Virtual Queue Management System Market Overview 2031
The virtual queue management system market size is projected to reach US$ 512.5 million by 2031 from US$ 312.6 million in 2023. The market is expected to register a CAGR of 6.3% during 2023–2031. Growing cloud-based solutions across enterprises is likely to remain a key trend in the market.
Virtual Queue Management System Market Analysis
Virtual queue management can lead to higher customer satisfaction, streamlined communication, enhanced customer flow, and shorter wait times. Companies that use a virtual queue system can also accommodate more clients. Virtual queuing systems provide for improved management of airport passenger traffic. This helps to avoid overcrowding and ensures better transitions between activities like check-in, security checks, and boarding.
Virtual Queue Management System Market Overview
Virtual queuing solutions minimize or eliminate physical queues, ensuring customers spend less time waiting in line. Virtual queues provide real-time updates, keeping customers informed about their position and enhancing their overall experience. Virtual queue management solution reduces additional labor costs and ensures that resources are deployed effectively. Virtual queue management systems also benefit you by allowing one to intelligently direct a customer to the right queue based on their service needs. If a customer chooses the wrong queue by mistake, one can quickly alter it for them.
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Virtual Queue Management System Market: Strategic Insights
Market Size Value in US$ 287.37 million in 2021 Market Size Value by US$ 436.00 Million by 2028 Growth rate CAGR of 6.1% from 2021-2028 Forecast Period 2021-2028 Base Year 2021
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Virtual Queue Management System Market: Strategic Insights
| Market Size Value in | US$ 287.37 million in 2021 |
| Market Size Value by | US$ 436.00 Million by 2028 |
| Growth rate | CAGR of 6.1% from 2021-2028 |
| Forecast Period | 2021-2028 |
| Base Year | 2021 |
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Virtual Queue Management System Market Drivers and Opportunities
Increasing Need to Manage Customer Traffic to Favor Market
Monitoring consumer traffic is critical to a business's performance. Traffic analysis tracks client actions and habits while also interpreting their meaning. Monitoring consumer traffic has several advantages. In terms of security, tracking customer activity and identifying a location's most frequented sections can assist in preventing certain areas from being overrun. Furthermore, traffic monitoring can ensure that these locations are secure and that the incorrect persons do not gain access. Traffic monitoring can be used in a variety of businesses, including financial institutions, retail shops, hospitals, government buildings, office buildings, campuses, warehouses, and many more. Monitoring consumer traffic also helps to ensure that a shopping experience or admission into a secure facility is not unduly delayed due to excessive lines. The ensuing data from monitoring activities enables business owners to gain a solid grasp of which areas are the most popular, which they can then use to their advantage and prepare appropriately. Thus, increasing need to manage customer traffic, driving the growth of the market.
The Advent of AI and Analytics.
As retailers increasingly adopt omnichannel strategies, AI queue management technologies play an important role in connecting online and physical interactions. Customers can use a store's app to see real-time queue lengths, allowing them to decide whether to attend or reserve a slot to avoid waiting. This seamless integration increases consumer happiness and loyalty. Further, AI can be used to estimate consumer wait times in a queue. Customers may see how long they will have to wait for service in real-time. This allows customers to plan their trips and avoid excessive queues, potentially deciding to return later when it is less busy. If this information is provided online, they can choose to arrive when the wait is at its shortest. This will also benefit the business by smoothing demand and making better use of resources. AI can help prioritize clients in a wait. This means that clients with urgent demands, such as those who need to make a bank deposit by a specific time or who are running late for their trip, might be served ahead of those with less pressing needs. This can help to ensure that no one has a terrible outcome and cannot be served.
Virtual Queue Management System Market Report Segmentation Analysis
Key segments that contributed to the derivation of the virtual queue management system market analysis are component, platform, and end user.
- Based on components, the virtual queue management system market is segmented into solutions and services.
- By platform, the market is segmented into web-based, kiosk-based, and mobile-based.
- By organization size, the market is segmented into small & medium enterprises and large enterprises.
- In terms of end-users, the market is segmented into retail, hospitals & clinics, airports, museums & libraries, and others.
Virtual Queue Management System Market Share Analysis by Geography
The geographic scope of the virtual queue management system market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America. North America is a technologically advanced region. The region is increasingly adopting various digital solutions. Further, the presence of IT giants drives the growth of the market. The virtual queue procedure fundamentally alters how individuals wait in line, dramatically increasing the consumer experience. Customers may check in from any place on their phone, view wait times, and contact service members without having to engage in person, due to which the adoption of virtual queue management is growing.
Virtual Queue Management System Market Report Scope
Virtual Queue Management System Market News and Recent Developments
The virtual 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 virtual queue management system market are listed below:
- Qtrac by Lavi Industries, the provider of virtual queue management and appointment scheduling systems, today announced the availability of its Qtrac NextGen Platform. The latest edition of Qtrac's queue management system provides enterprises with an improved enterprise platform that is scalable, secure, and comprehensive. It generates new revenue streams by combining powerful business information and digital marketing skills, allowing firms to improve the customer experience while also increasing staff engagement and productivity. (Source: Qtrac, November 2021)
- Monta launches a virtual queuing system for EV charging. The new smart queue' function allows drivers to join virtual queues at one or more charging stations and receive fast notifications when a Chargepoint becomes available, to lower the likelihood of vehicles running out of juice when traveling long distances. (Source: Monta, October 2021)
Virtual Queue Management System Market Report Coverage and Deliverables
The “Virtual Queue Management System Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Virtual queue management system market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Virtual queue management system market trends as well as market dynamics such as drivers, restraints, and key opportunities
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- Virtual queue management system market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the virtual queue management system market
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Component , Platform , Organization Size , and End-User
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
North America region dominated the virtual queue management system market in 2023.
The increasing need to manage customer traffic is the major factors that propel the global virtual queue management system market.
Growing cloud-based solutions across enterprises to play a significant role in the global virtual queue management system market in the coming years.
The leading players operating in the global virtual queue management system market are Accesso Technology Group, plc, Advantech Co. Ltd., AKIS Technologies, eGlobe IT Solutions, Lavi Industries, Ombori, Queue-it, Qmatic, SEDCO, and Hague Australia.
The global virtual queue management system market is expected to reach US$ 512.5 million by 2031.
The market is expected to register a CAGR of 6.3% during 2023–2031.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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