Virtual Queue Management System Market to Grow US$ 436.00 million, Globally, by 2028 at 6.1% CAGR, COVID-19 Impact and Global Analysis by The Insight Partners
NEW YORK, Sept. 8, 2021 /PRNewswire/ -- According to new research study on "Virtual Queue Management System Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Component, Platform, Organization Size, and End User," the market is projected to reach US$ 436.00 million by 2028 from US$ 287.37 million in 2021; it is estimated to grow at a CAGR of 6.1% from 2021 to 2028.
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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.
Irrespective of the surge in the number of COVID-19 cases and the shutdown of business operations for months, manufacturers had to continue the production of essential products, resuming it earlier than other businesses. However, since the travel activities were closed and theme parks and public places such as offices and corporate buildings were shut down, the virtual queue management system market was heavily impacted. However, the pandemic brought a lot of positives for the virtual queue management system market as many government offices, banks, healthcare organizations, and other public places started using this technology to implement social distancing laws and improve public safety. For instance, 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.
Increasing Emphasis on Customer Service Across Major Industry Verticals to Boost 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.
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Virtual Queue Management System market: Component Overview
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.
Virtual Queue Management System Market: Competitive Landscape and Key Developments
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.
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.
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