The presence of a large number of software companies offering distinguished services to the quick service restaurant (QSR) industry in the U.S. has made the U.S. QSR IT market highly competitive, reports Transparency Market Research (TMR) in a recent report. The top five vendors in the market collectively accounted for a mere 25% in the overall market in 2015. To gain an edge, IT services and solutions providers for the QSR industry in the U.S. are continuously innovating and developing products capable of reducing turnaround times of services.
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Innovations that can hit the right note with the country’s tech savvy consumers, making their dining experience not only quick but also memorable, are also being increasingly sought. Vendors in the market are creating long-term partnerships with large- and mid-sized QSRs to gain sustained returns in the intensely competitive market. The provision of IT solution in a single package or bundled services, with monthly or annual payment packages, is also emerging as a prominent trend in the U.S. QSR IT market.
Some of the key vendors operating in the market are NEC Display Solutions of America, Inc., Panasonic Corporation, HM Electronics, Inc., Oracle Corporation, NCR Corporation, PAR Technology Corporation, and Revel Systems, Inc.
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Hardware Components to Contribute to Substantial Share in Revenue
In terms of component, the U.S. QSR IT market is ruled by the hardware segment, which contributed the key share in the market’s revenue in 2015, an estimated US$1.99 bn. However, the segment is expected to lose its attractiveness to the software segment, which is projected to rise at a high CAGR of 9.9% in the U.S. QSR IT market over the period between 2016 and 2024. The services segment will rise at more than 7% CAGR over the same period.
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On a whole, the U.S. QSR IT market will exhibit a favorable 7.4% CAGR from 2016 to 2024. The market is expected to rise from a valuation of US$3.21 bn in 2015 to US$6.22 bn by 2024.