Rapid urbanization and the growth of digital devices has pushed the world to its limits. The increasing use of digital devices and services has been a relief to many industries. One of the industries that have been massively affected by the growth of technology is the restaurant businesses. From discover of new restaurants to making the customer experience more delightful, technology plays the chief role in every aspect of human life.
The global quick-service restaurant (QSR) IT industry represents some great signs of growth. With digital menus, handheld devices, and the Point of Sales (POS) solutions, the industry has come a long way. These services help restaurants serve better to the end-users without burning a hole in the pocket.
The global quick-service restaurant (QSR) IT industry hit a major milestone in the year 2018, and the industry is flourishing at some astounding rates. The compound annual growth rate of the industry is expected to be around xx percent. By the year 2025, the industry is expected to hit a major milestone.
Key companies in the industry
The global quick-service restaurants (QSR) IT industry is characterized by some of the major players. Some of the leading companies in the space include names like AbcomPvt Ltd, Cognizant, Oracle Corporation, PAR Technology Corporation, and others.
The global quick-service restaurant (QSR) IT industry can be further divided and subdivided in several categories. Based on the type, the industry can be divided into hardware, software, and service.
On the other hand, based on the application, the industry can be divided into restaurant operations, inventory management, and franchise management. The industry is developing rapidly with startups making some disruptive innovation in recent years.
Factors affecting the growth prospects
There is a slew of factors that affect the growth prospects of the quick service restaurants (QSR) IT industry. The software has been one of the most rapidly expanding sectors.
Smartphone and desktops being an essential part of the industry allow business owners to keep track of their expenses, collect feedbacks, display digital menus, book orders, and services with just a click, and home delivery some delicious food.
On the other hand, the hardware innovation helps businesses to prepare bills, keep track of the inventory and in some cases delivery food through robots and drones. The applications are endless and hence, so are the opportunities.
However, the lack of skilled labor and hefty pricing can be a major drawback for the industry. The quick-service restaurants (QSR) IT industry is flourishing at astounding rates and has attracted leading innovators to make a significant contribution to the sector.
The quick-service restaurants (QSR) IT industry has limited regional influence with low penetration rates. Countries all over the world have been cautious about the job loses that the industry can havoc. However, the change is imminent, with companies having a global presence in developed regions like the United States and Europe.
The Asia Pacific region also shows some great signs of growth, but the fear of job losses and the heavy investment has prevented the industry flourish in the region. India and China lead the race and may see major growth in the next few years.
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