The queue management system market size is expected to reach US$ 1,331.48 million by 2031 from US$ 748.18 million in 2023. The market is estimated to record a CAGR of 7.5% during 2023–2031. The growing demand for AI-powered queue management systems is likely to bring new trends in the market in the coming years.
Factors such as the need for enhanced customer experience, rising application of QMS, and increased foot traffic in various industries are driving the queue management system market. The market is expected to grow in the forecasted period owing to the growth of small and medium enterprises (SMEs), rising demand for virtual queue management, and integration of QMS with other business systems. The rise in AI-powered queue management systems is a key trend in the market. In addition, the rise of cloud-based technologies and the adoption of advanced solutions such as virtual queuing and mobile ticketing have transformed the way organizations interact with customers, allowing for greater flexibility and efficiency. The healthcare, retail, and banking sectors are major contributors to this growth, as they increasingly implement QMS to handle rising customer volumes and improve operational efficiency. Furthermore, the integration of data analytics within these systems provides valuable insights that help organizations optimize their service processes, ultimately driving product adoption and market expansion.
A queue management system (QMS) comprises tools used to manage and analyze the flow of customers or visitors in the queue. The system aims to optimize operational efficiency by reducing end user wait times. Queue management systems help the service provider to enhance service delivery, increase employee productivity, and streamline the queuing experience. The queue management system market has been growing at a steady rate over the years owing to the rise in demand for structuring and managing queues efficiently and conveniently. Over the years, the number of end users of queue management systems has continued to surge. The system is custom-made to suit the needs of retail stores, BFSI, healthcare, government offices, and educational institutions. For instance, as per the Airports Council International (ACI) World, there is an average annual growth of 5.8% in passenger traffic from 2022 to 2040, and over 19 billion passengers will use airports each year until 2040. This is expected to increase the adoption of queue management systems in airports during the forecast period.
Businesses are increasingly recognizing that managing customer traffic and reducing wait times can significantly enhance customer satisfaction. Each interaction, whether it involves returning an item, obtaining a repair, or addressing a question, plays a significant role in shaping the imminent relationship between the customer and the business. According to Qtrac, 93% of consumers indicate that they are more likely to become repeat customers when a business delivers outstanding customer service. Moreover, according to Zendesk, 73% of consumers indicate that they are likely to switch to a competitor following several negative experiences with a business. This statistic highlights the importance of maintaining high-quality customer service and consistent positive interactions. In the highly competitive market scenario, where consumers have numerous options, businesses must not overlook the impact of customer experience on retention. The decision to switch is often not just about the immediate experience but also about the cumulative effect of past interactions. To mitigate the risk of losing customers, organizations must proactively address potential issues, seek customer feedback, and implement improvements based on that feedback. By prioritizing exceptional service and demonstrating a commitment to customer satisfaction, businesses can foster loyalty and reduce the likelihood of customers turning to competitors. This shift towards prioritizing customer experience is encouraging organizations to adopt queue management solutions.
The rapid growth in population is a major factor that leads to unorganized queues in hospitals, retail shops, clinics, airports, and other facilities, which causes frustration among the crowd and deteriorates the service quality. In addition, at the time of peak business hours, the rush in the queue continues to surge, and this results in loss of service quality as the staff tries to manage the queue manually. According to Midlands Technical College data of January 2022, companies are losing their potential customers due to poor service and customer dissatisfaction. The data estimated that poor customer service incurred a loss on business, ranging from US$ 75 billion to US$ 1.6 trillion per year, owing to long queues, cost-cutting strategies, lack of understanding of customer desires, and sacrificing customer satisfaction for growth, among other issues. This loss in revenue is projected to increase in the coming years, which shifts customer preference to competitors’ products, thus resulting in the loss of potential customers. With an objective to efficiently manage the queue and improve service quality, respective service providers opt for queue management solutions. Thus, the growing need for enhanced customer experience drives the queue management system market.
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. In 2022, SMEs, which represent approximately 99% of all businesses in the European Union, are often more agile and innovative, allowing them to adopt advanced technologies such as QMS to enhance customer experiences and operational efficiency. 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.
Key segments that contributed to the derivation of the queue management system market analysis are type, component, and application.
The regional trends and factors influencing the Queue Management System Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Queue Management System Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2023 | US$ 748.18 Million |
| Market Size by 2031 | US$ 1,331.48 Million |
| Global CAGR (2023 - 2031) | 7.5% |
| Historical Data | 2021-2022 |
| Forecast period | 2024-2031 |
| Segments Covered |
By Type
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Queue Management System Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Queue Management System Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The queue management system market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the queue management system market are listed below:
The "Queue Management System Market Size and Forecast (2021–2031)" provides a detailed analysis of the market covering the areas mentioned below:
The queue management system market was valued at US$ 748.18 million in the year 2023 and is expected to grow at a CAGR of 7.5% during 2023-2031.
The growing need for enhanced customer experience and the rising application of QMS and increasing foot traffic in various industries are the driving factors impacting the queue management system market.
The key players holding majority shares in the queue management system market include Advantech Co Ltd, Wavetec, Lavi Industries, Q-MATIC Group AB, and Aurionpro Solutions Ltd.
The virtual queuing segment led the queue management system market with a significant share in 2023 and is also expected to grow with the highest CAGR.
Asia Pacific is anticipated to grow with the highest CAGR over the forecast period.
AI-powered queue management system is the future trend of the queue management system market.
The queue management system market is expected to reach US$ 1,331.48 by 2031.
North America held the largest market share in 2023, followed by Europe and Asia Pacific.