The global people counting system market is anticipated to grow at significant CAGR during the forecast period (2018 to 2025), according to a report available on Radiant Insights, Inc. Growing requirement for advanced devices that can count people efficiently to database that can be used in business analytics is anticipated to propel demand for people counting system. Such systems are likely to be equipped with advanced technologies that can measure number and direction of people traversing any entrance or passage per unit time. It can be used in entrance of buildings to record total number of visitors.
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Reliability and accuracy of people counting systems is expected to influence growth of market in the forthcoming years. Increasing use of technology in retail sector to measure footfall of consumers in stores and malls attributed to high competition can augment product demand. Rising installation of people counting systems in events comprising large audience such as sports events, concerts, public rallies to track individuals can stimulate growth of market. Growing deployment in railway stations and airports to monitor crowd and manage staff during peak hours can drive market growth during the forecast period (2018 to 2025).
To cater to rising demand for people counting systems, most companies are focusing on R&D activities to develop innovative products. For instance, V-Count recently introduced its new people counting system called 3D Alpha+. This system is expected to provide 98% counting accuracy rate owing to stereo vision technology. This new technology is likely to be the best technology available in this market. It can be used as most accurate and reliable way to measure consumer’s footfall activity in and out of any physical space. Its bio-directional feature can simultaneously count people entering and exiting any retail store and then report these numbers separately. Moreover, it is equipped with Wi-Fi technology to provide Wi-Fi tracking data including draw-in rate.
The people counting system market can be segregated on the basis of product type, application, and region. Based on product type, the market can be categorized into thermal imaging, video based, IR Beam, and others. Video-based technology is anticipated to witness significant growth during the forecast period. Ability of differentiate between adult and child or person and object is likely to fuel demand for video based people counting system. In addition, more accuracy in high-volume traffic coupled with ability to tolerate changing environmental conditions can foster growth of market.
Based on application, the market can be classified into retail store, super markets, shopping malls, transportation, corporate & education, and others. Retail store, shopping malls, and super markets segments are likely to contribute well for market attributed to high demand for people counting systems. Visitors count obtained from people counting systems installed at retail stores and malls can help these commercial segments in formulating effective business strategies.
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Regional segment includes Europe, China, India, Japan, Southeast Asia, and United States. In United States, the market is expected to account for largest market share during the forecast period attributed to presence of busiest airports across the world. In addition, growing adoption of people counting systems in transportation can also fuel market growth. Moreover, presence of large number of retail establishments can also stimulate growth of market in this region. In China, the market is predicted to witness significant growth attributed to increasing number of middle-class population in the region. In addition, change in spending habits of consumers coupled with expansion of retail sector can influence market growth in the region.
Some of the leading companies offering people counting system are RetailNext, Brickstream, InfraRed Integrated Systems, Axiomatic Technology, and V-Count. Most companies are likely to adopt strategic actions such as development of new and innovative products and mergers & acquisitions to gain traction among consumers.