Queue Management System Market Growth Opportunities and Forecast by 2031

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.

Queue Management System Market Analysis

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.

Queue Management System Market Overview

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.

Queue Management System Market: Strategic Insights

Queue Management System Market Drivers and Opportunities

Growing Need for Enhanced Customer Experience

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.

Growth of Small and Medium Enterprises

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.

Queue Management System Market Report Segmentation Analysis

Key segments that contributed to the derivation of the queue management system market analysis are type, component, and application.

• Based on type, the queue management system market is bifurcated into virtual queuing and linear queuing. The virtual queuing segment dominated the market in 2023.
• Based on component, the queue management system market is divided into solution and services. The solution segment held a larger share of the market in 2023.
• In terms of application, the queue management system market is categorized into BFSI, hospitals, retail outlets, restaurants, utility service providers and airports, government offices, and others. The retail outlets segment dominated the market in 2023.

Queue Management System Market Share Analysis by Geography

• The queue management system market is segmented into five major regions: North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South & Central America. North America dominated the market in 2023, followed by Europe and APAC.
• North America dominated the queue management system market, followed by Europe and Asia Pacific. The dominance of the market in North America majorly pertains to the existence of numerous end-user industries. The development of the queue management system market in North America is driven by the rising usage in the healthcare, aviation, and retail industries. The investment in the healthcare industry to adopt advanced technologies is rapidly growing across the region. According to JAHANI AND ASSOCIATES LLC, in 2022, the healthcare sector in the US observed an increase in capital market activities due to the impact of the COVID-19 pandemic. The healthcare industry received an investment of US$ 110 billion for the development of technology to improve healthcare services. Moreover, approximately 45% of the transactions in the healthcare industry were merger and acquisition (M&A) deals, which were performed by companies to develop the existing technology. The expansion of the healthcare industry owing to an increased number of patients visiting hospitals is fueling the market growth across the region. In addition, North America has a higher concentration of queue management system hardware manufacturers and software developers, which enables the end users to procure the systems from a variety of providers. Further, the queue management system market in Canada and Mexico is also gaining popularity rapidly, as the number of system providers as well as end users is constantly increasing. Thus, the rising procurement rate is propelling the queue management system market in North America.

Queue Management System Market Regional Insights

The regional trends and factors influencing the Queue Management System Market throughout the forecast period have been thoroughly explained by the analysts at The 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.

Queue Management System Market Report Scope

Queue Management System Market Players Density: Understanding Its Impact on Business Dynamics

The Queue Management System 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.

Queue Management System Market News and Recent Developments

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:

• Advantech has announced its acquisition of Aures Technologies SA, a French company renowned for its POS and KIOSK brands. This strategic move aims to strengthen Advantech's global coverage in smart retail products and services, advancing its position among leading smart retail solution providers worldwide. (Source: Advantech, Press Release, April 2024)
• Wavetec announced the expansion of its partnership with the Bank of Punjab. The bank installed a remarkable 300 Queue Management Systems (QMS) across its branches. (Source: Wavetec, Press Release, June 2024)

Queue Management System Market Report Coverage and Deliverables

The "Queue Management System Market Size and Forecast (2021–2031)" provides a detailed analysis of the market covering the areas mentioned below:

• Queue management system market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
• Queue management system market trends as well as market dynamics such as drivers, restraints, and key opportunities
• Detailed PEST and SWOT analysis
• 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 queue management system market
• Detailed company profiles