queue, Kiosk Queue, Mobile Queue), by Enterprise Size (Large Enterprises, SMEs), by Application (Reporting and Analytics, Real-Time Monitoring, Appointment Management, Customer Service, Query Handling, In-Store Management, Others), by Industry Vertical (BFSI, Retail & Consumer Goods, Healthcare & Life Sciences, Government & Public Sector, IT &Telecom, Travel & Hospitality, Energy & Utilities, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031". As per the report, the global queue management system industry was accounted for $706.0 million in 2021, and is expected to reach $1.4 billion by 2031, growing at a CAGR of 7.2% from 2022 to 2031.
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Major determinants of the market growth
Rise in need to manage customer traffic and customer movement to boost productivity and surge in emphasis on customer service have boosted the growth of the global queue management system market. However, high cost of set-up of queue management systems hinders the market growth. On the contrary, present of several SMEs to offer advanced solutions for queue management system would open new opportunities in the future.
-- The Covid-19 pandemic positively affected the market due to increase in
adoption of queue management system in verticals such as healthcare and
retail sector. The system reduces waiting time and eliminate the
dependency on staff availability during the pandemic.
-- The prolonged lockdown disrupted the supply chain. Critical industries
such as fast-moving consumer goods and pharmaceuticals suffered major
-- On the other hand, due to global adoption of work from home culture, the
demand for cloud-based solutions and SaaS-based model increased.
The solution segment dominated the market
By offering, the solution segment held the largest share in 2021, accounting for nearly three-fourths of the global queue management system market. This is due to wide adoption of queue management solutions in verticals such as healthcare and BFSI for better customer experience. However, the service segment is estimated to register the highest CAGR of 8.4% during the forecast period, owing to surge in adoption of cloud-based QMS solutions and increase in demand for professional services.
The cloud segment to portray the highest CAGR through 2031
By deployment model, the cloud segment is projected to manifest the highest CAGR of 8.0% from 2022 to 2031, owing to its ability to run the solution within the agency's physical infrastructure. However, the on-premise segment held the largest share in 2021, contributing to nearly three-fifths of the global queue management system market, as it helps to access from remote areas.
The virtual queuing segment held the largest share
By mode, the virtual queuing segment held the largest share in 2021, accounting for nearly three-fourths of the global queue management system market, and is expected to maintain its leadership position during the forecast period. In addition, the segment is projected to showcase the highest CAGR of 8.0% during the forecast period. This growth is because queue management system enhance customer experience.
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North America held the lion's share
By region, the market across North America dominated in 2021, accounting for more than two-fifths of the global queue management system market, due to rise in digital infrastructure in region and presence of key players in U.S. However, the market across Asia-Pacific is expected to register the highest CAGR of 8.7% during the forecast period, due to increase in smart city projects and adoption of QMS solutions by SMEs in the region.
Major market players
-- Advantech Co. Ltd
-- AKIS Technologies
-- ATT Systems
-- Aurionpro solution ltd.
-- Business Automation
-- Core Mobile
-- Lavi Industries
The report analyzes these key players of the global queue management system market. These players have adopted various strategies such as expansion, partnerships, new product launches, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, product portfolio, and developments by every market player.
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