People Counting System Market by Technology (IR Beam, Video-Based, Thermal Imaging), Hardware and Software, End User (Retail Stores, Supermarkets, and Shopping Malls, Transportation, Corporate, Hospitality), and Region - Global Forecast to 2023
“People counting system market is projected to grow at a CAGR of 10.6% between 2018 and 2023”
The people counting system market is in the growth phase and is estimated to be valued at USD 694.7 million in 2018. The market is expected to be worth USD 1,150.2 million by 2023, growing at a CAGR of 10.6% between 2018 and 2023. The drivers for this market include the growing retail sector and increased adoption rate of people counting technologies, availability of low-cost and easy-to-set-up people counting solutions, and increasing need for people counting solutions in the transportation sector. However, location inaccuracy and privacy concerns in Wi-Fi- and Bluetooth-based people counting technologies are expected to act as major challenges for this market.
“Retail stores, supermarkets, and shopping malls expected to dominate the market during the forecast period”
The growing retail sector, increased adoption rate of people counting technologies, availability of low-cost and easy setup solutions, and increasing need for people counting in the transportation sector are some of the factors driving the growth of the people counting system market. Advancements in people counting solutions and growth of emerging markets (such as Latin America, the Middle East, and Africa) are some of the factors providing opportunities for the people counting system market.
“APAC expected to be the fastest-growing market for people counting system during the forecast period”
The market in APAC is expected to grow at the highest CAGR owing to the increasing number of retail stores, supermarkets, and shopping malls in the region. In addition, government support to increase the presence of foreign retailers in India also helps in increasing the number of retail stores in APAC.
Breakdown of the profile of primary participants:
By Company Type: Tier 1 = 50 %, Tier 2 = 30%, and Tier 3 = 20%
By Designation: C-level Executives = 55%, Directors = 30%, and Managers = 15%
By Region: North America = 60%, Europe = 20%, APAC = 15%, and RoW = 5%
The major players in the people counting system market include Axis Communications AB (Sweden), HELLA Aglaia Mobile Vision GmbH (Germany), InfraRed Integrated Systems Ltd. (UK), RetailNext, Inc. (US), ShopperTrak (US), Eurotech S.p.A. (Italy), Axiomatic Technology Limited (UK), Countwise LLC (US), DILAX Intelcom GmbH (Germany), IEE S.A. (Luxembourg), Iris-GmbH (Germany), V-Count (Turkey), and Xovis AG (Switzerland). Most of the leading players have followed the organic strategy of product launches to boost their revenues.
The people counting system market has been segmented on the basis of technology, hardware and software, end user, and geography. The study covers end users such as retail stores, supermarkets, and shopping malls; transportation; and corporate. The report also forecasts the market size for various segments with regard to 4 main regions—North America, Europe, APAC, and RoW. This report describes the drivers, restraints, opportunities, and challenges for the growth of the people counting system market.
Reasons to Buy the Report
The report would help the market leaders/new entrants in this market in the following ways:
1. This report segments the people counting system market comprehensively and provides the closest approximations of the overall market size and those of the subsegments across different verticals and regions.
2. The report helps stakeholders to understand the pulse of the market and provides them information on key market drivers, restraints, opportunities, and challenges.
3. This report would help stakeholders to understand their competitors better and gain more insights to enhance their position in the business. The competitive landscape section includes competitor ecosystem, product developments, partnerships, and mergers & acquisitions in the people counting system market.