According to a new market report pertaining to the global foot traffic and customer location intelligence solution market published by Transparency Market Research , the global foot traffic and customer location intelligence solution market is projected to reach a value of ~US$ 9 Bn by the year 2027. The foot traffic and customer location intelligence solution market is projected to expand at a CAGR of ~6% from 2019 to 2027. Growth of the market can be attributed to increased focus on consumer behavior to boost the revenue of a business enterprise. Over the forecast period, the market in South America is anticipated to increase rapidly in the global foot traffic and customer location intelligence solution market, at a CAGR of ~7%. In terms of share, the market is dominated by North America, followed by Europe. In the global foot traffic and customer location intelligence solution market, the hardware segment was valued at ~US$ 1.8 Bn in 2017, and is expected to reach a value of ~US$ 3.1 Bn by the end of 2027, expanding at a CAGR of ~6.2% during the forecast period.
- Rising Adoption of Data Analytics in Retail Industry – The adoption rate of data analytics related to consumer buying behavior and area of interest has increased rapidly in the retail industry. Across the globe, retailers with large & medium size enterprises are adopting foot traffic and customer location intelligence solutions, as the footfall in retail stores is much higher than any other business space. Retailers are able to easily manage/transform their stores as per the needs of customers by analyzing their behavioral information.
- Increased Focus on Customer Behavior and Customer Preference – Across the globe, significant focus is given to consumer behavior and preference. The trend has shifted from a seller-oriented to a customer oriented market, with enhanced focus on the customization and personalization of products according to the needs of customers. The demand for foot traffic and customer location intelligence has increased rapidly with advancements in technologies related to big data analytics and consumer behavior analytics.
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Foot Traffic and Customer Location Intelligence Solution Market: Regional Outlook
In terms of region, the global foot traffic and customer location intelligence solution market has been segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America. North America is expected to dominate the foot traffic and customer location intelligence solution market during the forecast period. South America is expected to see increasing growth in the foot traffic and customer location intelligence solution market. The markets in Asia Pacific, and the Middle East & Africa are also expected to expand rapidly during the forecast period.
The report provides in-depth segment analysis of the global foot traffic and customer location intelligence solution market, thereby providing valuable insights at macro as well as micro levels. Analysis of major countries that hold growth opportunities or account for significant shares has also been included as part of the geographic analysis of the foot traffic and customer location intelligence solution market.
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Foot Traffic and Customer Location Intelligence Solution Market: Competition Dynamics
The research study includes the profiles of leading companies operating in the global foot traffic and customer location intelligence solution market. Key players profiled in the report include Environmental Systems Research Institute (ESRI) Inc., HERE Technologies, Cuebiq Inc., AreaMetrics, Inc., Verve Wireless, Inc., PlaceIQ, Placed, Gravy Analytics, Ubimo Ltd., and Near Pte Ltd.
Global Foot Traffic and Customer Location Intelligence Solution Market: Segmentation
The global foot traffic and customer location intelligence solution market has been segmented in terms of component, application, business function, industry, and region.
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Foot Traffic and Customer Location Intelligence Solution Market by Component
- Hardware
- Solution
- Services
- Data Analytics & Consulting
- System Integration & Maintenance
Foot Traffic and Customer Location Intelligence Solution Market by Application
- Foot Traffic Analytics
- Workforce Management
- Risk/Security Management
- Facility Planning & Management
Foot Traffic and Customer Location Intelligence Solution Market by Business Function
- Sales & Marketing
- Operations
- Research & Development
Foot Traffic and Customer Location Intelligence Solution Market by Industry
- Retail
- Real Estate
- Transportation & Logistics
- Healthcare
- Smart Cities
- Others
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