People Counting System Market Size, Share & Forecast [2029] | Global Industry Growth Rate, Key Players, Type & Application, Expansion Plans, Recent Developments, Revenue, Challenges, Restraints Analysis – Press Release
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Pune, India, Oct. 18, 2022 (GLOBE NEWSWIRE) — The global people counting system market size is set to expand due to new technologies such as stereo, beacons, and time of flight (ToF). In addition, digital transformation across the retail industry and transportation is expected to drive the product demand. Fortune Business Insights presents this information in its report titled “People Counting System Market Share, 2022-2029.”
People counting system is a device that helps to count the number of individuals entering the building premises. It helps to record or monitor the number of people entering the passage by using different technologies such as infrared beams, thermal imaging systems, Wi-fi trackers, and thermal sensing systems. Advanced machine learning algorithms allow users to get real-time data and help maintain employees’ and customers’ safety are experiencing robust demand.
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COVID-19 Pandemic Increased Product Demand to Maintain Social Distancing
COVID-19 pandemic had a positive impact on the market growth. These systems were widely used to track the number of visitors entering the buildings and organization, which helped control the spread of the disease. Companies operating in this market gained lucrative opportunities from COVID-19 and enhanced their products to maintain customers’ safety.
Market Segments:
According to the component, the market is segmented into software and hardware.
In terms of technology, the market is broken down into thermal imaging, video-based, infrared beams and others.
By end-user, the market is divided into supermarkets & shopping malls, government, retail, media & entertainment, corporate, and others.
Region-wise, the market is segregated into South America, North America, Europe, the Middle East & Africa, and Asia Pacific.
The report offers:
- Major growth drivers, restraining factors, opportunities, and potential challenges for the market.
- Comprehensive insights into the regional developments.
- List of major industry players.
- Key strategies adopted by the market players.
- Latest industry developments include product launches, partnerships, mergers, and acquisitions.
Drivers & Restraints:
Growing Digital Transformation to Boost Market Growth
People counting system market growth is attributed to the digital transformation across the retail and transportation sectors. In addition, the integration of new technologies such as stereo, beacons, and Time of Flight (ToF) is a major factor driving the market growth in the coming years.
On the contrary, a growing inclination towards e-commerce may restrict the market growth during the forecast period.
Regional Insights:
Increasing Number of Airports in North America to Drive Market Share
North America is expected to hold the highest percentage of people counting system market share due to airports requiring counting solutions and visitor tracking. The rapidly growing adoption of cloud technology is expected to create demand for the product.
Asia Pacific is expected to show the fastest growth due to the increasing digital transformation in retail stores, banking, financial institutes, corporate, transportation, and supermarkets.
Europe is witnessing slow growth due to environmental-centric regulations such as General Data Protection Regulations (GDPR).
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Competitive Landscape
Key Players Focus on New Launch to Gain a Competitive Advantage
Prominent market players are launching & investing in new products to stay ahead in the competition. Many companies are making collaboration efforts to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolio.
Notable Industry Development:
October 2020 – Axis Communication AB launched 3D people counting software Axis P8815-2 3D. The launch is combined with hardware and 3D imaging software to provide real-time counting of visitors passing by.
Companies Profiled in the People Counting System Market Report:
- Traf-Sys (U.S.)
- Indodev Electronic Designers International Inc. (Canada)
- Xovis AG (Switzerland)
- FLIR Systems Inc. (U.S.)
- IEEE (U.S.)
- Iris-GmbH infrared & intelligent sensors 9 (Germany)
- Axiomatic Technologies Corporation (Canada)
- Countwise (U.S.)
- EUROTECH (U.S.)
- Johnsons Controls (Ireland)
- RetailNext Inc. (U.S.)
- InfraRed Integrated Systems Ltd (U.K.)
- Axis Communication AB (Sweden)
- Hella Aglaia Mobile Vision GmbH (Germany)
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