People Counting System Market by Technology IR Beam, Video-Based, Thermal Imaging – 2023
[145 Pagess Report] The people counting system market was valued at USD 621.2 Million in 2017 and is expected to reach USD 1,150.2 Million by 2023, at a CAGR of 10.6% during the forecast period. Factors such as 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 are driving the growth of this market. Years considered for the report:
2017: Base Year 2018: Estimated Year 2023: Projected Year 2018–2023: Forecast Period
Objectives of the report:
To define, describe, and forecast the people counting system market segmented on the basis of technology, end user, hardware and software, and geography To forecast the market size, in terms of value, for various segments with regard to main regions, namely, North America, Europe, Asia Pacific (APAC), and Rest of the World (RoW) To provide detailed information regarding the major factors influencing the growth of the people counting system market (drivers, restraints, opportunities, and industry-specific challenges) To strategically analyze micromarkets with respect to individual growth trends, prospects, and contribution to the total market To provide a detailed overview of the value chain in the people counting system market
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To strategically profile the key players and comprehensively analyze their market position in terms of ranking and core competencies To analyze competitive developments, such as joint ventures, collaborations, agreements, contracts, partnerships, mergers & acquisitions, new product launches & developments, and research & development (R&D) in the people counting system market
The research methodology used to estimate and forecast the people counting system market begins with capturing data on key vendor revenue through secondary sources, such as Semiconductor Industry Association and Global Semiconductor Alliance. The vendor offerings are also taken into consideration to determine the market segmentation. The people counting system market is projected to grow from USD 694.7 Million in 2018 to USD 1,150.2 Million by 2023, at a CAGR of 10.6% between 2018 and 2023. Factors such as 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 are expected to drive the growth of the people counting system market. Among end users, the retail stores, supermarkets, and shopping malls segment held the largest share of the people counting system market in 2017. The main driver for the growth of this segment’s market is the increasing importance and use of people counting technology in the constantly evolving retail market. Based on technology, the video-based technology is estimated to hold the largest market share in 2018, and this trend is expected to continue during the forecast period. The large share is attributed to advanced features of the video-based technology, such as the ability to differentiate between a child and an adult and between a person and an object, allowing more accuracy in high-volume traffic, and the ability to withstand changing environmental conditions. The people counting software market is expected to grow at a higher CAGR than the hardware market between 2018 and 2023. Software data
helps business managers make knowledgeable business decisions. Software plays a crucial role in providing valuable insights and in helping businesses improve their offerings and accountabilities. Location inaccuracy and privacy concerns in Wi-Fi- and Bluetoothbased people counting technologies are factors restraining the growth of the people counting system market. Wi-Fi- and Bluetooth-based people counting solutions work by placing sensors at strategic points in a specified area. These sensors detect Wi-Fi or Bluetooth devices, such as mobile phones and tablets. Travel times, wait times, and movement patterns can be obtained by the devices using multiple sensors. Some retailers use Wi-Fi- and Bluetooth-based people counting solutions to count the number of people and their buying behavior in stores as well as to determine loyal customers and their buying patterns. 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 market players have followed the organic strategy of product launches to boost their revenues.