Impact of COVID-19 on Quick Service Restaurant (QSR) Ecosystem Market: Implications on Business

Transparency Market Research (TMR) has announced the publication of a new market research report on the U.S. quick service restaurant (QSR) ecosystem market. The report states that the U.S. quick service restaurant (QSR) ecosystem market was valued at US,506.9 million in 2012. However, this market is expected to grow at a tremendous rate from 2013 to 2019. The report, titled “Quick Service Restaurant (QSR) Ecosystem Market - U.S. Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 - 2019”, offers an in-depth understanding of the U.S. quick service restaurant (QSR) ecosystem market, its growth drivers, market restraints, and possible opportunities in the coming future. In recent years, QSR systems have been adopted in restaurants as they allow seamless listing of orders in restaurants, making payments, and quickly delivering food to customers. The minor enhancements in QSRs are also helping restaurants bring in a huge amount of accuracy, efficiency, clarity, and speed in their everyday operations.

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The U.S. quick service restaurant (QSR) ecosystem market is segmented on the basis of hardware, software, and services. The hardware segment is further divided into signage systems, kiosks, drive through terminals, point of sales (POS), handheld devices, and digital menu cards. Analysts predict that as the trend of self-service grows in the service industry, the kiosk sub-segment will grow the fastest, at a CAGR of 12.3% from 2013 to 2019. The software segment is sub-segmented into billing solutions and management solutions and analytics software solutions (big data analytics). Out of these, billing and management solutions was the largest market segment in 2012. This sub-segment will continue to lead the market, as there is a significant demand for tailored software needs from various restaurants.

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The key players in the U.S. quick service restaurant (QSR) ecosystem market are looking at methods that will help them integrate in-store systems with customers’ mobile devices to create a unique personalized experience. Innovations in QSR ecosystem hardware have complemented software innovations by assisting in controlling and connecting different kinds of hardware peripherals. The recent software innovations in the quick service restaurant (QSR) ecosystem market are being encouraged by popular usage of cloud solutions and the integration of hardware devices, which allow access from other platforms to bring about real-time transactions. To put it simply, increasing dependence on digital platforms to establish efficiency in management is expected to lead the quick service restaurant ecosystem market.Some of the major players in the U.S QSR ecosystem market are LG Display Co. Ltd., Cisco System Inc., Keywest Technology Inc., Nanonation, Inc. NEC Display Solutions Ltd., Hewlett-Packard Company, Samsung Electronics Co. Ltd., Omnivex Corporation, Panasonic Corporation, and REDYREF Inc.

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U.S. Quick Service Restaurant Ecosystem Market to Grow due to Rising Digital Platforms

The U.S. quick service restaurant (QSR) ecosystem market is highly fragmented, with the top four companies accounting for less than 20% of the market in 2012, states a new report by Transparency Market Research. These are Samsung Electronics Co. Ltd., Panasonic Corporation, LG Display Co. Ltd., and NEC Display Solutions Ltd.

A TMR analyst says, “A focus on developing innovative display devices for business expansion is the key growth model that top companies in the U.S. quick service restaurant ecosystem are adopting.” Panasonic Corporation, for instance, has focused on introducing innovative devices to help its customers expand their business. In January 2014, the company introduced curved display and ultra high HD display to take their customer’s business to a new level.

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Business growth by means of new product development is another key growth model that key vendors in this market are focused on. This involves the utilization of hi-tech features to extend an immersive and impactful in-store experience for customers. Key vendors in the U.S. QSR ecosystem market are also focused on portfolio expansion in a bid to provide differential offerings to customers.

Big Data Analysis Aid Comprehend Customer Purchasing Behavior for Quick Service Restaurants to Rectify Service Loopholes

“An increasing shift towards data-centric business models that helps optimize business processes is the foremost factor driving the U.S. QSR ecosystem market,” points out a TMR analyst. This involves monetization of data captured by wired or wireless point of sale (POS) systems and kiosks systems. The use of such business models facilitates restaurants to track purchased and canceled items at point of sales. For example, McDonalds is continuously carrying out big data analysis to address flaws in the drive-thru experience.

The increasing need to provide an altogether new experience for customers is also boosting the growth of the U.S. QSR ecosystem market. This is because the increasing number of quick service restaurants has heightened competition, thus has put digital technology at the center stage to deliver a highly satisfying experience for customers.

Use of Digital Technologies Lacks Human Element for Two-way Communication – A Key Restraint

“Increased automation using technology lacks human interpretation skills, which is challenging the growth of the U.S quick service restaurant ecosystem market,” says a TMR analyst. This is because self-service machines require customers to type the query, which increases the chances of mistakes, thus receiving zero or too many results in response. Moreover, personalized services can go a long way in building customer relationships. The use of digitization lacks this.

The high price factor of QSR ecosystem devices is also challenging their adoption, especially among small-scale restaurants. For instance, the usage of digital signage systems involves a high cost of installation and maintenance as compared to black menu boards.

The U.S. quick service restaurant ecosystem market is expected to be worth US$7.32 bn by 2019. The hardware component segment was the largest with 79.2% of the market in 2012. Within hardware, kiosks that are equipped with cloud technologies will display the highest growth rate in the coming years. Point of sale hardware equipped with innovative features such as inventory management and cloud-based reporting will also contribute substantial revenues to the U.S. quick service restaurant ecosystem market.