Market Research Future published a research report on “People Counting System Market Research Report – Global Forecast to 2026” – Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2026.
The global people counting system market witnesses increasing demand and revenue growth. The market rise attributes to the growing uptake of real-time human counters at the places where huge customer traffic is expected, such as the library, museum, stadium, hotel/restaurant, banks, shopping malls, etc. People counting systems help businesses generate more revenue and profit by efficiently improving their decision-making power providing data related to the number of visitors & the potential converging rate in real-time.
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Besides, the growing number of shopping complexes and advantages that people counters offer escalate the market demand. In its recently published analysis, Market Research Future (MRFR) asserts that the global people counting system market is expected to grow approximately at 18.2% CAGR throughout the forecast period (2018-2026). Evolving IoT and wired & wireless technology drive the market. Increasing population and rapid urbanization, industrialization, and economic growth contribute to the market growth exponentially.
Additionally, the growing market penetration of cloud, IoT (internet of things), and smart connected devices foster the People Counting System Market size. On the flip side, high costs associated with the development and manufacturing of advanced people counter are the major factors estimated to obstruct the market growth.
Nevertheless, increasing uses of these systems in media & advertising sectors to analyze the conversion rate based on visitors count to build a publicity strategy would support the market growth throughout the assessment period. Also, the rising adoption of people counter systems useful in busiest places like airports for crowd management, security management, and deciding staff deployment would increase the market shares.
The people counting system market has been segmented based on type, connectivity, product, and application.
- Type-wise, the people counting system market has been segmented into unidirectional and bidirectional.
- By connectivity, the people counting system market has been segmented into wireless and wired.
- By product, the people counting system market has been segmented into horizontal beam counting system and overhead people counting system.
- Application-wise, the people counting system market has been segmented into retail, transportation, sports & entertainment, banking & finance, government, hospitality, and others.
The key players of global people counting system market are Traf-Sys Inc (US), RetailNext, Inc (US), ShopperTrak RCT Corporation (US), Infrared Integrated Systems Ltd (UK), Axis Communications AB (Sweden), FLIR Systems, Inc (Ticker: FLIR) (US), Siemens AG (Ticker: SIE) (Germany), Eurotech SpA (Italy), iris-GmbH infrared & intelligent sensors (Germany), HELLA GmbH & Co. KGaA (Germany), V-Count (US).
Region-wise, the global people counting system market has been segmented into North America, Rest-of-the-World (RoW), Europe, and Asia Pacific (APAC).
The global people counting system market is dominated by North America on account of increased implementation of these systems in the region. The market is experiencing high demand from various industries such as hospitality, entertainment, public transportation, and retail. The retail industry is highly established in North America. The presence of some major retail brands in the region such as Costco, Walmart, Kroger, the home depot, and Target are influencing the growth of the market. A strong service culture and the availability of state-of-the-art infrastructure has resulted in increased implementation of people counting systems in the region. The US, Mexico, and Canada are the key contributors to the North America market. The US is expected to capture the highest CAGR of 18.1% over the forecast period while Canada and Mexico are anticipated to exhibit a CAGR of 16.4% and 13.9% respectively.
APAC people counting systems market is poised to capture the highest CAGR over the forecast period. Expansion of the retail sector and rise in a number of shopping malls and retail establishments in the region has generated huge demand for people counting systems. Additionally, fast-track urbanization and economic upturn are also supporting the market growth.
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