Stakeholders in Retail Industry Capitalize on AI to Enhance Customer Experience

Intense competition in the retail industry has created the demand for tools that help stakeholders in gaining a competitive edge over other players. Likewise, vendors in the foot traffic and customer location intelligence solution market are increasing their expertise in the field of data analytics to support the retail infrastructure.

Stakeholders in the foot traffic and customer location intelligence solution market are adopting artificial intelligence that helps retailers enhance the in-store customer experience. AI helps understand the demographics and patterns of customers, and deploys personalized recommendations, offers, and product assistance by analyzing the collected data.

The retail industry has been continuously advancing as far as technological upgradation is concerned, and is projected to account for the highest revenue in the foot traffic and customer location intelligence solution market, with an estimated value of ~US$ 5 billion by the end of 2027. Tough competition from online and e-Commerce platforms has led to stakeholders in the retail industry adopting new technologies, integrated with smartphones, IoT, and AI. IoT technologies are being increasingly used to support the supply chain and enhance operational efficiency.

foot traffic and customer location intelligence solution market infographic

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Healthcare Providers Benefit from GeoAI Technology to Analyze Complex Dataset Patterns

Currently, the healthcare industry accounts for the third-largest revenue share in the foot traffic and customer location intelligence solution market, with a value of ~US$ 477.5 million. Due to the potential of high incremental opportunities in the healthcare landscape, vendors in the foot traffic and customer location intelligence solution market are improving GeoAI technology, combined with cloud-computing capabilities.

The integration of AI and geographic information systems (GIS) has led to the innovative concept of GeoAI technology. As such, stakeholders in the foot traffic and customer location intelligence solution ecosystem are collaborating with health commissions to develop GeoAI applications that help strengthen public healthcare infrastructure across nations. Stakeholders are increasing their focus on the development of precision medicine, and aiming towards IoT-powered smart cities.

The penetration of machine learning, deep learning, and data mining is increasing in the foot traffic and customer location intelligence solution market. Healthcare providers have benefitted with the technique of deep learning to evaluate and understand complex brain functions of patients.

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Ethical Frameworks and Human Labelling Services Aid Data Security

Stakeholders in the healthcare industry are adopting GeoAI technology to explore untapped opportunities. However, certain drawbacks of this technology are likely to inhibit market growth. For instance, massive amounts of data are prone to risks related to privacy. Also, the lack of ethical frameworks for patient privacy are anticipated to adversely affect the adoption of GeoAI technology. Hence, vendors in the foot traffic and customer location intelligence solution market should address various safety standards for the circulation of research data collected by commercial devices and apps.

Healthcare professionals encounter a methodological challenge due to the lack of labelled training data for AI algorithms. Since training data is important to identify geographic features, it is important to establish a process where human operators can label data and images. Hence, vendors in the foot traffic and customer location intelligence solution market are setting up infrastructure for supervised learning to predict labels using training examples.

foot traffic and customer location intelligence solution market segmentation

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Analysts’ Viewpoint

Vendors are developing augmented reality systems that help customers virtually try on apparel to eliminate the hassle of long waiting hours outside trial rooms. However, online shopping and e-Commerce pose a threat to the business of the retail industry, since not all stakeholders in the retail industry have the capital and resources to tie up with online platforms. To overcome this challenge, stakeholders are offering retailers data-driven location analytics, since many customers prefer real-life apparel shopping.

Location analytics also helps analyze the visual representation of traffic with the help of geographical information systems. Stakeholders in the foot traffic and customer location intelligence solution market should develop business models to encourage funding from third-party entities, to set up GeoAI technology with mobile imaging, pervasive sensing, and location tracking.

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Foot Traffic and Customer Location Intelligence Solution Market in Brief

  • The foot traffic and customer location intelligence solution market is projected to register a CAGR of ~6% between 2019 and 2027. The market is expected to be driven by increased focus on customer behavior and customer preferences.
  • The global foot traffic and customer location intelligence solution market is expected to reach ~US$ 9 Bn by 2027 from ~US$ 6 Bn in 2019. The rising adoption of data analytics in the retail industry is boosting the global foot traffic and customer location intelligence solution market.
  • The foot traffic and customer location intelligence solution market in South America is anticipated to expand at a rapid pace during the forecast period, followed by North America.
  • North America remains the dominant leader in the global foot traffic and customer location intelligence solution market, with revenue in 2019 estimated to reach ~US$ 2 Bn. The rapid adoption of digitization, specifically in small- and medium-size business enterprises, is expected to exponentially drive the foot traffic and customer location intelligence solution market.
  • Europe is projected to experience significant growth in the global foot traffic and customer location intelligence solution market during the forecast period. The demand for foot traffic and customer location intelligence solutions is high due to the large number of business stores as well as high footfall due to tourism in the region

Foot Traffic and Customer Location Intelligence Solution Market Definition

  • The foot traffic and customer location intelligence solution market report provides analysis of the market for the period 2017–2027, wherein, 2018 is the base year and 2019 to 2027 is the forecast period. Data for 2017 has been included as historical information.
  • In this report, we analyze the growth drivers that increase the value of the foot traffic and customer location intelligence solution market, and how this software can enhance the operational functions as well as reduce the capex within an organization. Moreover, increased digitization, which has increased productivity and feasibility in businesses, is driving this market.
  • Many e-Commerce companies are now investing in technologies that could drive the revenues of offline business stores. This would help them know more about customer preferences and area of interest, so that the right product can be delivered to the right person at the right time. Foot traffic and customer location intelligence helps business stores maintain resource efficiency. Alibaba is one of the major companies investing heavily in technologies for offline stores.

South America Foot Traffic and Customer Location Intelligence Solution Market – Snapshot

  • South America is one of the fastest-growing regional markets in the world. South America is majorly focused on store customization.
  • According to a survey by Oracle Corporation, the next 5-7 years would see exponential increase in the demand for foot traffic and customer location intelligence solutions in South America, which is expected to help business enterprises customize their stores according to the needs of customers.

Key Challenges Faced by Foot Traffic and Customer Location Intelligence Solution Market Players

  • Foot traffic and customer location intelligence solutions are wholly dependent on smartphones and smart devices to derive data and analyze customer behavior, customer preference, and area of interest. The sensor technology used in the solution essentially connects to the digital signal of smartphones. It further generates data through the movement of the individual who carries the smartphone by using location intelligence technology. This overdependence on a single hardware is likely to be a big challenge in the near future.

Foot Traffic and Customer Location Intelligence Solution Market: Developments

  • In September 2019, PlaceIQ (a company building a new model of consumer behavior with location data and insights) entered into a partnership with Colangelo and Media Horizons to help CPG client Filippo Berio reach Walmart consumers with the help of PlaceIQ’s location data.
  • In August 2019, HERE Technologies entered into a partnership with Citi Logik, a U.K. mobility analytics company, to integrate its highly accurate HERE Real-Time Traffic and Speed Data into Citi Logik’s SaaS solution - CitiAnalytics.
  • In May 2019, in a US$ 150 Mn investment led by Raine Group, Placed joined Foursquare, which would help both the companies scale up unique devices in their database.

Foot Traffic and Customer Location Intelligence Solution Market - Company Profile Snapshot

  • Environmental Systems Research Institute (ESRI) Inc.: Established in 1969, Environmental Systems Research Institute (ESRI) Inc. is a provider of geographic information system (GIS) solutions. The company offers solutions and services to map the images of locations, densities, quantities, and specific areas. The solutions offered by the company drive collaboration, innovation, and digital transformation in communities around the world. The company offers its solutions and services to various industries such as banking, education, government, manufacturing, real estate, and public safety. It invests more than 30% of its annual revenue in research & development to offer innovative solutions and meet customer demand in the market. ESRI has a wide geographic footprint, with 49 offices around the world.
  • HERE Technologies: Founded in 1985, HERE Technologies is an open location platform company. The company offers map- and location-based solutions, tracking and positioning, and mobility and traffic services to IT & telecom, transportation, BFSI, and automotive industries. HERE Technologies provides location services via its own HERE application, to government clients and other providers such as Bing, Facebook, and Yahoo Maps. The company offers its products mainly under six categories: automotive, location services, map content, tracking and positioning, traffic, and mobility. Its product portfolio includes (but are not limited to): HERE Places, 2D Footprints (Polygons), Venue Maps, Geocoder, Positioning Services, SDKs, and Geovisualization.
  • Cuebiq Inc.: Established in 2015, Cuebiq Inc. helps businesses analyze anonymous location patterns to get actionable insights and better understanding of offline consumer behavior. The company offers a SaaS platform having attributes such as offline location analytics, real time campaign optimization, and footfall attribution, which provides clients a geo-behavioral audience for cross platform ad targeting.

Other major players operating in the global foot traffic and customer location intelligence solution market and profiled in the report include

  • AreaMetrics, Inc.,
  • Verve Wireless, Inc.,
  • PlaceIQ, Placed,
  • Gravy Analytics, Ubimo Ltd.,
  • Near Pte Ltd.

Companies are shifting toward AI and machine learning, and upgrading their skills to gain a competitive advantage in the foot traffic and customer location intelligence solution market, apart from maintaining their position in the landscape.

Foot Traffic and Customer Location Intelligence Solution Market: Scope of the Report

A new study on the global foot traffic and customer location intelligence solution market was published by Transparency Market Research (TMR). It presents a wealth of information on the key market dynamics, including the drivers, market trends, and challenges, as well as the structure of the foot traffic and customer location intelligence solution market. TMR’s study offers valuable information about the foot traffic and customer location intelligence solution market, to illustrate how growth will discern during the forecast period of 2019–2027.

Key indicators of market growth, which include value chain as well as supply chain analysis, and Compound Annual Growth Rate (CAGR), are elucidated in TMR’s study in a comprehensive manner. This data can help readers interpret the quantitative growth aspects of the foot traffic and customer location intelligence solution market for the forecast period.

An extensive analysis on leading market players’ business strategies is featured in TMR’s study on the foot traffic and customer location intelligence solution market. This can help readers understand principal factors to foresee growth in the foot traffic and customer location intelligence solution market. In this study, readers can also find specific data on the qualitative and quantitative growth avenues for the foot traffic and customer location intelligence solution market, which will guide market players in making apt business decisions in the future.

Foot Traffic and Customer Location Intelligence Solution Market Study: Key Questions Answered

  • What is the scope of growth of foot traffic and customer location intelligence solution companies in offline business sales?
  • What will be the Y-o-Y growth of the foot traffic and customer location intelligence solution market between 2019 and 2027?
  • What is the influence of the changing trends in technologies on the foot traffic and customer location intelligence solution market?
  • Will North America continue to dominate the market for foot traffic and customer location intelligence solutions?
  • Which factors will impede the growth of the global foot traffic and customer location intelligence solution market during the forecast period?
  • Which are the leading companies in the global foot traffic and customer location intelligence solution market?

Research Methodology

A unique research methodology is utilized by TMR to conduct comprehensive research on the growth of the foot traffic and customer location intelligence solution market, and arrive at conclusions on the future growth prospects of the market. This research methodology is a combination of primary and secondary research, which helps analysts warrant the accuracy and reliability of the drawn conclusions.

Secondary resources referred to by analysts during the production of the foot traffic and customer location intelligence solution market report include statistics from company annual reports, SEC filings, company websites, World Bank database, investor presentations, regulatory databases, government publications, and industry white papers. Analysts have also interviewed senior managers, product portfolio managers, CEOs, VPs, and market intelligence managers, who contributed to the production of TMR’s study on the foot traffic and customer location intelligence solution market, as a primary resource.

These primary and secondary resources provided exclusive information during the interviews, which serves as a validation from foot traffic and customer location intelligence solution industry leaders. Access to an extensive internal repository and external proprietary databases allows for this report to address specific details and questions about the foot traffic and customer location intelligence solution market with accuracy. The study also uses a top-down approach to assess the numbers for each segment, and a bottom-up approach to counter-validate them. This has helped in making TMR’s estimates on the future prospects of the foot traffic and customer location intelligence solution market more reliable and accurate.

Foot Traffic and Customer Location Intelligence Solution Market: Segmentation

TMR’s study on the foot traffic and customer location intelligence solution market includes information bifurcated into five sections ? by component, by application, by business function, by industry, and by region. Changing industry trends and other crucial market dynamics that are associated with these sections of the foot traffic and customer location intelligence solution market are discussed in detail.

Component

  • Hardware
  • Solution
  • Services
  • Data Analytics & Consulting
  • System Integration & Maintenance

Application

  • Foot Traffic Analytics
  • Workforce Management
  • Risk/Security Management
  • Facility Planning & Management

Business Function

  • Sales & Marketing
  • Operations Research & Development

Industry

  • Retail
  • Real Estate
  • Transportation & Logistics
  • Healthcare
  • Smart Cities
  • Others

Region

  • North America
  • Europe
  • Asia Pacific
  • South America
  • Middle East & Africa