Real-time Store Monitoring Platform Demand to Soar at 17.7% CAGR as Cutting-Edge Technologies Steal the Spotlight in Retail Sector

The real-time store monitoring platform market survey uncovers hidden prospects across key segments, including solutions, services, application, and end-user. Higher spending on digital technologies to understand pattern of consumer behavior will encourage the uptake of real-time store monitoring platforms.

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.

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.

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 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.

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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 U.S. 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 U.K. 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

Key Drivers

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 of 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

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Key Restraints

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

Competitive Landscape

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:

Capgemini SE
Cloudera, Inc.
Happiest Minds
RetailNext, Inc.
Bosch Sicherheitssysteme GmbH
QLogik Technologies, Inc.
Sisense Inc.
Xperion Kft.

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:

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By Solution:

Professional Services
Retail consulting & Advisory
Support & Maintenance
Implementation Services
Managed Services

By Application:

In-store Customer Behaviour Analysis
Campaign Management
Store Merchandising Analysis
Store Inventory Management
Shelf Management
Product Differentiation & Management

By End-Users:

Small & Mid-Sized Retailers
Large Retailers

By Region:

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

Key Questions Covered in the Real-time Store Monitoring Platform Market Report 

The report offers detailed insights into real time store monitoring platform demand outlook for 2021-2031

The market study also highlights projected sales growth for real time store monitoring platform market between 2021 and 2031

Real time store monitoring platform market survey identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry

Real time store monitoring platform market share analysis of the key companies within the industry and coverage of strategies such as mergers & acquisitions, joint ventures, collaborations or partnerships, and others

Contact Info:
Name: Mr. Abhishek Budholiya
Email: Send Email
Organization: Future Market Insights

Release ID: 89038678