Pune, India., Oct. 26, 2023 (GLOBE NEWSWIRE) -- According to a new report on “Virtual Queue Management System Market Size and Forecast (2021–2028), Global and Regional Share, Trends, and Growth Opportunity Analysis – by Component (Solution and Services), Platform (Web-Based, Kiosk Based, and Mobile Based), Organization Size (Small & Medium Enterprises and Large Enterprises), End-User (Retail, Hospitals & Clinics, Airports, Museums & Libraries, and Others), and Geography” the market in terms of revenue was estimated to be worth $287.37 million in 2021 and is poised to reach $436.00 million by 2028, growing at a CAGR of 6.1% from 2021 to 2028.
The growth of the virtual queue management system market is driven by increasing emphasis on customer service across major industry verticals and growing penetration of digitalization. However, accentuating growth of cloud platform-based solutions across enterprises is emerging as a future trend in the industry.
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Global Virtual Queue Management System Market Scope:
| Report Coverage | Details |
| Market Size Value in | USD 287.37 Million in 2021 |
| Market Size Value by | USD 436.00 Million by 2028 |
| Growth rate | CAGR of 6.1% from 2021 to 2028 |
| Forecast Period | 2021-2028 |
| Base Year | 2021 |
| Segments covered | Component, Organization Size, End User, and Geography. |
| Regional scope | North America, Europe, Asia Pacific, Middle East & Africa, South & Central America. |
| Country scope | Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States |
| Report coverage | Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends |
Increasing Emphasis on Customer Service Across Major Industry Verticals to Boost Global Virtual Queue Management System Market Growth:
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 smartphone, 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, improve staff efficiency and service quality, and better customer flow management, which will subsequently lead 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.
With the increase in processing capability of microprocessors and affordable prices of the internet, coupled with the decrease in prices of digital devices such as smartphones, tablets, and personal computers, the digitalization of various operations and processes has gained significant traction over the last decades, especially in emerging economies of Asia Pacific. Small- and medium-sized enterprises across the world are investing significantly to improve their business operations with the help of digitalization, as it helps in creating a digital presence and new contact channels, improving decision-making capabilities, and streamlining communication and collaboration, while increasing efficiency and productivity. Moreover, as digitalization is paving the way for the creation of new economic sectors, governments across the globe are implementing initiatives such as Digital India, Saudi Arabia Vision 2030, US Digital Government Strategy, The European Digital Strategy introduced by European Union, and MyDIGITAL initiative by the Malaysian government, to boost digitalization. Thus, with the increasing digital transformations of various enterprises and government processes worldwide, along with the growing adoption of digital devices by the masses, the virtual queue management system market is growing at a significant pace.
Global Virtual Queue Management System Market: Segmental Overview
The global 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).
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Based on component, the virtual queue management system market is segmented into solution and services. The solution segment led the virtual queue management system market in 2020. The solution is developed and deployed according to the end-user requirement and regular software updates are provided by the market players to the end users. The solution can also be integrated with the in-house CRM of the end users. Furthermore, these solutions are powered by advanced analytics and reporting tools, which allow the end users to map their service operations accordingly. Thus, with the increasing need for optimizing the customer handling operation the virtual queue management system market is experiencing significant growth.
Global Virtual Queue Management System Market: Competitive Landscape
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 that are profiled during this market study. In addition to these players, several other essential market players were also studied and analyzed to get a holistic view of the global virtual queue management system market and its ecosystem.
Recent Developments:
- In 2021: Boston Logan International Airport teamed with accesso Technology Group plc to pilot a virtual security line. This is accesso's first venture into the airline business, and it establishes Boston Logan International Airport as a leader in the deployment of technology that is proven critical to improving customer safety, trust, and loyalty while following the pandemic-related regulations.
- In 2021: British Airways and Qmatic have launched a new relationship. The airline will pilot a Qmatic solution for three months at Heathrow Terminal 5 (the airline's home hub in London), which allows customers to queue digitally at check-in by booking a virtual queue slot — before even arriving at the airport.
- In 2020: 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.
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