People Counting Systems Market Worth USD 3.37 Billion at a CAGR of 12.2% by 2030 – Report by Market Research Future (MRFR)
Accelerated technological advancements in the retail sector to Boost People Counting Systems Market Growth
New York, US, March 07, 2023 (GLOBE NEWSWIRE) — According to a comprehensive research report by Market Research Future (MRFR), “People Counting System Market” Research Report: By Type, Connectivity, Product, Applications- Forecast Till 2030, the market is anticipated to acquire a valuation of approximately USD 3.37 Billion by the end of 2030. The reports further predict the market to flourish at a robust CAGR of over 12.2% during the assessment timeframe.
Key players in the People Counting Systems Market include
- Traf-Sys Inc (US)
- RetailNext Inc (US)
- Siemens AG (Germany)
- ShopperTrak RCT Corporation (US)
- Infrared Integrated Systems Ltd (UK)
- FLIR Systems Inc (US)
- Axis Communications AB (Sweden)
- iris-GmbH infrared & intelligent sensors (Germany)
- HELLA GmbH & Co. KGaA (Germany)
- Eurotech SpA (Italy)
- V-Count (US)
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|Revenue forecast in 2030||USD 3.37 Billion|
|Growth Rate||CAGR of 12.2% from 2020 to 2030|
|Key Market Opportunities||The early adoption of people counting system in public transportation, hospitality, and entertainment sector.|
|Key Market Drivers|| Ongoing technological developments in the retail sector.
Growing public safety and security issues.
Increasing need for people counting systems in hospitality, sports, and entertainment applications
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The ongoing technological advancements in the retail industry, the escalating public safety and security concerns, the rising demand for people counting systems in the hospitality, sports, and entertainment industries, and the rising demand for people counting systems to ensure the safety of people in public places and retail stores amid COVID-19 are the primary factors driving the growth of People Counting Systems Market.
The COVID-19 epidemic has had an impact on people counting system sales across the globe. Nonetheless, it has created both possibilities and difficulties for the ecosystem’s players.
For instance, COVID-19 has had the greatest impact on businesses that offer unidirectional people counting systems using Wi-Fi, Bluetooth, and pressure mat-based technology since they are unable to support end users in maintaining social distance.
On the other hand, end users are embracing people’s counting systems to track and count visitors, including stores, supermarkets, shopping malls, and transportation, among many others. These end users are largely using bi-directional people counting systems using thermal and video-based technologies, which enable them to acquire visitor data in real-time and maintain the safety of patrons and personnel. Businesses who are active in the market are benefiting from COVID-19 by enhancing their products to ensure public safety.
For instance, ShopperTrak (US) improved its social distancing scoreboard, Unacast’s mobility data, and COVID-19 recovery possibilities in May 2020. Global location data and analytics provider Unacast has its American headquarters. Similar to Eurotech (Italy), in May 2020 the Friuli-Venezia Giulia region of Italy mobilised its automatic passenger counter to comply with the new rule.
About USD 192 billion was the size of the worldwide retail market in 2018, according to the World Federation of Direct Selling Association (US). Digital marketing, person counting, analytics, omnichannel retail, sensor data, artificial intelligence, augmented reality, and many more technical advancements have been developed in the retail sector. Shops have implemented people counting technologies to better understand their customers and to enhance the shopping experience.
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A variety of key performance indicators (KPIs) including conversion rate, staff planning, visitor count, outside traffic, dwell time, pedestrian foot traffic, walk-in rate, shopper-to-staff ratio, and customer path can be calculated using people counting systems in conjunction with retail analytics software. In order to maintain their market position, retailers are also making critical business decisions. Moreover, people counting systems in the retail industry provide a number of benefits like high dependability, precision, and the capacity to remove strollers, carts, and kids from the overall count. As a result, it presents a huge opportunity for businesses operating in the market for people counting systems to use their people counters in the retail industry.
Global B2C e-commerce sales were anticipated to reach USD 711.3 billion in 2018, according to EuroCommerce (Belgium). Only transactions between end users and online retailers are included in B2C e-commerce sales. The growth of the retail industry has been significantly impacted by e-commerce on a global scale. People counting technologies have become more prevalent as a result of the declining number of customers entering retail businesses, malls, and supermarkets. Brick and mortar establishments face a challenge from e-commerce, and many have closed their doors globally. For instance, in 2018, Gap Inc. (US) shuttered roughly 200 of its locations globally while Ascena Retail Group (US) closed about 500 of its stores.
People Counting Systems Market Segmentation
Global People Counting System Market has been segmented into Type, Connectivity, Product, Application, and region.
The People Counting Systems Market has been divided into unidirectional and bidirectional types based on kind.
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The People Counting Systems Market has been divided into wireless and wired based on connectivity.
The global People Counting Systems Market has been divided into two product categories: overhead and horizontal beam counting systems.
The People Counting Systems Market has been broken down into various application categories, including retail, transportation, sports & entertainment, banking & finance, government, hospitality, and others.
By region, the People Counting Systems Market is segmented into North America, Europe, Asia-Pacific, and Rest of the World (RoW)
By 2026, North America will account for a sizable portion of the People Counting Systems Market.
In 2018, North America held the largest People Counting Systems Market share of 43.3% with a market value of USD 325.1 million; over the projected period, the People Counting Systems Market is anticipated to grow at a CAGR of 17.0%. The prominence of large retail chains in the North American region, including Walmart, Costco, and Kroger, among others, is a major driver of development. Also, the market growth is anticipated to be boosted by the early deployment of people counting systems in the hospitality, entertainment, and public transit sectors.
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