Global People Counting System Market Research Report 2023: Size, Share, Application

DUBLIN--(BUSINESS WIRE)--The "People Counting System Market Size, Market Share, Application Analysis, Regional Outlook, Growth Trends, Key Players, Competitive Strategies and Forecasts, 2023 to 2031" report has been added to ResearchAndMarkets.com's offering.

People Counting System Market Expected to Grow at a CAGR of 10% by 2031

This study report represents analysis of each segment from 2021 to 2031 considering 2022 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2022 to 2031.

One of the most prominent factors complimenting the people counting system market growth is the rapid expansion of the retail stores across the world. Retailers, in an effort to address the increasing competition and improve footfalls, are widely adopting people counting systems.

These systems help stores to identify conversion rates, customer trends and predict staffing requirements among others. The various functionalities of people counting systems include calculating a store's conversion ratio, footfall patterns, improving customer service and optimizing a building's layout. Moreover, the availability of easy to set up and low-cost people counting solutions is another prominent factor supporting the market growth.

As per recent trends it has been observed that the demand for video-based people counting systems has increased significantly in recent years owing to the various benefit it offers such as high accuracy and reliability.

In addition, Wi-Fi tracking technology is another area gaining popularity in recent years. The technology enables to track actual, potential, and repeating visitors. However, one of the restraints impacting the people counting system market growth is the unprecedented growth of the e-commerce industry. This considerable online sales growth is expected to be a major challenge for the brick and mortar commerce, thereby impacting the people counting system market growth negatively.

Asia Pacific is expected be one of the most attractive markets for people counting systems in the coming years. Factors such as rapid expansion of retail stores, supermarkets, and shopping malls in the region have attracted large foreign investments in recent years.

Moreover, favorable government initiatives towards encouraging foreign retailers to invest in the region is another factor impacting the demand for people counting system market growth positively. Modernization of airports, bus station and railway stations are some other factors complimenting the demand growth for people counting system in the region.

Key questions answered in this report

What are the key micro and macro environmental factors that are impacting the growth of People Counting System market?
What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
Estimated forecast and market projections up to 2031.
Which segment accounts for the fastest CAGR during the forecast period?
Which market segment holds a larger market share and why?
Are low and middle-income economies investing in the People Counting System market?
Which is the largest regional market for People Counting System market?
What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
Which are the key trends driving People Counting System market growth?
Who are the key competitors and what are their key strategies to enhance their market presence in the People Counting System market worldwide?

Market Dynamics

Drivers

Growing deployment of people counting systems at retail stores and public places to maintain occupancy limits for social distancing due to outbreak of COVID-19
Increasing focus of retailers, libraries, and transportation hubs on installing public counters owing to their long-term benefits
Rising adoption of people counting systems to measure marketing effectiveness

Restraints

Increased privacy risks
Rapid growth of e-commerce industry

Opportunities

Integration of 4D technology into video-based people counters
Installation of people counting systems in workspaces

Challenges

Differential store metrics limiting effectiveness of video-based counters
Negative impact of COVID-19 on inventory management and manufacturing capacity of people counting devices

Company Profiles

Integrated Systems Ltd. (IRISYS)
Johnson Controls International PLC
RetailNext
HELLA Aglaia Mobile Vision GmbH
V-Count
FootfallCam
Eurotech
Catalis
VR Equitypartner
Aerospace Hi-Tech
SensMax Ltd.
InfraRed Integrated Systems Ltd.
Kepler Analytics
Canon
GIGA-BYTE Technology Co. Ltd.
Teledyne FLIR LLC
Hangzhou Hikvision Digital Technology Co. Ltd.
Traf-Sys Inc.
Siemens AG
Tyco International
Teledyne Technologies
iris-GmbH infrared & intelligent sensors
Faurecia

Market Segmentation

Technology

Thermal Imaging
IE Beam
Video-based

Component

Hardware
Software

End-user

Retail
Banking and Financial Institutes
Transportation
Corporate
Healthcare
Hospitality
Sports and Entertainment

For more information about this report visit https://www.researchandmarkets.com/r/2jao13

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First published on Mon, Jun 19, 2023

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