A Queue Management System is an integrated framework that includes various modules designed to accommodate and execute customer demands effectively. The platform intelligently guides the user to a suitable sequence in order to eliminate any mess and increase productivity. It is also known as a token management system or ticketing system. The global queue management system market includes several application segments such as healthcare, hospitality, retail, and others.
The queue management system market is driven by the growing focus on customer satisfaction and increasing investment across industry verticals. Also, since it is a cost-effective form of managing queues, its demand is being significantly increased. However, limited awareness about queue management solutions is a major factor which is expected to restrain the market growth.
Increasing demand for Queue Management System among the healthcare industry is one of the major factors expected to fuel the market. There have been significant developments around Queue Management System, such as the development of cloud-based service. The surge in social distancing norms and awareness, increase in productivity at an institute level, rise in popularity of software, and development of advanced integrated system are also fueling the market demand in recent years.
The coronavirus outbreak has caused concern and economic hardship for businesses, consumers, and even for the government worldwide. According to the International Monetary Fund (IMF), the global economy is expected to shrink by over 3% in 2020. This is expected to lead to recession and increase the unemployment rates globally. In the US, Covid-19-related disruptions have led to millions filing for unemployment benefits. In April alone, the figures were at 20.5 million, and are expected to rise as the impact of the pandemic on the US labor market worsens. As per a Reuters report, since March 21, more than 36 million have filed for unemployment benefits, which is almost a quarter of the working-age population. The world trade has also seen decline. According to WTO, the drop is expected to be 13% -32% in 2020.
This situation due to COVID -19 has led to the uncertainty around its impact on various industries. The majorly affected sectors include airlines, automotive, BFSI, manufacturing sector, construction sites, pharmaceuticals, medical, and tourism. The BFSI and Information Technology industry was standstill for some period of time which has caused some losses to these companies and thus, have affected the sector. This has reduced the demand for Queue Management System and other service operations resulting in decreased demand. Queue Management system integration in various Utility industry also witnessed losses owing to the suspended process.
The market size for the North America was USD 213.9 Million in 2010. The North American market is witnessing strong growth owing to rise in adoption of advanced digital technologies, and the development of the growing deployment of such solutions across various government organizations and retail and consumer goods enterprises. Moreover, due to the presence of a number of queue management system companies offering comprehensive solutions to the enterprises, the North American market holds the highest share. The U.S. Queue Management System market is anticipated to account for the major share of the market, due to rise in Retail & Healthcare Sector. Moreover, high investment in the technological adoption in the Utility and Airport services vertical in the U.S. and Canada is expected to increase the market during the forecast period.
The European region holds the 27% of market share with the CAGR of 4.65%. European nations are the most developed region across the globe, as almost all large enterprises are located in this region. Rising demand from major countries such as UK, Germany, and France, where the population is growing at a higher pace. Moreover, due to the presence of established software service providers across developed region and with continued increase in the demand for Queue Management System from end-use industries and inclination towards adoption of latest technology in on-premises as well cloud-based service providers.
The Asia Pacific Queue Management System market is expected to continue to grow fastest in coming years. Asia Pacific especially China has witnessed a major shift in the last 20 years making China, an attractive marketplace both at product and at service level. The Chinese Market was valued at USD 43.3 Million in 2020. With the Queue Management System market witnessing major transition in terms of technological advancements, product & service enhancements, and the growing investments in Hospital industry, the market poses a lucrative option in the coming years. Surge in population, and rise in demand for better operational methods are expected to provide lucrative opportunities for the Queue Management System market during the forecasted period in Asia Pacific region.