PUBLISHER: KBV Research | PRODUCT CODE: 1473127
PUBLISHER: KBV Research | PRODUCT CODE: 1473127
The Global Queue Management System Market size is expected to reach $1.2 billion by 2031, rising at a market growth of 6.3% CAGR during the forecast period.
Reporting & analytics tools allow businesses to monitor the performance of queue management systems and identify areas for improvement. Thus, the Reporting & analytics segment acquired $122.7 million in 2023. By tracking key performance indicators (KPIs) like average wait times, service levels, and customer satisfaction scores, businesses can identify opportunities to streamline operations, allocate resources more effectively, and enhance overall service performance.
QMS solutions optimize workflow by efficiently managing customer queues, directing employees to the next task, and minimizing downtime between interactions. By streamlining workflow, QMS solutions help employees work more efficiently and productively, contributing to overall operational excellence. Therefore, the market is expanding significantly due to employee productivity and satisfaction.
Additionally, Urbanization often leads to overcrowding in public spaces, transit hubs, and commercial establishments. QMS helps minimize service bottlenecks by evenly distributing customers across service points, reducing wait times, and improving service delivery. Thus, because of the rising urbanization and population growth, the market is anticipated to increase significantly.
However, the high initial investment costs may cause hesitation among businesses considering adopting QMS solutions. Decision-makers may postpone or delay investment decisions, seeking to justify the expenditure or waiting for more favorable economic conditions. Thus, high initial investment costs can slow down the growth of the market.
By Mode Analysis
On the basis of mode, the market is divided into virtual queuing and non-virtual queuing. In 2023, the virtual queuing segment led the market by generating a 74.2% revenue share. Virtual queuing allows customers to join a queue remotely using their mobile devices or online platforms without physically waiting in line.
By Application Analysis
On the basis of application, the market is divided into reporting & analytics, real-time monitoring, appointment management, customer service, query handling, in-store management, and others. The appointment management segment covered a considerable 13% revenue share in the market in 2023. Appointment management allows customers to schedule their visits or appointments in advance, reducing wait times and providing a more convenient and personalized experience.
By Enterprise Size Analysis
Based on enterprise size, the market is categorized into large enterprises and SMEs. In 2023, the large enterprises segment witnessed a 70% revenue share in the market. Large enterprises prioritize delivering exceptional customer experiences to maintain customer satisfaction and loyalty.
By Deployment Model Analysis
Based on deployment model, the market is classified into on-premise and cloud. The cloud segment recorded a remarkable 42% revenue share in the market in 2023. The service provider automatically updates and maintains cloud-based queue management systems, ensuring that businesses can always access the latest features, security patches, and performance enhancements.
By Offering Analysis
By offering, the market is bifurcated into hardware, software, and services. In 2023, the hardware segment held the highest 42.1% revenue share in the market. The hardware segment is witnessing continuous technological advancements, leading to the development of more advanced and sophisticated hardware solutions for queue management.
By Queue Type Analysis
By queue type, the market is classified into structured queue, unstructured queue, kiosk queue, and mobile queue. The unstructured queue segment acquired a substantial 28% revenue share in the market in 2023. Unstructured queues often occupy valuable space within a business premises, leading to congestion and inefficiency.
By Vertical Analysis
By vertical, the market is fragmented into BFSI, retail, healthcare & lifesciences, government & public sector, education, IT &telecom, travel & hospitality, energy & utilities, and others. In 2023, the BFSI segment registered 25% revenue share in the market. The BFSI segment is highly competitive, and customer experience is a critical differentiator.
By Regional Analysis
Region-wise, the market is analysed across North America, Europe, Asia Pacific, and LAMEA. In 2023, the North America region led the market by generating the highest 39% revenue share. North American businesses are constantly seeking ways to improve operational efficiency and productivity.
Recent Strategies Deployed in the Market
List of Key Companies Profiled
Global Queue Management System Market Report Segmentation
By Mode
By Application
By Enterprise Size
By Deployment Model
By Offering
By Queue Type
By Vertical
By Geography