Today,
increasing consumer preferences has resulted to ever shifting menu
landscape of quick service restaurants. The quick service restaurant
industry has entered into digital era mainly due to growing consumer
demands and increasing commodity cost. Until recently, innovation in
quick service restaurant was primarily driven by credit card
networks. However, the increasing adoption of digital devices such as
signage systems, kiosks, point of sales, handheld devices and digital
menu cards have fundamentally changed the nature of employee customer
interaction.
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The
QSR (Quick Service Restaurant) ecosystem market is poised to go
through intense transformation in next several years, due to
entangled drivers of mobile device proliferation, rapid changes in
consumer behavior resulting into new customer and merchant
experience, and transition of hardware systems to cloud. These
changes are expected to occur under the backdrop of innovation in
kiosks, point of sales, digital menu cards, signage systems, handheld
devices and software solutions and services.
The
U.S. quick service restaurant market is segmented by hardware and
software solutions. Hardware solutions include devices such as
signage systems, kiosk, drive through terminals, point of sales,
handheld devices and digital menu cards. Software solutions include
billing and management solutions as well as data analytics solutions.
In 2012, digital signage systems were the largest contributors to
quick service restaurant ecosystem market. However, kiosks and
handheld devices is expected to grow at fast rate as it allows
restaurants to replace wired POS thereby allowing employers to
process payments at customers table. The success of smartphones and
downloadable applications has resulted into numerous innovations in
point of sales systems. However, most of the small and proprietary
quick service restaurants have traditional cash registers in order to
accommodate customers who wish to pay by cash. Today, many of the
leading players are focusing on serving broader needs of hospitality
sector mainly quick
service restaurants.
The
key focus areas of leading players include integration of in-store
systems with customer mobile devices in order to offer unique
opportunities to restaurants so as to efficiently engage customers in
personalized ways. Advancements in QSR ecosystem hardware are
increasingly reciprocating the software innovations in order to
connect and control different types of hardware peripherals. Much of
the software innovation is expected to be driven by increasing
adoption of cloud solutions and big data analytics, and integration
of hardware devices in order to support access from multiple
platforms thereby facilitating real-time transaction flows. Taken
together, increasing adoption of digital platform is expected to
shape the future of quick service restaurants.
The
U.S. QSR ecosystem market is fragmented in nature and contains
leading players such as Keywest Technology Inc., Nanonation, Inc. NEC
Display Solutions Ltd., Cisco System Inc., Hewlett-Packard Company,
Omnivex Corporation, Panasonic Corporation, Samsung Electronics Co.
Ltd., LG Display Co. Ltd., and REDYREF Inc. among others.
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