No. of Pages: 168 | Report Code: TIPRE00012181 | Category: Technology, Media and Telecommunications
The Asia Pacific queue management system market was valued at US$ 170.89 million in 2023 and is expected to reach US$ 339.35 million by 2031; it is estimated to register a CAGR of 9.0% from 2023 to 2031.
The growth of small and medium enterprises (SMEs) is expected to present substantial opportunities for the expansion of the queue management system market during the forecast period. SMEs are often characterized by their agility and adaptability, enabling them to develop tailored solutions that meet specific customer needs more effectively than large-sized corporations. Moreover, in 2021, according to the Organisation for Economic Co-operation and Development (OECD), SMEs play a crucial role in the economic landscape of many countries, contributing approximately 50% of total employment and 40% of gross domestic product (GDP). As SMEs continue to grow and seek competitive advantages, the adoption of queue management systems (QMS) will increase as these businesses recognize the importance of enhancing operational efficiency and customer experience. As SMEs expand, they face rising customer expectations for quick and efficient service, making it essential to manage customer flow effectively. Queue management systems provide these enterprises with the tools to streamline operations, reduce wait times, and improve overall service delivery, which is crucial for retaining customers in a competitive market. Furthermore, the integration of digital solutions in SMEs is becoming more prevalent, allowing for the implementation of advanced QMS that utilize real-time data analytics to optimize service processes. This trend improves customer satisfaction as well as supports SMEs in achieving higher productivity and operational effectiveness, ultimately driving their sustainability in the marketplace.
The Asia Pacific queue management system market is segmented into Australia, China, South Korea, India, Japan, and the Rest of Asia Pacific. The market has massive growth potential, with rapidly-growing countries such as China and India and developed nations such as Japan. The region has a well-established service sector, including healthcare, BFSI, retail, and other industries. The service sector in Asia Pacific is rapidly adopting automation, AI, cloud-based solutions, and other new technologies. To maintain long-term competitiveness, digital capabilities are constantly being developed in the region. Furthermore, governments of various countries are taking strategic steps for digitalization. For instance, in February 2023, the government of China published the Overall Layout Plan for the development of a Digital China. The plan is to encourage the use of digital technology in economic, political, cultural, social, and environmental sectors. According to the plan, China will establish a statewide system by 2025 to accomplish its Digital China aim. By 2035, China aims to be among the world's top countries in terms of digitalization level. Thus, the growing digitization in the region is expected to boost the demand for queue management systems, propelling the growth of the market during the forecast period.
The Asia Pacific queue management system market is anticipated to expand during the forecast period owing to a significant presence of key players such as Seehash Softwares Pvt. Ltd., XIPHIAS Software Technologies Pvt. Ltd., and Aurionpro Solutions Limited. These players continuously focus on developing queue management systems. For instance, OptiQ, a queue management system developed by Aurionpro Solutions Limited, is highly adopted by customers from BFSI, healthcare, and aviation industries. OptiQ combines real-time branch analytics and dynamic customer intelligence to deliver visible insight and simplify customer flows by improving the customer journey and experience. Technological advancements in the BFSI sector, such as the deployment of AI, IoT, cloud computing, and big data analytics, are creating opportunities for the queue management system market players. According to a recent IDC Financial Insights report, in June 2022, 92% of banks in Asia were planning to increase their cloud spending. A queue management system in banks usually includes self-service kiosks placed within the branch. These kiosks function as cash-deposit machines to perform routine transactions such as balance inquiries, check deposits, and fund transfers. Adopting a cloud-based queue management system helps the user reduce waiting time by up to 50%. This minimizes frustration and human error in the banking sector. With the expansion of the banking sector, the deployment of advanced and automated solutions in various processes is also increasing, boosting the demand for queue management systems in the region.
The Asia Pacific queue management system market is categorized into type, component, application, and country.
Based on type, the Asia Pacific queue management system market is bifurcated into virtual queuing and linear queuing. The virtual queuing segment held a larger Asia Pacific queue management system market share in 2023.
In terms of component, the Asia Pacific queue management system market is segmented into solution and services. The solution segment held a larger Asia Pacific queue management system market share in 2023.
By application, the Asia Pacific queue management system market is divided into BFSI, hospitals, retail outlets, restaurants, utility service providers and airports, government offices, and others. The retail outlets segment held the largest Asia Pacific queue management system market share in 2023.
Based on country, the Asia Pacific queue management system market is categorized into Australia, China, Japan, India, South Korea, and the Rest of Asia Pacific. China dominated the Asia Pacific queue management system market share in 2023.
| Report Attribute | Details |
|---|---|
| Market size in 2023 | US$ 170.89 Million |
| Market Size by 2031 | US$ 339.35 Million |
| Global CAGR (2023 - 2031) | 9.0% |
| Historical Data | 2021-2022 |
| Forecast period | 2024-2031 |
| Segments Covered |
By Type
|
| Regions and Countries Covered | Asia Pacific
|
| Market leaders and key company profiles |
Q-MATIC Group AB, Qminder Ltd, Q-nomy Inc, Skiplino, Wavetec, Aurionpro Solutions Ltd, Advantech Co Ltd, SEDCO Co Ltd, Lavi Industries, AKIS Technologies UAB, WaitWell, Verint Systems Inc, QLESS, OFFTEC Holding Group, and Waitwhile Inc are some of the leading companies operating in the Asia Pacific queue management system market.
The Asia Pacific Queue Management System Market is valued at US$ 170.89 Million in 2023, it is projected to reach US$ 339.35 Million by 2031.
As per our report Asia Pacific Queue Management System Market, the market size is valued at US$ 170.89 Million in 2023, projecting it to reach US$ 339.35 Million by 2031. This translates to a CAGR of approximately 9.0% during the forecast period.
The Asia Pacific Queue Management System Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the Asia Pacific Queue Management System Market report:
The Asia Pacific Queue Management System Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The Asia Pacific Queue Management System Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the Asia Pacific Queue Management System Market value chain can benefit from the information contained in a comprehensive market report.
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