Northbrook, IL 60062 -- (SBWIRE) -- 09/05/2023 -- The global Queue Management System Market size to grow from USD 0.5 billion in 2020 to USD 0.6 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 4.0% during the forecast period, according to research report by MarketsandMarkets™.

Factors such as the increasing need to manage customer traffic and customer movement to boost productivity and the rising need to improve staff efficiency and enhance customer engagement during COVID-19 are driving the adoption of the QMS market across the globe. QMS can be used at any location undergoing a significant footfall. Most of the organizations prefer QMS solutions and services to shorten on-site customer wait times and reduce walkaways.

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The QMS market is expected to witness an insignificant slowdown in 2020 due to the global lockdown. The COVID-19 pandemic has increased the churn rate and shuddered almost every industry. The lockdown is impacting global manufacturing, and supply chains and logistics as the continuity of operations for various sectors is badly impacted. The sectors facing the greatest drawbacks are manufacturing, transportation and logistics, and retail and consumer goods. The availability of the essential items has been impacted due to the lack of manpower to work on production lines, supply chains, and transportation although the essential items are exempted from the lockdown. The condition is expected to come under control by early 2021 while the demand for QMS solutions and services is expected increase, which is due to the increased demand for enhanced customer experience and build a personalized relationship with the prospects. Several verticals are already planning to deploy a diverse array of QMS solutions and services to enable digital transformation initiatives, which address mission-critical processes, improve operations, and authenticate user's identification. The reduction in operational costs, better customer experiences, fraud detection and prevention, enhanced authentication processes and operations, and improved real-time decision-making are the key business and operational priorities that are expected to drive the adoption of the QMS market.

The services segment is expected to grow at a higher CAGR during the forecast period

The global QMS market has been segmented based on components into solutions and services. The solutions segment is further segmented into platform and software, whereas the services segment includes managed services and professional services. The professional services segment is further segmented into consulting, system integration and implementation, and support and maintenance. The services segment is anticipated to grow at a higher CAGR during the forecast period. The growth of the services segment is governed by the complexity of operations and the surge in deployment of QMS software.

The virtual solution type is expected to grow at a higher CAGR during the forecast period

The global QMS market has been segmented based on solution types into linear queuing and virtual queuing. The availability of a robust QMS in the marketplace enables end users to maintain a structured queue in their premises. Most of the end users in recent years have been showcasing immense interest in linear queuing and virtual queuing systems. The virtual QMS is expected to drive the growth of the market as organizations are seeking demand to avoid in-branch crowding and safeguard customer/staff during pandemic.

The mobile queues is expected to grow at a highest CAGR during the forecast period.

The global QMS market has been segmented based on queue types into structured queue, unstructured queue, kiosk-based, and mobile queues. Kiosk-based and mobile queues provide a much more customer-oriented approach and have been implemented in a broad range of variations. The mobile queues is expected to grow at a highest CAGR during the forecast period. Ease of handling long queues and reduction in requirement of resources are expected to drive the demand for mobile queues across the world.

The SMEs segment is expected to grow at a higher CAGR during the forecast period

The global QMS market has been segmented based on organization size into SMEs and large enterprises. The large enterprises are the leading adopters of QMS. Enterprises are focusing on delivering enhanced customer experience to customers and gain a leading edge in the market. The SMEs segment is expected to grow at a higher CAGR during the forecast period. Owing to the availability of cost-effective cloud solutions, QMS solutions and services are expected to witness a prominent growth rate among SMEs during the forecast period.

The cloud segment is expected to grow at a higher CAGR during the forecast period

The global QMS market has been segmented based on deployment modes into cloud and on-premises deployment. The cloud segment is expected to grow at a higher CAGR during the forecast period.The cloud deployment mode offers benefits, such as scalability and cost-effectiveness, which are expected to be instrumental in propelling the growth of the overall QMS market.

The workforce optimization segment is expected to grow at the highest CAGR during the forecast period.

The global QMS solutions are used across application areas, including reporting and analytics, appointment management, customer service, query handling, in-store management, workforce optimization, real-time monitoring, and others (digital signage, and customer engagement). Waiting in line is one of the most commonly cited reasons for customer frustration. The workforce optimization segment is expected to grow at the highest CAGR during the forecast period. Companies and organizations across the world have started shifting to techno-based systems to optimize workflows and productivity. This, in turn, will drive the workforce optimization segment growth.

Among verticals, the healthcare and life sciences segment to grow at the highest CAGR during the forecast period

The global QMS market is segmented into the various verticals, particularly verticals, such as government and public sector, BFSI, retail and consumer goods, healthcare and life sciences, IT and telecom, travel and hospitality, utilities, and other verticals (education, manufacturing, and media and entertainment). The healthcare and life sciences vertical is expected to grow at the highest CAGR during the forecast period. Ease of handling patient query and enhance productivity to drive the demand for QMS solutions across the healthcare and life sciences vertical across the world.

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APAC to grow at a higher CAGR during the forecast period

The global QMS market has been segmented into five regions: North America, Europe, APAC, MEA, and Latin America. In terms of market size, North America is estimated to hold the largest size in the overall QMS market. APAC is expected to have the highest growth rate during the forecast period due to the growing need for QMS solutions to manage large customer queues and reduce waiting time for better customer experience.

Major vendors in the QMS market include Advantech (Taiwan), Wavetec (Dubai), Aurionpro (India), Lavi Industries (US), QLess (US), Qmatic (Europe), SEDCO (UAE), Q-nomy (US), Core Mobile (US), MaliaTec (Lebanon), JRNI (England), Qudini (England), Qminder (UK), ATT Systems (India), XIPHIAS (India), AKIS Technologies (Europe), AwebStar (Singapore), Xtreme Media (India), Skiplino (Bahrain), Business Automation (Bangladesh), Udentify (Turkey), 2Meters (Germany), OnlineToken (US), Hate2wait (India), VersionX (India). These QMS vendors have adopted various organic and inorganic strategies to sustain their positions and increase their market shares in the global QMS market.

Key Dynamic Factors For Queue Management System Market:

Enhancing Customer Experience: A key factor in the adoption of QMS is the desire to enhance the customer experience. Businesses across all sectors are spending money on QMS to improve customer satisfaction overall, streamline customer lines, and shorten wait times.

Technology developments: New developments in technology, such as AI, IoT, and mobile apps, are revolutionising QMS systems. Analytics powered by AI can offer useful insights into queue data, assisting businesses in streamlining their processes and enhancing customer service.

Health and Safety Issues: Since the COVID-19 epidemic, health and safety issues have taken a top priority. Particularly in healthcare, retail, and public venues, QMS solutions that enable social distancing, contactless check-ins, and capacity management are in great demand.

Growth of retail and e-commerce: The need for QMS solutions in physical stores has expanded as a result of the quick development of online shopping and e-commerce. QMS is being used by retailers to control in-store traffic, shorten wait times, and improve the shopping experience.

Government legislation: The use of QMS in public areas, transport hubs and government facilities has been influenced by compliance with legislation relating to crowd control, social distance and safety measures.

Data analytics and insights: QMS systems produce useful information on customer behaviour and queuing patterns. These data are being used by businesses to optimise staffing levels and increase operational effectiveness.

Omnichannel Integration: QMS solutions are increasingly connected with omnichannel strategy, enabling patrons to sign up for queues and check in using a variety of channels, such as kiosks, mobile apps, and websites.

Demand for Self-Service Options: Customers increasingly choose self-service kiosks and smartphone apps because they let them join virtual lines, schedule appointments, and get real-time queue status updates.

Vertical-specific Needs: Queue management has certain needs that vary by industry. For instance, managing patient waits in healthcare institutions is necessary, as is effectively managing passenger queues at airports.

Cost reduction and efficiency: Companies want to cut operational expenses and allocate resources more effectively. By maximising employee utilisation and lowering idle time, QMS systems aid in the achievement of these goals.

Players in the market and competition The QMS market's competitive environment is constantly changing as both seasoned firms and up-and-coming companies provide cutting-edge solutions. This rivalry encourages creativity and economic efficiency.

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Competitive and Segmentation Analysis:

The Queue Management System (QMS) industry is characterised by intense rivalry between a variety of competitors, both established and rising, who are competing to provide cutting-edge solutions and acquire a competitive advantage. Among the top businesses in the QMS market are Qmatic, Advantech, Wavetec, SEDCO, and Qudini. These market leaders compete by providing complete QMS systems that serve a variety of industries, from government and financial organisations to retail and healthcare. The desire of providing improved consumer experiences, strategic alliances, and ongoing technical breakthroughs all fuel competition. Companies are motivated to improve their products and increase their global footprint as the market for effective queue management solutions expands.

Hardware and software elements commonly make up QMS solutions. Software covers queue management programmes, analytics tools, and reporting systems, while hardware comprises kiosks, ticket dispensers, and digital signs.

Depending on their unique requirements and IT infrastructure, businesses can choose between on-premises, cloud-based, or hybrid deployment models.

End-User Industry: There are several end-user industries that are segmented, including retail, healthcare, government, banking and finance, and education. Regulations and queue management needs differ depending on the sector.

The market offers a variety of queue styles, including linear queues, virtual queues, and appointment-based waits, enabling businesses to choose the best option for their needs.

Application: QMS systems are used in a variety of settings, such as call centres, hospitals, transportation hubs, and offices run by the government, each of which calls for a unique queue management approach.

Geographical segmentation comprises North America, Europe, Asia-Pacific, Latin America, the Middle East, and Africa. Each of these regions has its own market dynamics and regulatory framework.

Integration Capabilities: The degree to which QMS solutions can be integrated with other platforms, including mobile applications, point-of-sale (POS) systems, and CRM software, varies.

Customer Interaction Channel: The market provides products for handling customer contacts through in-person interactions, internet platforms, and mobile applications, enabling businesses to offer seamless omnichannel experiences.

Scalability: Businesses wishing to enhance their queue management skills as their operations grow must have scalability. Solutions for QMS should adapt to changing requirements.

Technology Stack: To optimise queue operations and enhance customer experiences, several QMS systems include cutting-edge technologies like Artificial Intelligence (AI), the Internet of Things (IoT), and analytics.

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