Report : 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)
According to the latest research report titled “Virtual Queue Management System Market Forecast to 2028 – COVID-19 Impact and Global Analysis,” published by The Insight Partners, the market is expected to reach US$ 436.00 million by 2028, registering a CAGR of 6.1% during 2021–2028.
A virtual queue allows businesses to create online waiting lines, which allows customers to get assistance without having to wait in real queues. In contrast, a traditional queue tethers the customers to the specified site as they wait to checkout or seek assistance. Companies providing virtual waiting experience and customers using this service both profit from virtual queuing. Though consumers only see a smooth experience, the technology that supports these high-value simultaneous interactions must be improved. Further, the ongoing technological advancements are likely to enable front-line employees, shop managers, and corporate headquarters, among others, to assess and track important performance indicators such as wait times, staff service times, and service outcomes using suitable enterprise solutions. There is a continuous rise in the number of people visiting supermarkets and discount grocery stores, hospitals and clinics, and airports. This leads to crowded waiting rooms and long queues at these places, which can cause inconvenience for clients and, in turn, affects the business performance of the respective businesses. The adoption of virtual management systems is likely to help enterprises overcome these issues.
Impact of COVID-19 Pandemic on Virtual Queue Management System Market
The lockdown hindered the operations of various industries, including manufacturing and IT. However, essential industries such as fast-moving consumer goods (FMCG) and pharmaceuticals had to continue their operations. Several industries are aiming to implement a wide range of virtual queue management system solutions and services to support digital transformation programs that address mission-critical processes, optimize operations, and validate user identification. Organizations across the globe are adopting virtual queue management systems to implement social distancing and control large crowds. Thus, the outbreak of COVID-19 has positively affected the virtual queue management system market.
Key Findings of Study:
The virtual queue management system market has been segmented into five major regions—North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM). In 2020, North America held the largest share of the market. The region has been at the forefront of embracing the most recent technology breakthroughs such as mobile and cloud technologies along with virtual queue management solutions. It is also known for high GDP per capita, mass adoption of new technologies, and dynamic consumer behavior, all of which, encourage organizations in various industries to invest in the collection of insightful data for product developments, as well as in providing improved consumer experience. Several industries including retail, telecommunications, hotels, fast-moving consumer goods, and media, are implementing advanced techniques to improve customer experience, as well as overall product and service offerings.
Based on end user, the virtual queue management system market is segmented into retail, hospitals & clinics, airports, museums and libraries, and others. The others segment led the virtual queue management system market in 2020. Other applications of virtual queue management systems include telecom, government, BFSI, and education. The increasing focus on improving the customer experience, coupled with the growing need to optimize the resources at the adoption of advanced technologies, including virtual queue management systems. For instance, Airtel, a telecom operator with a presence in more than 16 countries across Asia and Africa, started using virtual queue management systems in more than 5,000 retail stores of the company, resulting in a 14% decrease in wait time and 40% increase in customer transactions. Thus, the virtual queue management system is experiencing significant traction, owing to an intent to streamline the customers' journey at retail outlets.