The retail industry continues to be a hotbed of patent innovation. Activity is driven by supply chain optimization and innovative marketing methods, and the growing importance of technologies such as radio-frequency identification (RFID), facial recognition, and autonomous security robots. In the last three years alone, there have been over 156,000 patents filed and granted in the retail industry, according to GlobalData’s report on Artificial intelligence in retail: in-store theft monitoring. Buy the report here.
However, not all innovations are equal and nor do they follow a constant upward trend. Instead, their evolution takes the form of an S-shaped curve that reflects their typical lifecycle from early emergence to accelerating adoption, before finally stabilizing and reaching maturity.
Identifying where a particular innovation is on this journey, especially those that are in the emerging and accelerating stages, is essential for understanding their current level of adoption and the likely future trajectory and impact they will have.
50+ innovations will shape the retail industry
According to GlobalData’s Technology Foresights, which plots the S-curve for the retail industry using innovation intensity models built on over 115,000 patents, there are 50+ innovation areas that will shape the future of the industry.
Within the emerging innovation stage, cosmetics recommenders, 3D garment modelling, and in-store theft monitoring are disruptive technologies that are in the early stages of application and should be tracked closely. In-store product recognition, personalized recommendation AI, and smart checkout are some of the accelerating innovation areas, where adoption has been steadily increasing. Among maturing innovation areas is automated object recognition, which is now well established in the industry.
Innovation S-curve for artificial intelligence in the retail industry
In-store theft monitoring is a key innovation area in artificial intelligence
In-store theft monitoring refers to the systematic observation and tracking of activities within a physical retail setting, aimed at the detection and prevention of theft or shoplifting incidents. It utilizes technologies including security cameras, sensors, and other technologies to surveil customer and employee behavior, identify any suspicious actions, and mitigate the risk of theft. The primary goal is to safeguard merchandise, curtail inventory shrinkage, and bolster the overall security and loss prevention measures within the retail establishment.
GlobalData’s analysis also uncovers the companies at the forefront of each innovation area and assesses the potential reach and impact of their patenting activity across different applications and geographies. According to GlobalData, there are 30+ companies, spanning technology vendors, established retail companies, and up-and-coming start-ups engaged in the development and application of in-store theft monitoring.
Key players in in-store theft monitoring – a disruptive innovation in the retail industry
‘Application diversity’ measures the number of applications identified for each patent. It broadly splits companies into either ‘niche’ or ‘diversified’ innovators.
‘Geographic reach’ refers to the number of countries each patent is registered in. It reflects the breadth of geographic application intended, ranging from ‘global’ to ‘local’.
Patent volumes related to in-store theft monitoring
Source: GlobalData Patent Analytics
Leading patent filers in the in-store theft monitoring space include Toshiba, Angel Playing Cards (which focuses on gaming chip protection), Extreme Networks, and Walmart. The American retail giant, Walmart collaborates with tech firms to create and implement advanced surveillance systems harnessing the power of artificial intelligence, to enhance the monitoring of in-store theft prevention. The system uses advanced technologies, including facial recognition cameras, computer vision capabilities, autonomous security robots, and sensors to track and scrutinize activities at both self-checkout stations and those manned by Walmart's cashier staff.
In terms of application diversity, Angel Playing Cards leads the pack, while Maplebear and MAGO stand in the second and third positions, respectively.
By geographic reach, Angel Playing Cards held the top spot, followed by Trax Technology Solutions and Accel Robotics.
In-store theft monitoring is a proactive strategy that not only minimizes costs, but also preserves the integrity and financial well-being of retail operations.
To further understand the key themes and technologies disrupting the retail industry, access GlobalData’s latest thematic research report on Artificial Intelligence (AI) in Retail and Apparel.