Overall demand for real time store monitoring platforms is expected to total USD 1482.1 Million in 2023. As per Future Market Insights (FMI) analysis, the market will register exponential growth at 17.1% CAGR between 2023 and 2033, as small and large enterprises around the world exhibit high demand for automation and digitization of operations.
Demand for real time store monitoring platform services will surge at an impressive 20.3% CAGR through 2033. In terms of application, the share of store merchandising analysis is the largest. However, real time store monitoring applications in campaign management will grow at 20.3% CAGR through the assessment period.
| Attributes | Details |
|---|---|
| Real Time Store Monitoring platform Market Value (2022) | USD 32.7 million |
| Real Time Store Monitoring platform Market Value (2023) | USD 1482.1 Million |
| Real Time Store Monitoring platform Market Expected Value (2033) | USD 7,171.6 Million |
| Real Time Store Monitoring platform Market Projected CAGR (2023 to 2033) | 17.1% |
The growing adoption of digital technologies to facilitate the transformation of the retail industry is increasing the demand for real time store monitoring platforms. The evolution of the 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 for real time store monitoring solution applications.
Digital transformation in stores is achieved when retailers deliver tailored experiences to their customers. 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 the 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.
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.
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The United States is predicted to remain one of the most attractive markets during the forecast period, according to Future Market Insights. According to the study, the United States is expected to account for over 78.4% of the North American market through 2033.
The United States is witnessing the growing demand for the adoption of new technologies and the boom in IT & communication solutions and electronic products. Also, the United States 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 the United States 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 2022 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.
Demand in the UK market is expected to rise at nearly 24.5% CAGR over the forecast period. Over the next ten years, the consumer electronics industry is expected to continue growing strongly owing to a 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 UK, driving the demand for real time store monitoring platforms.
As per the report, the UK is recognized as a primary market, and it is expected to continue exhibiting strong demand through the forecast period. The UK is a key market in Europe for AI startups in the fields of health and medical technology with notable support from the government.
In 2033, 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 in 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 United States 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. China is anticipated to expand with a CAGR of 13.6% from 2023 to 2033.
Campaign management is the fastest-growing segment in the global real time store monitoring platform market and it is estimated to grow at a CAGR of 20.3% during the forecast period. The 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 for real time store monitoring platforms with small and mid-sized retailers will propel the growth of the campaign management segment.
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 USD 881.0 Million in 2022 and now this segment is dominating the market.
Factors such as the increasing need for improvised customer services, the enhanced shopping experience of customers, and the adoption of digital technologies to facilitate the transformation of the 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 the coming years.
Store merchandising analysis is dominating the global real time store monitoring platform market with a 29.6% market value share by the end of 2023. The segment is estimated to register a market share of 32.5% by the end of 2033.
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.
The large retailer sector was expected to contribute a maximum revenue share of more than 76.4% in the market in 2022. 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 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.
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 an IoT platform for real-time energy management. This platform provides real-time electrical energy consumption, operating usage, electrical parameters, and appliance-level information. It is 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, is 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 2022, 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.
| Attribute | Details |
|---|---|
| Forecast Period | 2023 to 2033 |
| Historical Data Available for | 2018 to 2022 |
| Market Analysis | USD Million for Value |
| Key Countries Covered | USA, Canada, Germany, UK, 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 |
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The growth rate for real time store monitoring platform market is 17.1% until 2033.
The market is estimated to reach USD 7,171.6 million by 2033.
SAP, Happiest Minds, and Capgemini are key market players.
The market is estimated to secure a valuation of USD 1,482.1 million in 2023.
North America holds a significant share of the market.
| Estimated Market Size (2024E) | USD 4.2 billion |
|---|---|
| Projected Market Value (2034F) | USD 38.5 billion |
| Value-based CAGR (2024 to 2034) | 24.8% |
| Market Value (2023) | USD 9,324.4 million |
|---|---|
| Market Expected Value (2033) | USD 363,320.9 million |
| Market Projected CAGR (2023 to 2033) | 44.2% |
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Real Time Store Monitoring Platform Market
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