Wilmington, Delaware, July 31, 2023 (GLOBE NEWSWIRE) -- According to a deep-dive market assessment by RationalStat, the global Virtual Queue Management System Market has been analyzed on the basis of market segments, including component, deployment mode, end user, and geography/regions (incl. North America, Latin America, Western Europe, Eastern Europe, Middle East & Africa, and Asia Pacific). The report also offers global and regional market sizing for the historical period of 2019-2022 and the forecast period of 2023-2028.
Global Virtual Queue Management System Market is estimated at US$ 720 million in 2022 and is expected to grow at a significant CAGR of over 6.3% over the forecast period of 2023-2028.
Market Scope and Report Overview
Market intelligence for the global Virtual Queue Management System Market covers market sizes on the basis of market value (US$/EUR Million) and volume (‘000 units) by various products/services/ equipment, demand assessment across the key regions, customer sentiments, price points, cost structures, margin analysis across the value chain, financial assessments, historical and forecast data, key developments across the industry, import-export data, trade overview, components market by leading companies, etc.
In addition, the long-term sector and products/services 10-year outlook and its implications on the global virtual queue management system market. It also includes the industry's current state – Production Levels, Capacity Utilization, Tech quotient, etc. Key information will be manufacturing capacity by country, installed base, import volumes, market size, key players, market size, dynamics, market data, insights, etc.
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Global Virtual Queue Management System Market: Segmental and Market Share Analysis
Based on components, the cloud-based segment is expected to be the fastest-growing segment of virtual queue management system market during the forecast period. As the numerous benefits of cloud-based solutions, they are shifting away from traditional on-premises IT infrastructure.
Based on organization size, with the aid of digitalization, the small and medium-sized business sector is investing heavily to enhance corporate operations since it enables the development of new channels for contracting and digital presence.
Based on end user, the virtual queue management system is segmented into retail, hospitality and banking, healthcare, and others. The retail category is anticipated to develop at the highest rate throughout the forecast period, while the others segment is predicted to lead the market in 2020.
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Macroeconomic Scenario and the Impact of COVID-19 on Regional Economic Sentiment
In the latest RationalStat analysis, geopolitical conflicts and inflation are the cited economic risks, while concerns about the volatility across energy sectors prevail in Europe and other parts of the world. Some of the potential risks to the economic growth in the leading regions, including Asia Pacific, Europe, North America, the Middle East & Africa, and other developing regions, are inflation, volatile energy prices, supply chain disruptions, geopolitical instability, labor shortages, rising interest rates, and COVID-19 pandemic.
The global economy experienced heavy headwinds, throughout 2019-2021, as some countries witnessed subdued growth, while other countries continued to grapple with economic slowdowns. The COVID-19 pandemic has levied undue pressure across the majority of industries globally and has caused a major economic crisis in the US, India, Italy, the UK, Germany, India, Japan, South Korea, the UK, and many others. Besides, the exit of the UK from the European Union earlier in 2020 and the Russo-Ukraine war in 2022 exacerbated the ever-heightened global uncertainty.
In addition to this, the global economic growth slowed in 2022 to 3.3%, weaker than expected at the end of 2021, mainly weighed down by Russia’s war in Ukraine and the associated cost-of-living crisis in many countries. However, improvement in economic activities during the forecast period is expected. Growth is projected to remain at lower rates in 2023 and 2024, at 2.6% and 2.9% respectively.
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Key Players and Competition Overview
These players adopt various strategies in order to reinforce their market share and gain a competitive edge over other competitors in the virtual queue management system market. Mergers & acquisitions, partnerships and collaborations, and product launches are some of the strategies followed by industry players. Some of the key developments in the Global Virtual Queue Management System Market include,
- In 2021, Accesso Technology Group plc and Boston Logan International Airport collaborated to test a virtual security queue.
- This is accesso's first foray into the airline industry, and it positions Boston Logan International Airport as a pioneer in the adoption of technology that has been shown to be essential to enhancing consumer safety, trust, and loyalty while adhering to the regulations linked to the pandemic.
Some of the prominent players that contribute significantly to the Virtual Queue Management System market growth include Qless, Qmatic, Technical Projects Ltd, AgilQuest, Arban & Carosi, Enkon Systems, and Queue-it, among others. The market is segmented based on component, deployment mode, end-user, and geography.
Market Segmentation: Global Virtual Queue Management System Market Analysis
RationalStat has segmented the Global Virtual Queue Management System Market based on component, platform, organization size, end user and region.
- Global Virtual Queue Management System Market Value (US$ Million), Volume (‘000 units), and Market Share (2023-2028) Analysis by Component
- Solution
- Services
- Global Virtual Queue Management System Market Value (US$ Million), Volume (‘000 units), and Market Share (2023-2028) Analysis by Platform
- Web Based
- Kiosk Based
- Mobile Based
- Global Virtual Queue Management System Market Value (US$ Million), Volume (‘000 units), and Market Share (2023-2028) Analysis by Organization Size
- Small and Medium Enterprises
- Large Enterprises
- Global Virtual Queue Management System Market Value (US$ Million), Volume (‘000 units), and Market Share (2023-2028) Analysis by End User
- Retail
- Hospitals and Clinics
- Airports
- Museums and Libraries
- Others
- Global Virtual Queue Management System Market Value (US$ Million), Volume (‘000 units), and Market Share (2023-2028) Analysis by Region
- North America Virtual Queue Management System Market
- US
- Canada
- Latin America Virtual Queue Management System Market
- Brazil
- Mexico
- Rest of Latin America
- Western Europe Virtual Queue Management System Market
- Germany
- UK
- France
- Spain
- Italy
- Benelux
- Nordic
- Rest of Western Europe
- Eastern Europe Virtual Queue Management System Market
- Russia
- Poland
- Hungary
- Other CIS Countries
- Rest of Eastern Europe
- Asia Pacific Virtual Queue Management System Market
- China
- Japan
- India
- South Korea
- Australia
- ASEAN
- Indonesia
- Thailand
- Philippines
- Vietnam
- Malaysia
- Rest of ASEAN
- Rest of Asia Pacific
- Middle East & Africa Virtual Queue Management System Market
- GCC
- Saudi Arabia (KSA)
- United Arab Emirates (UAE)
- Rest of the GCC
- South Africa
- Nigeria
- Turkey
- Rest of the Middle East & Africa
- GCC
- North America Virtual Queue Management System Market
- Leading Companies and Market Players
- Qless,
- Qmatic,
- Technical Projects Ltd,
- AgilQuest,
- Arban & Carosi,
- Enkon Systems
- Queue-it
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Key Questions Answered in the Virtual Queue Management System Market Report:
- What will be the market value of the Global Virtual Queue Management System Market by 2028?
- What is the market size of the Global Virtual Queue Management System Market?
- What are the market drivers of the Global Virtual Queue Management System Market?
- What are the key trends in the Global Virtual Queue Management System Market?
- Which is the leading region in the Global Virtual Queue Management System Market?
- What are the major companies operating in the Global Virtual Queue Management System Market?
- What are the market shares by key segments in the Global Virtual Queue Management System Market?
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Research Methodology
RationalStat has developed a state-of-the-art research methodology to crunch numbers and provide the best possible real-time insights to clients. We combine a varied range of industry experience, data analytics, and experts’ viewpoint to create a research methodology for market sizing and forecasting.
RationalStat combines a mix of secondary sources as well as primary research to assess the market size and develop a forecast. Key steps involved in accurately deriving the market numbers are:
- Defining the problem by understanding the type of market and data required by the client.
- Data gathering and collection through relevant paid databases, publicly available sources, company reports, annual reports, surveys, and interviews.
- Formulating a hypothesis to create market numbers, forecasts, influencing factors, and their relevance.
- Evaluating and analyzing the data by referring to data sources utilized and leveraged.
- Validating, interpreting, and finalizing the data by combining the details gathered from primary and secondary sources with the help of experienced analysts.
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About RationalStat LLC
RationalStat is an end-to-end global market intelligence and consulting company that provides comprehensive market research reports, customized strategy, and consulting studies. The company has sales offices in India, Mexico, and the US to support global and diversified businesses. The company has over 80 consultants and industry experts, developing more than 850 market research and industry reports for its report store annually.
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