London, UK -- (SBWIRE) -- 12/01/2021 -- The Queue Management System Market is expected to reach USD 932.0 Million by 2028 from USD 603.5 Million in 2020, at a CAGR of 5.77% from 2021 to 2028. The market size for North America was USD 213.9 Million in 2010. The North American market is witnessing strong growth owing to the rise in the adoption of advanced digital technologies, and the development of the growing deployment of such solutions across various government organizations and retail and consumer goods enterprises. Moreover, due to the presence of a number of queue management system companies offering comprehensive solutions to enterprises, the North American market holds the highest share. The U.S. Queue Management System market is anticipated to account for the major share of the market, due to the rise in the Retail & Healthcare Sector. Moreover, high investment in the technological adoption in the Utility and Airport services vertical in the U.S. and Canada is expected to increase the market during the forecast period.

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By Component Type:
1. Solution
2. Services

By End-User Type:
1. BFSI
2. Hospitals
3. Retail Outlets
4. Utility Service Providers and Airports
5. Restaurants
6. Government Offices
7. Others

By Product Type:
1. Virtual Queuing
2. Linear Queuing

A queue management system is an integrated framework that includes various modules designed to accommodate and execute customer demands effectively. The platform intelligently guides the user to a suitable sequence in order to eliminate any mess and increase productivity. It is also known as a token management system or ticketing system. The global queue management system market includes several application segments such as healthcare, hospitality, retail, and others.

The queue management system market is driven by the growing focus on customer satisfaction and increasing investment across industry verticals. Also, since it is a cost-effective form of managing queues, its demand is being significantly increased. However, limited awareness about queue management solutions is a major factor that is expected to restrain the market growth.

Increasing demand for Queue Management systems in the healthcare industry is one of the major factors expected to fuel the market. There have been significant developments around Queue Management System, such as the development of cloud-based service. The surge in social distancing norms and awareness, increase in productivity at an institute level, rise in popularity of the software, and development of the advanced integrated systems are also fueling the market demand in recent years.

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By Component Type:
A Solution segment can be further divided into platform and software. A system that is used to organize, control and analyze queues is called queue management software. These solutions can be used to improve service efficiency, and increase revenues. QMS manufacturers build solutions for diverse industries, giving them the opportunity to adapt smoothly and transform service areas for success. However, for the more complex requirements companies offer the possibility to pick and choose among modules, thereby tailoring a system to perfectly suit business needs.

The services segment includes managed services and professional services. Further, the professional segment can be segmented into consulting, system integration and implementation, and support & maintenance. The service segment is expected to grow at a higher CAGR owing to the complexity of operations and the rise in deployment of queue management system software.

By Product Type:
Virtual queuing is when an inbound contact center allows a caller to hang up rather than making them wait on hold. The system places the customer in a queue, and an agent calls them when they are free. The virtual queuing segment is expected to grow at a higher CAGR during the forecast period.

Linear queuing is the oldest and most common way to manage queues and waiting. Linear Queuing is basically a ticketless queue management system designed for first come first serve bases. Linear queuing systems require very little maintenance and operational cost. In a linear queue, the time wasted between services is minimized, leading to high throughput of customers and high productivity for the service provider.

By End-User:
Queue management systems for banks, financial services, and insurance (BFSI) help to create an unmatched customer experience. These systems simplify their current processes and make them relevant for customers and once this is done, they automate it. Banks and Insurance often struggle with unmanaged queues that frustrate their customers greatly.

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Regional Analysis:
The European region holds 27% of the market share with a CAGR of 4.65%. European nations are the most developed region across the globe, as almost all large enterprises are located in this region. Rising demand from major countries such as UK, Germany, and France, where the population is growing at a higher pace. Moreover, due to the presence of established software service providers across the developed regions and with the continued increase in the demand for Queue Management systems from end-use industries and inclination towards adoption of the latest technology in on-premises as well cloud-based service providers.

The Asia Pacific Queue Management System market is expected to continue to grow fastest in the coming years. The Asia Pacific especially China has witnessed a major shift in the last 20 years making China, an attractive marketplace both at the product and at the service level. The Chinese Market was valued at USD 43.3 Million in 2020. With the Queue Management System market witnessing major transitions in terms of technological advancements, product & service enhancements, and the growing investments in the Hospital industry, the market poses a lucrative option in the coming years. The surge in population and rise in demand for better operational methods are expected to provide lucrative opportunities for the Queue Management System market during the forecasted period in the Asia Pacific region.

Competitive Analysis:
Key Companies Profiled in the report are Advantech Co. Ltd, Qmatic, Qminder Limited, Q-nomy Inc., Seehash Softwares Pvt. Ltd., Skiplino, Wavetec, XIPHIAS Software Technologies Pvt. Ltd., Aurionpro Solutions Limited, SEDCO. The key players adopted strategies such as strong new product launches along with strategies such as partnership & collaboration to increase its market share and increase global penetration. Further, the significantly rising usage of Queue Management System in the healthcare and retail sector is the main factor behind the growth of the global Queue Management System market over the forecasted period.

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