June 16, 2020
As per the report titled ‘Queue Management System Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Type; Component; Application, available with Market Study Report LLC, global queue management system market was worth USD 435 million in 2019 and is projected to reach to USD 618.9 million by the end of the forecast duration, expanding with a CAGR of 4.9% through 2027.
Global queue management system market share is primarily driven by growing demand for improved customer experience and staff efficiency across various organizations.
Based on type, the virtual queuing segment acquired majority market share in 2019 and is expected gain decent traction in the coming years. The growth can be credited to growing awareness about advanced technologies in both developed and developing countries, along with increasing smartphone usage which has enabled customers to view updates on the waitlist using a mobile app. Moreover, these solutions aid queue management system end users in optimizing operations in premises with a small crowd.
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Elaborating on the component, solutions segment accounted for a huge fraction of market share in 2019. The segment is further split into hardware and software. Hardware components comprise of kiosk-based systems, signage and signaling systems, mobile-based systems, and automatic queue management systems, among others.
As per the regional analysis, queue management system market in Europe will record substantial growth over the forecast timeline, attributable to the high adoption of new and advanced technologies in UK, France, Germany, Spain, Russia, and Italy.
Meanwhile, Asia Pacific queue management system market is slated to showcase strong CAGR in the forthcoming years, owing to increasing number of hospitals, retail outlets, and banks fueling the system demand.
Prominent industry players include Xiphias Software Technologies, Wavetec, Skiplino, Seehash Software Pvt. Ltd., Q-Nomy Inc., Qminder Ltd., Qmatic, Advantec Co. Ltd., and Aurionpro.
COVID-19 impact on Queue Management System Market:
The damage caused by COVID-19 will continue rippling in the coming months, however, its ongoing spread still remains a major concern globally. Increasing confirmed cases of COVID 19 in the US, Canada, Europe, Middle East, Africa, India, South Korea, and Australia have dealt a major blow for queue management system industry during the global lockdown. However, as retails stores, hospitals, government offices, and some business are required to be operational during the crisis, the queuing in these premises have created an opportunity for integration of simple virtual queuing systems so as to follow social distancing norms and consequently reduce the risk of infections.