Report : Asia Pacific Queue Management System Market Forecast to 2030 - Regional Analysis - By Type (Virtual Queuing and Linear Queuing), Component (Solution and Services), and Application (BFSI, Hospitals, Retail Outlets, Utility Service Providers and Airports, Restaurants, Government Offices, and Others)
At 6.9% CAGR, the Asia Pacific Queue Management System Market is Speculated to be Worth US$ 196.58 Million by 2030, Says Business Market Insights
According to Business Market Insights' research, the Asia Pacific queue management system market was valued at US$ 115.08 million in 2022 and is expected to reach US$ 196.58 million by 2030, registering a CAGR of 6.9% from 2022 to 2030. Increasing adoption to manage customer traffic and retain customers and implementing artificial intelligence in queue management system are among the critical factors attributed to the Asia Pacific queue management system market expansion.
The queue management system is an automated system designed to manage walk-in services. This system benefits organizations in managing as well as controlling queues of customers. It allows a business to accurately understand inefficiencies in the queues and address them on a regular basis to ensure a consistently positive experience. Queue management system offers benefits by enhancing business productivity and improving customer satisfaction.
Standing in a queue is a time-consuming process for both the customers and service providers, which increases the adoption of queue management systems in hospitals, banks, and clinics, among other businesses, for efficient management of queues. The system allows businesses to capture visitor data and extract intelligent customer reports that hold valuable data, which is used for informed decision-making.
Customer retention is among the crucial parameters for any service provider across industries. Improvements in service quality help service providers retain their customers for an extended period. In the modern era, customers have a wider range of options that are easily accessible; they can opt for other options in case the services offered by the business fail to meet their expectations. In December 2022, Yotpo Ltd. surveyed that various businesses are implementing loyalty programs to retain their customers. The loyalty programs influence over 83% of shoppers to buy again from the same store and mandate that stores adopt a queue management system. An unorganized queue in a retail store could lead to a loss in customers as shoppers tend to opt for competitor stores for better services. Owing to mitigate such scenarios, several retail service providers are opting for queue management systems in an effort to retain customers for an extended period. This factor supports the Asia Pacific queue management system market growth.
In addition, queue management solutions facilitate service providers in optimizing operational costs. The adoption and deployment of smart customer management systems enable service providers to understand the customer flow easily. Implementation of these smart technologies enables the service provider to conduct insightful analysis related to customer behavioral patterns, customer affluence, and distribution of services. The service providers benefit from the analysis as the data allows the service providers to strategically plan staff placement, thereby reducing the demand for increased human resources and ultimately optimizing cost. Owing to the benefits offered by queue management solutions, its adoption is rapidly increasing across the globe. Thus, the rising adoption of queue management systems in order to manage customer traffic and retain customers fuels the growth of the Asia Pacific queue management system market.
Thus, the rising focus on service quality enhancement in various sectors drives the growth of the Asia Pacific queue management system market.
On the contrary, tremendous growth in e-commerce worldwide hampers the growth of Asia Pacific queue management system market.
Based on type, the Asia Pacific queue management system market is bifurcated into virtual queuing and linear queuing. The virtual queuing segment held 64.8% share of the Asia Pacific queue management system market in 2022, amassing US$ 74.52 million. It is projected to garner US$ 134.44 million by 2030 to expand at 7.7% CAGR during 2022-2030.
By component, the Asia Pacific queue management system market is bifurcated into solution and services. The solution segment held 78.8% share of the Asia Pacific queue management system market in 2022, amassing US$ 90.65 million. It is projected to garner US$ 159.33 million by 2030 to expand at 7.3% CAGR during 2022-2030.
By application, the Asia Pacific queue management system market is segmented into BFSI, hospitals, retail outlets, utility service providers and airports, restaurants, government offices, and others. The BFSI segment held 31.4% share of the Asia Pacific queue management system market in 2022, amassing US 36.11 million. It is projected to garner US$ 52.92 million by 2030 to expand at 4.9% CAGR during 2022-2030.
Based on country, the Asia Pacific queue management system market is segmented into Australia, China, India, Japan, South Korea, and the Rest of Asia Pacific. China held 25.5% share of Asia Pacific queue management system market in 2022, amassing US$ 29.31 million. It is projected to garner US$ 54.22 million by 2030 to expand at 8.0% CAGR during 2022-2030.
Key players operating in the Asia Pacific queue management system market are Q-MATIC Group AB, Qminder Ltd, Q-nomy Inc, Aurionpro Solutions Ltd, and Advantech Co Ltd, among others.
Contact Us
Contact Person: Sameer Joshi
Phone: +1-646-491-9876
Email Id: sales@businessmarketinsights.com