The global real-time store monitoring (RTSM) platform market outlook remains positive with Future Market Insights projects it to surpass a valuation of US$ 1.09 Bn in 2021.
Increasing adoption of artificial intelligence and machine learning technologies for store management operations will remain a key growth driver. Growing adoption of digital technology to improve the workflow and facilitate the transformation of retail industry will fuel the demand over the coming years. With increasing preference of online shopping, industry players are adopting digital technologies and methods to understand the pattern of consumer behavior. To sustain a competitive edge, end-users are adopting real-time store monitoring platforms. Against this backdrop, FMI forecasts exponential growth in demand for real time store monitoring services. According to the report, the segment will exhibit a stellar growth at a CAGR of 20.3% over the assessment period.
The market will exhibit stellar growth in response to the increasing demand for automation and digitalization of operations from small and large enterprises. As per the study, real-time store monitoring platform sales will continue rising at an impressive pace between 2021 and 2031.
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Following the outbreak of COVID-19, adoption of real-time store monitoring platforms has spurred as consumers continue shopping across e-commerce online platforms. Since the pandemic has directly impacted the retail industry, supply chains are witnessing sudden shift in consumer buying patterns. In order to keep pace with dynamic trends, companies have become heavily reliant on real-time store monitoring platform services and solution to understand consumer behavior and patterns.
Based on these aforementioned factors, the global real-time store monitoring platform market is projected to expand at an impressive CAGR of 17.7% through 2031.
“Incorporation of artificial intelligence and machine learning in real-time store monitoring platform solution and services will spur their sales. Increasing need to improve workflow and analyze consumer behavior within retail industry will encourage the investment in real time store monitoring platforms,” says the Future Market Insights analyst.
Key Takeaways from Real time Store Monitoring Platform Market Survey
- In terms of application, campaign management will be the fastest growing segment, exhibiting growth at an impressive 20.3% CAGR
- In terms of value, services segment will gain momentum owing to the growing demand from retail industry, expanding at 20.3%
- Store merchandising analysis will hold the market share of over 32.5% during the assessment period
- Large retail sector will contribute the largest revenue, accounting for over 76.7% of global market share
- The US will remain as one of the most attractive market, contributing for over 78.4% of market revenue through 2031
- Demand for real-time store monitoring platform in the UK will rise at nearly 24.9% CAGR over the forecast period
- Increasing investment in digital transformations and connectivity across China will spur the sales of real-time store monitoring platform solutions & services
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- Increasing need in various end-use sectors such as logistics, retail, and others to improve the work efficiency and security will drive the demand
- Growing demand from retail stores and industry giants such as Amazon and others will improve the adoption
- Incorporation of bug data science and internet thinking will further push the adoption of real-time store monitoring platforms
- Growing need for automated supply chain processes and faster access to inventory will drive the sales
- High cost installation and maintenance might hinder the real-time store monitoring platform market growth
- Risk of data theft and privacy will inhibit the adoption of real-time store monitoring platforms
- System incompatibility and lack of awareness regarding RTSM platform may hamper the demand
Key players are focusing on alliances with other manufacturers to expand their existing product portfolios. Product innovation and strategic partnerships are the other core strategies adopted by key players to cement their dominance in the industry.
For instance, in May 2020, Stanley Healthcare merged with Cisco DNA Spaces as the first certified partner focused on healthcare, enabling hospitals to affordably deploy a wide range of real-time location system platform. Its first integrated and certified real-time location system, AeroScout, to offer enterprise-wide visibility into the location and assets in healthcare environments.
In February 2021, Capegemini, Sharp End, and the Drum Labs announced the collaboration with the opening of Cornershop, to offer curated services based on real-time data collected from deep real time monitoring systems and statistics.
Some of the leading players operating in the real time store monitoring platform market profiled by Future Market Insights are:
- SAP SE
- Capgemini SE
- Cloudera, Inc.
- Happiest Minds
- RetailNext, Inc.
- Bosch Sicherheitssysteme GmbH
- QLogik Technologies, Inc.
- Sisense Inc.
- Xperion Kft.
- Link Analytics
- Arm Limited
- Manthan Software Services Pvt. Ltd.
- Capillary Technologies
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More Valuable Insights on Market
Future Market Insights provides an unbiased analysis of the real-time store monitoring platform market, presenting historical demand data (2016-2020) and forecast statistics for the period from 2021-2031. The study divulges compelling insights on the global real-time store monitoring platform market with a detailed segmentation on the basis of:
- Professional Services
- Retail consulting & advisory
- Support & Maintenance
- Implementation Services
- Managed Services
- In-store Customer Behavior Analysis
- Campaign Management
- Store Merchandising Analysis
- Store Inventory Management
- Shelf Management
- Product Differentiation & Management
- Small & Mid-Sized Retailers
- Large Retailers
- North America
- Latin America
- East Asia
- South Asia & Pacific
- Middle East and Africa (MEA)