Real Time Store Monitoring Platform Market

2021 Analysis and Review: Real Time Store Monitoring Platform Market by Service – Managed Service and Professional Service for 2021 – 2031

Real Time Store Monitoring Platform Market Snapshot

Overall demand for real time store monitoring platforms is expected to total US$ 1093.4 Mn in 2021. As per Future Market Insights (FMI) analysis, the market will register exponential growth at 17.7% CAGR between 2021 and 2031, as small and large enterprises around the world exhibit high demand for automation and digitalization of operations.

Demand for real time store monitoring platform services will surge at an impressive 20.3% CAGR through 2031. In terms of application, the share of store merchandizing analysis is the largest. However, real time store monitoring application in campaign management will grow at 20.3% CAGR through the assessment period.

Key Points Covered in Real Time Store Monitoring Platform market

  • Market estimates and forecast 2016-2031
  • Key drivers and restraints impacting market growth
  • Segment-wise, Country-wise, and Region-wise Analysis
  • Competition Mapping and Benchmarking
  • Market Share Analysis
  • Key Product Innovations and Regulatory Climate
  • COVID-19 Impact on Real Time Store Monitoring Platforms and How to Navigate
  • Recommendation on Key Winning Strategies

2016-2020 Real Time Store Monitoring industry Outlook Compared to 2021-2031 Forecast

Integration of Artificial Intelligence (AI) and Machine Learning (ML) technologies for store management operations is likely to drive the market over the coming years. The real time store monitoring platform demand outlook remains positive, with growth forecast to unfold at 17.7% CAGR between 2021 and 2031 in comparison to 15.5% CAGR registered during 2016-2020.   

Growing adoption of digital technologies to facilitate the transformation of the retail industry is increasing the demand for real time store monitoring platforms. Evolution of retail industry over the last few years resulted in the higher adoption of cutting-edge technologies.

Retailers are working harder to deliver a seamless shopping experience to their customers. Their endeavor to integrate innovative digital experiences and ensure a connected and engaging in-store experience will create opportunities or real time store monitoring solution application.

Digital transformation in stores is achieved when retailers deliver tailored experiences to their customers. To achieve this, they often seek advanced technologies for analyzing customer preferences, detecting customer location in-store, creating personalized promotions, and identifying their purchasing patterns. Store monitoring platforms offer meaningful insights and help retailers to achieve sales growth via increased store footfalls.

Some of the global retailers are joining the bandwagon to install latest real time store monitoring solution. For instance, Mediamarkt opened its Digital Store in Barcelona, based on the interaction with its customers. It combines the digital experience in a physical store where customers select the product digitally and the store staff provides the support.

Moreover, Nike’s new flagship store in New York, utilizes an app that creates digitally connected journeys for consumers to utilize mobile checkout, request try-on items throughout the store, or instantly shop in-store displays.

Demand for Improved Customer Services Influencing Development in Real Time Store Monitoring

Online shopping has become a major lifestyle trend and is growing at an exponential rate. However, to stay profitable and competitive, brick-and-mortar retail stores should optimize their standard operating procedures (SOP) by understanding customer behaviors, preferences and needs to ensure superior customer experience and high customer satisfaction.

By utilizing store monitoring platforms, retailers can gain access to a wealth of valuable data and insight that allows retailers to analyze, modify, and improve store performance and customer experience which in term leads to increased sales and better profitability.

What is the Impact of the COVID-19 Crisis on Real Time Store Monitoring Platforms?

The widespread impact of the novel coronavirus pandemic has revealed a significant vulnerability in corporate supply chains. The impact on consumer goods companies is likely to be nuanced, involving both the demand and supply sides of the equation.

The pandemic has directly impacted the backbone of retail fulfillment, supply chains are witnessing sudden and dramatic shifts in buying patterns. Retailers will need to leverage powerful data and analytical capabilities to predict the supply and demand based on fluctuations during and post COVID-19.

Considering the crisis, retailers should work towards efficient supply chain management activities including optimizing inventory, allocation and assortment; demand and supply forecasting; supplier risk assessment; and in-store space/shelf allocation. Technology vendors are focusing on developing advanced analytical solutions for retailers to successfully manage real-time supply/demand chain issues.

Country-wise Insights

How Large is the Opportunity for Real Time Store Monitoring Platforms in the U.S.?

The U.S. is predicted to remain one of the most attractive markets during the forecast period, according to Future Market Insights. According to the study, the U.S. is expected to account for over 78.4% of the North America market through 2031.

The U.S. is witnessing the growing demand for the adoption of new technologies and the boom in IT & communication solutions and electronic products. Also, the U.S. has developed infrastructure for technologies such as digital technologies, Artificial Intelligence (AI) and Machine Learning (ML) for store management operations, and IoT technologies.

These factors propel the growth of real time store monitoring platforms in U.S. The rising number of cashless stores across the region and the growing influence of technology in the retail sector augment market growth.

For instance, in November 2020 SAP announced a partnership with Dynatrace. With this partnership, Dynatrace’s digital experience monitoring capabilities, including real user monitoring, synthetic monitoring, and precise answers from its AI-engine, Davis, are now available for SAP Commerce Cloud, digital experience monitoring, which customers can subscribe to via the online SAP Store.

Why is the Demand for Real Time Store Monitoring Platforms Increasing in the U.K.?   

Demand in the U.K. market is expected to rise at nearly 24.9% CAGR over the forecast period. Over the next ten years, the consumer electronics industry is expected to continue growing strongly owing to stable and healthy economic growth rate in the country.

The adoption of artificial intelligence (AI), machine learning (ML), and other digital technologies are pushing the frontier of applications in the private, public, and social sectors in the U.K., driving the demand for the real time store monitoring platforms.

As per the report, the U.K. is recognized as a primary market, and it is expected to continue exhibiting strong demand through the forecast period.  The U.K. is a key market in Europe for AI startups in the fields of health and medical technology with notable support from the government.

How is China Contributing Towards the Real Time Store Monitoring Sales?

In 2031, China will account for over 57.1% share in East Asia. The country is witnessing accelerated growth of digital transformations and is rapidly increasing investments into connectivity due to the growing demand for real time store monitoring platforms.

According to China AI Development Report 2018, China’s AI papers as a percentage of the global total increased from 4.26% in 1997 to 27.68% in 2017, far ahead of other countries. China has become the largest owner of AI patents, followed closely by the U.S. and Japan, and the three countries combine to have 74% of the world’s issued AI patents.

Thus, such development in new technologies in China ultimately spurs the adoption of real time store monitoring platforms.  

Category-wise Insights

How is Application in Campaign Management Gaining Momentum?

Campaign management is the fastest growing segment in the global real time store monitoring platform market and it is estimated is estimated to grow at a CAGR of 20.3% during the forecast period. Rising need for improvised customer services and enhanced shopping experiences fuels growth.

By utilizing store monitoring platforms retailers can gain access to a wealth of valuable data that can lead to increased sales and profitability. As a result, the increasing demand of real time store monitoring platforms with small and mid-sized retailers will propel growth of the campaign management segment.

Why are Real Time Store Monitoring Services More Preferred?

The services segment is expected to register high Y-o-Y growth rates throughout the forecast period. In terms of value, this segment is expected to expand at a CAGR of 20.3% during the forecast period, Moreover, real-time store monitoring platforms were valued at US$ 881.0 Mn in 2021 and is dominating the market. 

Factors such as increasing need for improvised customer services, enhanced shopping experience of customers, and adoption of digital technologies to facilitate the transformation of retail industry are expected to fuel the growth of the services segment.

To stay profitable and competitive, brick-and-mortar retail stores should optimize their standard operating procedures (SOP) by understanding customer behaviors and preferences. Also, the integration of technologies like AI, IoT, and ML for store management propels the demand for the services segment in coming years.

Why is Store Merchandising Analysis Dominating the Global Market?

Store merchandising analysis is dominating the global real time store monitoring platform market with a 29.6% market value share by the end of 2021. The segment is estimated to register a market share of 32.5% by the end of 2031.          

Ease in supply chain and inventory management operations fuels growth. Real time store monitoring platforms provide real-time visibility of supply and demand for inventory updates.

The ease of maintenance provided by the store monitoring solutions for supply and demand is propelling end-users to adopt real time store monitoring platforms.

Why Do Large Retailers Hold a Major Share in the Global Market of Real Time Store Monitoring Platforms?

The large retailer sector is expected to contribute maximum revenue share of more than 76.7% in the market in 2021. Large retailers implement store monitoring platforms to monitor customer flow.

Beacon and sensor technology is the new approach being used to track the interactions of consumers inside of stores. The platform provides data on the number of visitors entering and leaving the store, customer flow and traffic trends.

This is especially important following the onset of the covid-19 pandemic, as retailers can keep their staff and customers safe by enforcing social distancing through calculated data.

Competitive Landscape

Companies operating in the real time store monitoring platform market are aiming at product innovation and strategic partnerships with other manufacturers to expand their production capacity, addressing the demand of an expanding customer pool.

  • For instance, in May 2021, Bosch launched a IoT platform for real-time energy management. This platform provides real-time electrical energy consumption, operating usage, electrical parameters and appliance-level information. It also used for real-time energy monitoring in retail, residential, mobility, healthcare, agriculture and commercial spaces.
  • In February 2021, Capgemini, SharpEnd and The Drum Labs announced the opening of CornerShop. Capgemini, in collaboration with SharpEnd, the connected experience platform, and global media platform. The shop has curated services based on insights gathered from deep global real time store monitoring solutions, research and data analysis, as well as Capgemini’s real-world expertise.

Manufacturers are also focusing on mergers and acquisitions to maintain their global presence.

  • For instance, in February 2020, SAP acquired Qopius. This acquisition serves as a force multiplier in pushing real-time store monitoring and autonomous inventory management into mainstream adoption, helping retailers across the world embrace data and digital innovation to cut costs and boost sales at every shelf.

Scope of Report

Attribute

Details

Forecast Period

2021-2031

Historical Data Available for

2016-2020

Market Analysis

USD Million for Value

Key Countries Covered

US, Canada, Germany, U.K., France, Italy, Spain, Russia, China, Japan, South Korea, India, ASEAN, Australia & New Zealand, GCC Countries, Turkey, and South Africa

Key Segments Covered

Solution, Application, End User, and Region

Key Companies Profiled

  • 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.
  • Capillary Technologies

Report Coverage

Market Forecast, Company Share Analysis, Competition Intelligence, DROT Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives

Customization & Pricing

Available upon Request

Key Questions Answered in the Report

  • Who are the leading players offering the real time store monitoring platforms?

    Some of the leading companies in this landscape are Capgemini (12.8%), Cloudera (10.8%), SAP (9.8%), Happiest Minds (9.6%), RetailNext (5.4%), and others. As per Future Market Insights, nearly 40% of the market share is covered by the top 15 players.

  • Which is the most attractive application of real time store monitoring platforms?

    Store merchandising analysis is expected to dominate the market over the forecast period, generating revenue of US$ 1,810.0 Mn by 2031, owing to rise of omnichannel sales across the globe.

  • How much is the global real time store monitoring platform industry worth?

    The real time store monitoring sector was valued at ~US$ 1,093.4 Mn in 2021, and is estimated to grow at an exponential pace.

  • At what rate did the real time store monitoring platform market grow in 2016-2020?

    The market in last 5 years (2016 – 2020) grew at a CAGR of 15.5%.

  • At what rate will the real time store monitoring platform market grow between 2020 and 2021?

    The market growth between the year 2020 to 2021 accounted for 7.4%.

  • What are the key trends in the real time store monitoring platform industry?

    Key trends in the market include digital technologies to facilitate the transformation of the retail industry and the need for improvised customer services and enhanced shopping experience.

  • What factors are driving demand for real time store monitoring platforms?

    The need for improved customer services and enhanced shopping experience are increasing the demand for real time store monitoring platforms.

  • Who are the top 5 countries driving demand for real time store monitoring platforms?

    The top 5 countries driving demand for real time store monitoring include the U.S, U.K., Germany, China, and India.

  • What is the North America real time store monitoring platform market outlook?

    North America will emerge as one of the most attractive markets during the forecast period. According to the study, the U.S. is expected to account for 78.4% of the North America market through 2031.

  • What is the Europe real time store monitoring platform market outlook?

    The market in Europe is projected to exhibit the highest growth in the global market at a CAGR of 22.0% during the forecast period.

  • What are the key real time store monitoring platform market statistics in South Korea and Japan?

    The markets in Japan and South Korea were valued at US$ 47.7 Mn and US$ 16.9 Mn in 2021, respectively and is projected to register CAGR of 10.3% and 10.0% respectively between 2021 and 2031.

Real Time Store Monitoring platform market by Category

By Solution:

  • Real-time Store Monitoring Platform
    • Cloud-based
    • On-Premises
  • Services
    • Professional Services
      • Retail Consulting & Advisory
      • Support & Maintenance
      • Implementation Services
    • Managed Services

By Application:

  • In-store Customer Behavior Analysis
  • Campaign Management
  • Store Merchandising Analysis
  • Store Inventory Management
    • Shelf Management
    • Product Differentiation & Management
    • Others
  • Others

By End User:

  • Small & Mid-sized Retailers
  • Large Retailers

By Region:

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia & Pacific
  • Middle East and Africa (MEA)

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Real Time Store Monitoring Platform Market