The outlook for the global real-time store monitoring platform market remains positive, as Future Market Insights forecasts it will exceed a value of $1.09 billion in 2021.
Increasing adoption of artificial intelligence and machine learning technologies for store management operations will remain a major growth driver. The growing adoption of digital technologies to improve workflows and drive transformation in the retail industry will drive demand over the next few years.
With the growing preference for online shopping, industry players are adopting digital technologies and methods to understand consumer behavior patterns. To maintain a competitive edge, end users are adopting real-time store monitoring platforms. Against this backdrop, FMI expects the demand for real-time store monitoring services to grow exponentially. According to the report, the sector will witness remarkable growth at a CAGR of 20.3% during the evaluation period.
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The market will witness remarkable growth in response to the growing demand for automation and operational digitization by small and medium-sized enterprises (SMEs) and large enterprises. Research shows that real-time store monitoring platform sales will continue to grow at an impressive rate between 2021 and 2031.
Adoption of real-time store monitoring platforms has spurred as consumers continue to shop on e-commerce online platforms after the outbreak of COVID-19. Supply chains are witnessing dramatic changes in consumer buying patterns as the pandemic has directly impacted the retail industry. To keep up with dynamic trends, businesses rely heavily on real-time store monitoring platform services and solutions to understand consumer behavior and patterns.
Based on these factors, the global real-time store monitoring platform market is projected to expand at an impressive CAGR of 17.7% by 2031.
“We will accelerate sales by combining artificial intelligence and machine learning with real-time store monitoring platform solutions and services. The growing need to improve workflows and analyze consumer behavior within the retail industry will encourage investment in real-time store monitoring platforms,” said Future Market Insights analyst.
Highlights of Real-Time Store Monitoring Platform Market Research
- In terms of application, campaign management will be the fastest growing sector, with growth at an impressive 20.3% CAGR.
- In terms of value, the services sector will gain momentum due to increased demand from the retail industry expanding by 20.3%.
- Store merchandising analysis will maintain a market share of over 32.5% during the evaluation period.
- The large retail segment will contribute the largest revenue, accounting for more than 76.7% of the global market share.
- The US remains one of the most attractive markets, accounting for more than 78.4% of market revenues by 2031.
- Demand for real-time store monitoring platforms in the UK will grow at an almost 24.9% CAGR over the forecast period.
- Growing investments in digital innovation and connectivity across China will spur sales of real-time store monitoring platform solutions and services.
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Main driver
- The growing demand to improve operational efficiency and security in various end-use fields such as logistics, retail and others will drive demand.
- Growing demand from retailers and industrial giants like Amazon will boost adoption.
- The integration of bug data science with the Internet of thinking will further drive adoption of real-time store monitoring platforms.
- Increased demand for automated supply chain processes and faster access to inventory will drive revenue.
Major limitations
- Expensive installation and maintenance can hinder real-time store monitoring platform market growth
- Data theft and privacy risks hinder the adoption of real-time store monitoring platforms.
- System incompatibility and lack of awareness of the RTSM platform may dampen demand
Competitive landscape
Major players are focusing on partnering with other manufacturers to expand their existing product portfolios. Product innovation and strategic partnerships are other key strategies adopted by major players to consolidate their dominance in the industry.
For example, in May 2020, Stanley Healthcare, as the first certified partner focused on healthcare, merged with Cisco DNA Spaces to enable hospitals to cost-effectively deploy a wide range of real-time location systems platforms. AeroScout, the first integrated and certified real-time location system, provides enterprise-wide visibility into locations and assets in healthcare environments.
In February 2021, Capgemini, Sharp End and Drum Labs announced a collaboration with Cornershop Open to provide curated services based on real-time data gathered from in-depth real-time monitoring systems and statistics.
The key players operating in the Real-time Store Monitoring Platform market profiled by Future Market Insights are:
- SAP SE
- Cap Gemini SE
- Cloudera Co., Ltd.
- happy heart
- retail next
- 보쉬 Security Systems GmbH
- shopper track
- Q Logic Technologies
- Simply Field
- Seasense Co., Ltd.
- Experion Kft.
- link analysis
- intelligence
- Cancer Restriction
- Manthan Software Services Pvt. Corporation
- capillary technology
- Other
A more valuable insight into the market
Future Market Insights provides an unbiased analysis of the real-time store monitoring platform market, providing historical demand data (2016-2020) and forecast statistics for the period 2021-2031. The study provides powerful insights into the global Real-time Store Monitoring Platform market with detailed segmentation based on:
My solution:
- platform
- cloud-based
- on premise
- service
- professional service
- Retail Consulting and Advisory
- Support and maintenance
- implementation service
- management service
By application:
- In-store customer behavior analysis
- Campaign Management
- Store merchandising analysis
- store inventory management
- shelf management
- Product differentiation and management
- Other
- Other
End users:
- small business
- large retail store
By region:
- North America
- Latin America
- Europe
- East Asia
- South Asia and Pacific
- Middle East and Africa (MEA)
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Table of Content
- Executive Summary
1.1. Global Market Outlook
1.2. Demand Side Trends
1.3. Supply Side Trends
1.4. Technology Roadmap
1.5. Analysis and Recommendations
- Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
- Key Market Trends
To be Continue….
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The post The demand outlook for real-time store monitoring platforms is still favourable, with growth anticipated to progress at a CAGR of 17.7 percent between 2021 and 2031 as opposed to 15.5 percent CAGR recorded between 2016 and 2020 appeared first on Future Market Insights.
