QSR market to grow at 6.5% CAGR by 2026
Oct 2, 2019
Globally, the QSR ecosystem market is growing at a compound annual growth rate of 6.5% according to a report from Stratistics Market Research Consulting Pvt. Ltd. that looked at the industry between 2017 and 2026 worldwide.
The research cites a growing demand for the industry to “reinvent” the QSR customer experience, along with higher demand for self service options and an overall improved awareness across the industry that consumers are the key driving factors for the market growth were identified as major trends in quick-service, according to an overview of the report.
The researchers also said increasing smart phone use for payment will provide “ample opportunities for market growth,” though factors booming costs for such automation for practical, everyday human use, is holding back market growth.
Since QSR brands typically do not include table service and other more labor-intensive demands, the research found that the overall prevalence of smartphone use, along with downloadable apps has contributed to an array of QSR POS innovations.
The research sees the overall market share of QSR hardware like kiosk and digital menu cards that offer streamlined service growing considerably over the time span evaluated. Related, the study found that North America will likely grow at a faster rate in the acquisition and use of such hardware due to more urban customers across the country.