People Counting System Market - Global Industry Analysis, Size, Share, Trends, Analysis, Growth, and Forecast 2017 - 2025
People counting systems are devices that are used to count the number of people traversing a certain entrance or passage. In retail stores, they are usually deployed to calculate conversion rate and marketing effectiveness and are used in staff planning. In crowded places such as shopping malls and concerts, other than their conventional job of calculating footfall, they are used for crowd management and monitoring of high-traffic areas. Their additional uses include fire management and energy usage optimization.
Among the various end users, the demand for people counting systems is likely to remain high in retail stores and shopping malls throughout the forecast period. In an attempt to sustain the rising competition due to shifting demographics and the advent of new technologies, retailers are modifying their existing strategies. As a result, they are increasingly adopting people counting systems.
The spiraling demand for video-based people counting systems is positively impacting the growth of the overall market. The high accuracy and reliability offered by this technology during high volume traffic and high stability against changes in environmental conditions such as light, shadows, and heat are providing a boost to their demand. The demand for Wi-Fi tracking technology is also expected to increase over the forthcoming years. The technology helps in tracking the actual, potential, and repeating visitors and is efficient in terms of eliminating staff from total people count.
The global people counting system market is estimated to witness the advent of new technologies, which will be in the favor of the market. The availability of 3D systems is anticipated to revolutionize the mechanism of people counting.
The global people counting system market is expected to gain a significant momentum in the coming years. People counting systems are gaining popularity owing to their high accuracy and reliability in monitoring and counting entrance and exit traffic separately, while excluding carts, children, and strollers. They are also capable of counting multiple individuals entering simultaneously. These systems are being increasingly deployed across retail stores, banks and financial institutes, healthcare and government institutes, hospitality, and transportation. Some of the common types of technologies used for counting people are thermal imaging, infrared beam, and video based.
The report is a professional study on the global people counting system market, compiled by meticulously analyzing various critical parameters of the market. It provides a detailed overview of the factors impacting the growth of the market. It offers qualitative and quantitative insights into the competitive landscape of the market. Competitive profiling of the prominent players in the market along with their market shares, business strategies, cost and revenue structures, latest developments, and contact information forms a vital part of the report. It performs SWOT analysis to reveal potential growth trajectory of each prominent player in the global people counting system market.
The rising number of shopping malls, supermarkets, and retail stores is boosting the adoption of people counting technologies worldwide. Retailers need to monitor footfalls at their shops periodically to remain competitive. By knowing the traffic to sales ratio, retailers can accurately compare stores on the basis of sales volume. Moreover, the availability of easy set-up and low-cost solutions is escalating the growth of the market. The market is also witnessing a sharp rise in the demand for people counting solutions in the transport sector. The future of the market looks bright with technological advancements.
On the other hand, the robust growth of the e-commerce industry and the expanding online sales channel pose a considerable threat to the brick and mortar commerce, which in turn is adversely affecting the growth of the market.
The key segments analyzed in the report on the basis of geography are North America, Asia Pacific, Europe, and Rest of the World. Asia Pacific will be a prominent market throughout the forecast period. The increasing number of supermarkets, retail stores, and shopping malls are attracting international players to invest in the region. In addition, conducive government initiatives are encouraging the presence of foreign retailers in India, which is also leading to the rising number of retail stores in Asia Pacific. Countries such as China, Hong Kong, India, Japan, Malaysia, and Singapore will be the sites of high growth rate throughout the same span.
Moreover, the presence of infrastructure such as train stations, airports, and bus stations along with a large number of upcoming projects are triggering the deployment of people counting systems. The expansion of the hospitality industry is also facilitating the growth of the region.
Product innovation and technological advancements are of critical importance to key manufacturers in the global people counting system market to stay relevant in the market. They are focusing on portfolio diversification through partnerships and mergers in order to strengthen their position in the market. Some of the key players in the global people counting system market are Axis Communication AB, RetailNext Inc., InfraRed Integrated Systems Ltd., IEE S.A., Eurotech S.p.A., Countwise LLC, Xovis AG, Axiomatic Technology Limited, IRIS-GmbH, IEE S.A., Point Grey Research Inc., and ShopperTrak.
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Latest Trends and Cardinal Growth Prospects
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Ascensions in Technology
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The world ushered in the new decade with the shadow of the COVID-19 pandemic. The outbreak has damaged the growth prospects of several businesses and has crippled the entire economy. The study is in tandem with the changing dynamics of the market due to the SARS-CoV-2 outbreak. The study focuses on the coronavirus pandemic and analyses every aspect that impacts the growth positively or negatively.
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