Virtual Queue Management System Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Component (Solution and Services), Platform (Web-Based, Kiosk Based, and Mobile Based), Organization Size (Small & Medium Enterprises and Large Enterprises), and End-User (Retail, Hospitals & Clinics, Airports, Museums & Libraries, and Others)
The virtual queue management system market is expected to grow from US$ 276.82 million in 2020 to US$ 436.00 million by 2028; it is estimated to grow at a CAGR of 6.1% from 2021 to 2028.
With the increasing competition across various industries, organizations are emphasizing massively on customer retention to stay competitive in the marketplace. Lately, customer service has gained significant importance and investment in various advanced technologies, including virtual queue management solutions, to streamline the customer service processes to enhance the overall customer experience. The virtual queue management solutions are powered by features such as online appointment booking, virtual queuing via smartphones, customer feedback surveys, and real-time monitoring. Using such solutions, the customers are placed in a virtual waiting queue to place their service order/request using digital devices such as smartphones or personal computers, while eliminating the need of waiting in physical queues. By using virtual queue management solutions, organizations can reduce waiting periods, streamline communication, and improve staff efficiency and service quality, and better customer flow management, which subsequently leads to improved customer satisfaction. Samsung, Nike, NHS, Tesco, NatWest, Walmart, Tickets.com, and Five Guys are among the well-known organizations that have significantly invested in virtual queue management solutions. Thus, the increasing importance of customer service in the modern-day marketplace is driving the virtual queue management system market.
The virtual queue management system market is segmented based on component, platform, organization size, end user, and geography. Based on component, the market is segmented into solutions and services. Based on platform, the virtual queue management system market is segmented into web based, kiosk based, and mobile based. Based on organization size, the market is segmented into small and medium enterprises and large enterprises. Based on end user, the virtual queue management system market is segmented into retail, hospitals and clinics, airports, museums and libraries, and others. In terms of geography, the virtual queue management system market is segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM). In 2020, North America held the largest share, followed by Europe and APAC. Furthermore, APAC is expected to register the highest CAGR in the market from 2021 to 2028.
The European region witnessed a varying impact of the COVID-19 pandemic across its economically diverse countries. For instance, countries such as Germany, the UK, the Netherlands, and France imposed stringent government restrictions and closed their borders to curb the virus spread. Additionally, countries such as Italy, Russia, and Spain witnessed a significant surge in cases, which led them to shut down business and manufacturing operations for a few months. However, numerous European countries witnessed swift recovery from quarter 4 of 2020. Irrespective of the surge in the number of COVID-19 cases and the shutdown of business operations for months, manufacturers had to continue the production of essential products, resuming it earlier than other businesses. However, since the travel activities were closed and theme parks and public places such as offices and corporate buildings were shut down, the virtual queue management system market was heavily impacted. However, the pandemic brought a lot of positives for the virtual queue management system market as many government offices, banks, healthcare organizations, and other public places started using this technology to implement social distancing laws and improve public safety. For instance, in 36 branches in Bosnia and Herzegovina, Raiffeisen Bank has officially deployed SEDCO's full client visit management technology. Raiffeisen is taking this step to become a smart branch, with the ability to monitor the performance of all branches from the head office. In addition, British Airways and Qmatic have formed a new partnership. For three months, the airline will test a Qmatic solution at Heathrow Terminal 5 (its home hub in London), which allows customers to queue digitally at check-in by buying a virtual queue spot - before even arriving at the airport. Also, companies operating in the region such as Akis Technologies are implementing new marketing strategies to offer their queue management solutions across Europe.
The overall virtual queue management system market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. The process also serves the purpose of obtaining an overview and forecast for the virtual queue management system market with respect to all the segments pertaining to the region. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic. The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders, specializing in the virtual queue management system market. accesso Technology Group, plc; Advantech Co. Ltd.; AKIS Technologies; eGlobe IT Solutions; Lavi Industries; Ombori; Queue-it; Qmatic; SEDCO; and Hague Australia are among the key players operating in the market.
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