According to a new report published by Allied Market Research, titled, “Queue Management System Market Demand," The queue management system market size was valued at $706.00 million in 2021, and is estimated to reach $1.4 billion by 2031, growing at a CAGR of 7.2% from 2022 to 2031.
Queue management system is an approach used to develop more efficient systems that can reduce customer waiting times or perceived waiting times for service. The aim is to increase both the number of customers that can be served and customer satisfaction with the entire queue experience.
The queue management system industry has been influenced by several market drivers, restraints, and opportunities. Undoubtedly, need to manage customer traffic and customer movement to boost productivity has accelerated the need for queue management system globally. In addition, increase on emphasis on customer service across major industry verticals have further boosted the queue management system market growth. However, high initial set-up cost of queue management systems restricted the market growth. On the other hand, many SMEs entering the market and providing advance solutions for queue management system market forecast is expected to create greater opportunities in the coming years.
By offering, the solution segment dominated growth of the queue management software market in 2021, and is expected to maintain its dominance in the upcoming years due to need of queue management solutions in various verticals such as BFSI, healthcare and others verticals. However, the services segment is expected to witness highest growth rate during the forecast period owing to increase in the adoption of queue management system services among end users over time, as they ensure effective functioning of solutions and platforms throughout the business process.
By organization size, the large enterprises segment dominated the global market in 2021, and is expected to continue this trend during the forecast period, owing to increase in adoption of queue management system software to integrate this into their existing inventories. Conversely, the small- & medium-sized enterprises segment is expected to grow at the highest CAGR during the forecast period, owing to surge in adoption of cloud-based Queue Management Software, as it provides cost-effective and efficient solution for SMEs.
COVID-19 disrupted operations in various industries, including manufacturing and information technology. However, critical industries, such as fast-moving consumer goods (FMCG) and pharmaceuticals were expected to remain open. By early 2021, the situation as expected to be under control, but the growing need to improve customer experience and build personal relationships with potential customers is expected to drive demand for QMS solutions and services. Moreover, during the COVID-19 period, due to WFH policies, the demand for cloud-based solutions and the SaaS-based model increased significantly. This has positively impacted the market growth. Incidentally, during the pandemic, queue management system and automation helped eliminate the dependency on staff availability, thus supporting working and ensuring business resilience.
KEY FINDINGS OF THE STUDY
The key players that operate in the queue management system market analysis are Advantech Co. Ltd, AKIS Technologies, ATT Systems, Aurionpro solution ltd, AwebStar, Business Automation, Core Mobile, Hate2wait, JRNI, Lavi Industries, MaliaTec, QLess, Q-Matic, Qminder, Q-nomy, Qudini and SEDCO These players have adopted various strategies to increase their market penetration and strengthen their position in the queue management system industry.
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