Adoption of NFC Technology will Boost U.S. Quick Service Restaurant (QSR) Ecosystem Market

The quick service restaurant (QSR) ecosystem has revolutionized the hoteling and restaurant business with instant solutions that solve many problems. The system refers to a setup where orders are taken and payment is made in a prompt manner, with the delivery of food done in the shortest possible time. Changing consumer preferences due to the hectic pace of today’s digitalized life are forcing restaurants to be quicker in their service. The same spread of digitalization is bringing in unprecedented speed, accuracy, and clarity in transactions in the restaurant industry.

Adoption of New Technology to Boost QSR Ecosystem Market in the U.S.

The quick service restaurant ecosystem, especially in the U.S., is taking a fresh look at digital wallets, as the conventional mode of payments such as Visa, Mastercard, and EuroPay need the customers to put in their PIN for authenticating the payment, thus defeating the purpose of speedy transactions. According to a research from Chadwick Martin Bailey, restaurants will have to adopt the NFC model of payment with Google Wallet, Apple Pay, and such other services in order to serve customers faster. This will not only enhance the speed of the service, but will also enable restaurants to add loyalty features, just as these applications do, to retain customers. These rewards will motivate the customers to try out the new technology as well, thereby promoting the growth of the quick service restaurants ecosystem market in the U.S.

The quick service restaurant ecosystem market is segmented on the basis of components into the broad categories of software, hardware, and services. Some of the software used in the quick service restaurant ecosystem market consists of analytics software solutions (big data analytics) and billing solutions and management solutions. On the other hand, signage systems, drive through terminals, point of sales (POS), digital menu cards, handheld devices, and kiosks are some of the popular hardware types in this market. Services in the quick service restaurant ecosystem market are usually network security services or cloud-based services.

Kiosks and Billing and Management Solutions to be the Leading Sub-segments

The kiosks sub-segment is expected to grow at a rapid pace as the trend of self-service catches on in the restaurant industry. This sub-segment is estimated to grow at a high CAGR of 12.3% from 2013 to 2019. Furthermore, the billing and management solutions sub-segment will lead the quick service restaurant ecosystem market in the U.S., as restaurants are always in need of customized billing solutions. With these positive changes, the U.S. quick service restaurant (QSR) ecosystem market is expected to grow to a value of US$3.5 bn by 2019, according to leading market intelligence firm Transparency Market Research.

The key players developing software for the quick service restaurant ecosystem in the U.S. market are Cisco System Inc., LG Display Co. Ltd., Keywest Technology Inc., NEC Display Solutions Ltd., Nanonation, Inc., REDYREF Inc, Hewlett-Packard Company, Omnivex Corporation, Samsung Electronics Co. Ltd., and Panasonic Corporation.


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