Integration of artificial intelligence (AI) and machine learning (ML) technologies for store management operations and increasing implementation of Internet of Things (IoT) technologies are expected to propel the growth of real time store monitoring platform market. According to newly released data from Future Market Insights (FMI), the market will grow at a CAGR of 17.7% from 2021-2031, reaching a valuation of US$ 1,093.4 Mn for 2021.
The growing need to automate supply chain processes, enable faster access to inventory and improve overall operational efficiency are encouraging the adoption of predictive maintenance, augmented reality, automated counting and more.
IoT-enabled inventory management capitalize on web, analytics, and wireless technologies to combine traditional solutions, processes, assets, and workflows into solutions to offer centralized consolidated tracking and monitoring system.
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These systems provide remote access and device connectivity with superior scalability and effective IT-OT integrations. Adoption of end-to-end IoT ecosystems for inventory location and monitoring is a major trend in the real time store monitoring platform market in the region.
Real time store monitoring platforms enable retailers to gather data about in-store foot traffic and shopping behavior of their customers, based on location-based tracking of mobile Wi-Fi and Bluetooth Low Energy (BLE) signals.
Incorporating Wi-Fi and BLE analytics help retailers to communicate with customers and helping them find what they need in a store. This information helps retailers to measure store performance.
Key Takeaways: Real Time Store Monitoring Platforms
- Store merchandising analysis is estimated to hold a market share of 29.6% by the end of 2021. However, campaign management will witness a CAGR of 20.3%.
- Services are expected to register high growth throughout the forecast period, expanding at a CAGR of 20.3% through 2031.
- Germany holds over 34% of the Europe market, driven by high investments in advanced technologies and stringent government rules on end user verticals.
- Canada is a high potential market in North America, which will account for more than 20% of the regional market by 2031, supported by investments into small and medium scale enterprises.
- China dominates East Asia, and will account for over 57% of the region’s value share on the back of a vast consumer base.
“With rising adoption of AI and ML, an increasing number of small and medium scale retail enterprises are expected to rely on real time store monitoring platforms to analyze consumer behavior,” says the FMI analyst.
COVID-19 Impact Analysis on Real Time Store Monitoring Platforms
The COVID-19 pandemic has had a significant impact on nearly all aspects of the global economy. Restricted connectivity during the lockdown was one of the key challenges. Besides this, supply-chain, exchange and transfer of essential goods and services and the distribution of various commodities have been affected.
The unprecedented pandemic outbreak exposed vulnerabilities of the retail sector. Against this backdrop, some of the leading retailers across the world are investing in latest technologies, which will help them navigate through unforeseen challenges in the near future.
The change in e-commerce, click and collect, and contact-less delivery options have altered consumer behavior permanently, creating a new retail environment. Dynamic supply chain operations that observe, analyze, predicts, and adapts to changing requirements are more critical than ever.
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Who is Winning?
Leading players in the real time store monitoring platform market are focusing on strategic collaborations and product development endeavors, keeping up with an expanding consumer pool of large- and small-scale retailers.
Some of the prominent players in the market include SAP SE, Capgemini SE, Cloudera, Inc., Happiest Minds, RetailNext, Inc., Bosch Sicherheitssysteme GmbH, ShopperTraK, QLogik Technologies, Inc., SimpliField, Sisense Inc., Xperion Kft., Link Analytix, IntelliVision, Arm Limited, Manthan Software Services Pvt. Ltd., and Capillary Technologies.
More Valuable Insights on Real Time Store Monitoring
FMI’s report on the real time store monitoring is segmented into four major sections such as real time store monitoring by solution (real-time store monitoring platform( cloud-based and on-premises) and services (professional services(retail consulting & advisory, support & maintenance, implementation services and managed services)), application (in-store customer behavior analysis, campaign management, store merchandising analysis, store inventory management(shelf management, product differentiation & management, and others), and others), end user (small & mid-sized retailers and large retailers), and region (North America, Latin America, Europe, East Asia, South Asia & Pacific, Middle East & Africa) to help readers understand and lucrative evaluate opportunities in the real time store monitoring market.
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