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.
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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 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
