At 3.4% CAGR, the South & Central America Queue Management System Market is Projected to be Worth US$ 33.07 Million by 2030, Says Business Market Insights
According to Business Market Insights research, the South & Central America queue management system market was valued at US$ 25.39 million in 2022 and is expected to reach US$ 33.07 million by 2030, registering a CAGR of 3.4% from 2022 to 2030. Implementing artificial intelligence in queue management system and escalating demand for virtual queue system are among the critical factors attributed to the South & Central America queue management system market expansion.
The rise in customer expectations associated with their time influences service providers to adopt queue management systems. The most common customer complaints include long queues at banks, retail stores, airports, hospitals, and other public places, especially during peak hours or holidays. In order to access services in public facilities, consumers are often impatient and stressed and progress through queues. Moreover, according to the World Health Organization, the proportion of the geriatric population is expected to increase from 12% in 2015 to 22% by 2050. Older people suffering from cardiovascular disease, osteoporosis, and dementia require frequent visits to hospitals. Hence, long queues at medical facilities can be a physical burden to them, which generates the demand for AI-based queue management software.
The use of an AI-based queue management system supports healthcare and other facilities to solve their customer's problems. An AI-based queue management system leverages artificial intelligence to minimize wait times, manage queues, and improve patient experience. It uses real-time data to predict customer traffic and allocate resources accordingly by providing customers with a seamless and hassle-free experience. AI-based queue management systems help reduce customer frustration and improve overall customer's satisfaction. It is capable of monitoring customer traffic and queue length in real time, providing business owners with accurate data to make informed decisions. Thus, the implementation of AI-based queue management systems is likely to generate several growth opportunities for the market players during the forecast period.
On the contrary, tremendous growth in e-commerce worldwide hampers the growth of South & Central America queue management system market.
Based on type, the South & Central America queue management system market is bifurcated into virtual queuing and linear queuing. The virtual queuing segment held 61.7% share of the South & Central America queue management system market in 2022, amassing US$ 15.66 million. It is projected to garner US$ 21.18 million by 2030 to expand at 3.8% CAGR during 2022-2030.
By component, the South & Central America queue management system market is bifurcated into solution and services. The solution segment held 77.6% share of the South & Central America queue management system market in 2022, amassing US$ 19.70 million. It is projected to garner US$ 26.38 million by 2030 to expand at 3.7% CAGR during 2022-2030.
By application, the South & Central America 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 29.0% share of the South & Central America queue management system market in 2022, amassing US 7.36 million. It is projected to garner US$ 8.23 million by 2030 to expand at 1.4% CAGR during 2022-2030.
Based on country, the South & Central America queue management system market is segmented into Brazil, Argentina, and the Rest of South & Central America. Brazil held 65.9% share of South & Central America queue management system market in 2022, amassing US$ 16.72 million. It is projected to garner US$ 22.47 million by 2030 to expand at 3.8% CAGR during 2022-2030.
Key players operating in the South & Central America queue management system market are Q-MATIC Group AB, Qminder Ltd, Q-nomy Inc, Wavetec, and Advantech Co Ltd, among others.
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