Quick Service Restaurant IT Market - Digitally Advanced Services From Tech-savvy Consumers

The U.S. market for quick service restaurant is witnessing a rapid digital transformation. Technological advancements are making inroads in the restaurant industry in the U.S., with restaurateurs increasingly integrating tech gadgets in the internal systems to monitor, control, and undertake a number of core operations.

Transparency Market Research estimates that the U.S. quick service restaurants IT market will expand at a healthy CAGR of 7.4% over the period between 2016 and 2024. The market, which had a valuation of US$ 3,208.76 mn in 2015, will rise to a valuation of US$ 6,221.37 mn by 2024.

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Rising Hourly Wages in the U.S. Trigger Adoption of QSR IT Solutions

The U.S. Bureau of Labor Statistics finds that the average hourly earnings of people working in the food services industry has increased from nearly US$11.54 in 2010 to US$13.33 in 2016. This trend in salary inflations is a prominent factor compelling QSR owners in making the shift from manual operations to machine-based automatic operations. In the next few years, IT solutions that can replace the need for manual intervention in QSR operations, such as digital kiosks, tabletop e-waiters, digital checkout counters, and digital menu boards will gain increased adoption. Hand-held devices, especially, such as tablets and smartphones, will gain increasingly prominent positions in the future IT-enabled QSR infrastructures.

Need for Speed in Consumer Services to Stimulate Demand

With a continuous rise in the numbers of quick service restaurants in the U.S., the competition has also soared. Hence, ways of delivering best-in-class services and meeting consumer expectations are being pursued. This has driven the increased adoption of digital channels for transacting in quick service restaurants in the past few years in the U.S. market. QSRs in the country are updating their internal systems to make meal orders and payments compatible with near field communication and mobile wallets. Contactless payment solutions, which can immensely help smoothen transactions, are increasingly being tested by payment solution providers for creating quick payment options.

In the next few years, the rising number of smartphones users in the country is expected to make smartphones the central point of contact with consumers for the QSR industry. Thus solutions enabling purchasing, ordering, and payment using smartphones will be the most promising revenue generators.

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Hardware Components to Contribute to Substantial Share in Revenue

In terms of component, the U.S. QSR IT market is ruled by the hardware segment, which contributed the key share in the market’s revenue in 2015, an estimated US$1.99 bn. However, the segment is expected to lose its attractiveness to the software segment, which is projected to rise at a high CAGR of 9.9% in the U.S. QSR IT market over the period between 2016 and 2024. The services segment will rise at more than 7% CAGR over the same period.

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This release was published on openPR.