“People counting system market is expected to grow at CAGR of 9.9% from 2019 to 2024.”
The overall people counting system market is expected to grow from USD 796 million in 2019 to USD 1,275 million by 2024; it is estimated to record a CAGR of 9.9% during the forecast period. Key factors driving the growth of this market include ongoing technological advancements in the retail industry, rising concerns for safety & security at public places and growing need for people counting systems in hospitality, sports & entertainment applications.
“Retail, supermarket, and shopping malls end-user to witness the highest CAGR in people counting system market during the forecast period.”
The market for retail, supermarket, and shopping malls is expected to grow at a higher CAGR than other end users during the forecast period. This growth is attributed to the increasing adoption of various technologies such as digital marketing, people counting, analytics, omnichannel retail, and artificial intelligence in brick-and-mortar stores and shopping malls. People counting systems offer critical information about the footfall in a store, which helps store owners to take more effective business decisions. The increasing number of shopping malls in emerging economies such as Brazil, Hungary, Malaysia, South Africa, China, and India also plays a vital role in the growth of the people counting system market. Also, in countries such as the UAE and Saudi Arabia, the number of ongoing constructions for malls and smart buildings drives the growth of the people counting system market.
“Video-based people counting systems to witness the highest CAGR in people counting system market during 2019–2024.”
The video-based people counting system is expected to exhibit the highest CAGR in the overall people counting system market during the forecast period. The growth of the market for Video-based people counting systems can be attributed to its ability to offering accuracy of more than 95% with bidirectional counting abilities. They can be integrated with advanced analytical systems that help end-users for in-store analytics, dwell time measurement, queue management, and others.
“North America is expected to hold a significant share of people counting system market by 2024.”
North America accounted for the largest share of the people counting system market by 2024. The growth of this market attributes the presence of technologically advanced retail stores and shopping malls, stadiums, banks, and theme parks. Moreover, the presence of a large number of airports that highly require visitor counting and tracking solutions are expected to fuel the growth of the people counting market in the North America region.
Breakdown of profiles of primary participants:
- By Company: Tier 1 = 30%, Tier 2 = 45%, and Tier 3 = 25%
- By Designation: C-level Executives = 35%, Managers= 65%
- By Region: North America = 37%, Europe = 32%, APAC = 25%, and RoW = 6%
Major players profiled in this report:
- Axis Communications (Sweden)
- HELLA Aglaia Mobile Vision GmbH (Germany)
- Infrared Integrated Solutions (IRISYS) (UK)
- RetailNext (US)
- ShopperTrak (US)
- Eurotech (Italy)
- Axiomatic Technology (UK)
- CountWise (US)
- Dilax Intelcom GmbH (Germany)
- and IEE S.A. (Luxembourg)
- This report offers detailed insights into the people counting system market, by type, technology, offering, end-user, and region. By type, the people counting system market has been segmented into unidirectional and bidirectional people counting system. By technology, the market has been divided into the infraed beam, thermal imaging, video-based, and other technologies. By offering, the people counting system market has been segmented people counting software and hardware. By end user, the people counting system market has been segmented into retail, supermarkets and shopping malls, transportation, corporate, hospitality, banking and financial institutes, healthcare, sports and entertainment, and other end users.
- The study forecasts the size of the market in 4 regions?North America, Europe, APAC, and RoW.
Reasons To Buy the report
The report would help market leaders/new entrants in this market in the following ways:
- This report segments the people counting system market comprehensively and provides the closest approximations of the overall market’s size and its subsegments (across different types, technologies, offerings, end-users, and regions).
- The report would help stakeholders understand the pulse of the market and provide them with information about key drivers, restraints, challenges, and opportunities.
- This report would help stakeholders understand their competitors better and gain more insights to enhance their position in the business.
- The competitive landscape section includes competitor ecosystem and product launches, contracts, and mergers and acquisitions carried out by major market players.