CHICAGO, April 19, 2023 /PRNewswire/ -- The global people counting system market size is estimated to be USD 1.1 billion in 2023 and is projected to reach USD 2.0 billion by 2028, at a CAGR of 12.9% according to a new report by MarketsandMarkets. The growing implementation of people counting system in transportation hubs, libraries, and retail stores as well as rising demand of people counters to monitor marketing effectiveness are responsible for the growth of the people counting system market. Additionally, the rising installation of people counters at workspaces is also responsible for the market's growth.
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Browse in-depth TOC on "People Counting System Market"
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243 - Pages
People Counting System Market Report Scope:
Report Coverage | Details |
Market Revenue in 2023 | $1.1 billion |
Estimated Value by 2028 | $2.0 billion |
Growth Rate | Poised to grow at a CAGR of 12.9% |
Market Size Available for | 2019-2028 |
Forecast Period | 2023-2028 |
Forecast Units | Value (USD Million/Billion) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | Mounting Platform, Offering, Type, Technology, and End User |
Geographies Covered | North America, Europe, Asia Pacific, and Rest of World |
Key Market Challenge | Differential store metrics limit effectiveness of video-based counters |
Key Market Opportunities | Growing installation of people counting systems in workspaces |
Key Market Drivers | Increasing adoption of people counting systems to track marketing effectiveness |
Hardware segment is expected to hold largest growth rate during the forecast period
Hardware components of a people counting system include thermal cameras, infrared sensors, fixed cameras, fixed dome cameras, and pan-tilt-zoom (PTZ) cameras. These hardware components can be easily integrated with people counting software to build a complete people counting system. These systems are used to count the number of people passing by a particular area or doorway. People counting systems are optimized for the hardware and easy software integration with optical analytics software. The increasing demand for providing accurate count of visitors at particular locations is responsible for the growth of the segment.
Bidirectional people counting system is expected to register larger market share in 2023 and is expected to grow at a significant rate from 2023 to 2028
Bidirectional counters track individuals coming and departing simultaneously but record the counts independently for greater accuracy. Compared with unidirectional people counters, bidirectional people counters provide an accurate count of the customers that visit the place in a given timeframe as well as provide real-time occupancy information. The demand for bidirectional people counting systems is rapidly increasing in the retail and transportation hubs owing to their capability of providing an hourly count of people, which results in the lowest dwell time of visitors.
Thermal imaging segment is estimated to register the second-highest growth rate during the forecast period
Thermal imaging people counting systems count the number of individuals based on their temperature differences from the environment. They are equipped with a variety of thermal sensors to detect the heat source. Larger facilities such as supermarkets, shopping malls, universities, and museums have more complicated layouts and require accurate people counting systems. The ability of thermal imaging people counting systems to detect objects based on their temperature makes them suitable for these facilities. The increasing adoption of thermal imaging in large facilities is likely to increase its adoption in the coming years.
Retail segment dominated the people counting system market in 2022
Retail segment includes retail stores, supermarkets, and shopping malls which are the significant adopters of people counting systems. These facilities highly adopt the counting systems to enhance their shopping experiences as well as efficiently understand their customers. These counters are also used to precisely track the visitor's statistics in order to merge it with financial data. This data helps in determining the number of goods bought and revenue generated per visitor. Retailers can use this data to track the sales of stores as well as analyze the success of promotional activities. Thus, the increasing number of supermarkets and shopping malls in emerging nations is responsible for the growth of the market.
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Asia Pacific is expected to account for the largest growth rate during the forecast period
Asia Pacific is expected to be the leading region in the people counting system market during the forecast period. The major factor driving the growth of the people counting system market in the region is growing economies such as China and India and emerging opportunities in different sectors such as retail, transportation, and hospitality. The region has some of the largest malls, such as Central Pattana Public Company Limited (Thailand), Berjaya Times Square (Malaysia), New South China Mall (China), and SM Supermalls (Philippines), which have adopted people counting systems. Also, the presence of a large number of emerging players is creating intense competition, which directly benefits customers. All these factors are expected to spur the growth of the people counting system market in the region in the near future.
Major companies operating in this people counting system market include Axis Communications AB (Sweden), iris-GmbH infrared & intelligent sensors (Germany), VIVOTEK Inc. (Taiwan), RETAILNEXT, INC. (US), Hangzhou Hikvision Digital Technology Co., Ltd. (China), V-Count (UK), Eurotech (Italy), and Irisys (InfraRed Integrated Systems Ltd) (UK). The study includes an in-depth competitive analysis of these key players in the people counting system market with their company profiles, recent developments, and key market strategies.
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