Investment and Adoption in Shopping Malls and Chain Retail Stores is Driving the Growth of People Counting System Market
People Counting System Market is estimated to surpass $1.4 billion mark by 2026 growing at an estimated CAGR of more than 10.6% during the forecast period 2021 to 2026. People counting system is used for counting the number of persons entering through the device that measures the amount and direction of any individual travelling through any entrance. Rising concerns for safety and security at public places has increased the demand for people counting systems.— The global
People Counting System Market Segment Analysis – By Type
Market is segmented based on types into Bidirectional and Unidirectional. Bidirectional is expected to grow during the forecasted period with the largest CAGR of 13.2%. The demand is high due to the ability for accuracy in bidirectional compared unidirectional. This bidirectional type of people counting system can easily identify the direction of the people without any human intervention. These are mostly utilised in retail stores, shopping malls, airports and stadiums for the staff management to maintain the public flow.
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People Counting System Market Segment Analysis – By End User Industry
Based on the End user industry the market is segmented into Retail, BFSI, Transportation, Healthcare, Entertainment & Media, Hospitality, Sports, Corporate, Industrial, Smart cities and others. Retail sector is expected to account for the highest market share in 2020 at 24.2%.
People Counting System Market Segment Analysis – By Geography
People Counting System market is dominated by North America, with the region expected to have the largest market share during the forecasted period with 38% share in 2020. This is because North America has large number of shopping malls, retail stores, theme parks, stadiums, banks, airports etc., where there are requirements of tracking and counting of the people who are entering the place. APAC follows North America in the demand.
People Counting System Market Drivers
Increased technical advancements in the Retail sector
There are lot of technological advancements in the retail sector, such as digital marketing, people counting, analytics, consumer behaviour, artificial intelligence, augmented reality, sensor data, and so on which have driven the capability of retail automation. Retailers have adopted people counting systems to get a better understanding of customers as well as for enhancing shopping experiences.
Investment and Adoption in Shopping Malls and Chain Retail Stores
In shopping malls, people counting systems have various applications in different shops such as food, cosmetics, accessories, and others. These systems are used to automate the retail store and understand peak areas and timings. Whereas the increasing trends of adoption in retail of the people counting system will enhance the overall market growth.
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People Counting System Market Challenges
Rise of E-Commerce
Increased online shopping and decreased number of visitor for the retail stores due to Covid-19 has affected the growth of people counting system. E-commerce has affected the growth of the retail sector at a significant level globally. E-commerce and E- business have increased rapidly in recent years which is the major threat for the physical or brick & mortar stores and this will impact the market share of people counting system as the decreasing customer visit will decrease the need of people counting system in the stores.
People Counting System Market Landscape
Players adopt Acquisitions, Partnership, Collaboration and facility expansion as key strategies to increase its market share and revenue of the people counting system market. Hella Aglaia Mobile Vision Axis Communications AB., InfraRed Integrated Systems Ltd, RetailNext, Inc., Johnson Controls., EUROTECH, Axiomatic Technologies Corporation, Countwise. iris-GmbH infrared & intelligent sensors, FLIR Systems, Inc., Xovis AG, and Traf-Sys are some of key players in the market.
In November 2020, STMicroelectronics and Schneider Electric collaboratively developed Advanced People-Counting Solution using Artificial Intelligence into a high-performance people-counting sensor, which overcomes the challenge of monitoring attendance in large spaces with multiple entrance points.
In October 2020, Advantech & Quanergy Announce PartnershipBuild LiDAR-Enabled 3D IoT Solutions for the anonymity of people and provide GDPR compliant solutions for people counting and tracking, occupancy and distance monitoring.
In August, 2020, Samsung partners with Quividi, the leading audience & campaign intelligence platform for digital signage. The technology works by using data capturing hardware, such as cameras, to count how many people are entering a store.
The People Counting System market is estimated to witness substantial growth over the forecast period primarily due to the growing demand for adoption of advancement in the technologies like safety and security, Consumer behavior analytics.
Retail industry is one of the major driving factors for the growth of the People Counting System market. Retail stores, hyper stores, shopping malls are the end user application that benefit from this market.
People Counting System market is dominated by North America and is expected to hold highest market share during the forecast period, 2021-2026.
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