CHICAGO, July 4, 2024 /PRNewswire/ -- The people
counting system market is projected to grow from USD 1.2 billion in 2024 and is expected to reach
USD 2.1 billion by 2029, growing at a
CAGR of 11.6% from 2024 to 2029 according to a new report by
MarketsandMarkets™. Increasing adoption of people counting
systems in smart cities for traffic management and infrastructure
planning, is driving the market for people counting systems. Smart
cities increasingly use people counting systems to track pedestrian
flow and traffic patterns. Hence, this data aids in improvement of
traffic management, public transportation routes are optimized, and
planning for future infrastructure projects are established.
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Browse in-depth TOC on "People Counting System
Market"
190 – Tables
58 – Figures
239 – Pages
People Counting System Market Report Scope:
Report
Coverage
|
Details
|
Market Revenue in
2024
|
$ 1.2 billion
|
Estimated Value by
2029
|
$ 2.1 billion
|
Growth Rate
|
Poised to grow at a
CAGR of 11.6%
|
Market Size Available
for
|
2020–2029
|
Forecast
Period
|
2024–2029
|
Forecast
Units
|
Value (USD
Million/Billion)
|
Report
Coverage
|
Revenue Forecast,
Competitive Landscape, Growth Factors, and Trends
|
Segments
Covered
|
By Type, Technology,
Offering, End-use Application & Region
|
Geographies
Covered
|
North America, Europe,
Asia Pacific, and Rest of World
|
Key Market
Challenge
|
High installation and
maintenance cost
|
Key Market
Opportunities
|
Growing installation in
workspaces is creating significant opportunities for people
counting system in the market
|
Key Market
Drivers
|
Growing demand for
real-time data transmission in mission-critical
applications
|
The transportation segment in the end-use application is expected
to witness significant growth rate during the forecast
period.
Transport hubs such as bus terminals, airports, and train
stations require efficient management of passenger flow. People
counting systems help monitor and analyze passenger movement,
leading to better scheduling and reduced congestion. These systems
help provide accurate counting systems and assist in monitoring
crowd levels in real-time, which is critical for maintaining safety
and security in transportation facilities. This helps in preventing
overcrowding and ensuring swift evacuation during emergency.
Infrared beam technology segment is expected to hold the
second largest market share in the people counting system market
during the forecast period.
Infrared beam systems are a relatively low-cost solution
compared to other technologies like video analytics or thermal
imaging. This makes them a cost effective solution for
budget-conscious businesses. Moreover, these technologies are
simple to install and require minimal maintenance and function well
in various lighting conditions and are not affected by rain or
dust, unlike some other technologies making them ideal for a
variety of applications.
Market for Bidirectional segment is expected to witness
larger market size during the forecast period.
The use of bidirectional systems is crucial for optimizing
staffing levels and monitoring queues in order to improve the
customer experience. They enable businesses to track people's flow
through different areas in order to analyze space utilization.
Specifically, the retail sector, in particular, benefits from
bidirectional people counting as it helps in evaluating store
performance, analyzing conversion rates, planning marketing
campaigns and for effective space management and security
purposes.
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North America is expected to
hold the largest market share in People counting system industry
during the forecast period.
The North American countries are increasingly adopting new
technologies, such as IoT and AI in retail stores and
transportation which is responsible for the growth of the market in
the region. The region has technologically advanced retail stores,
shopping malls, supermarkets, stadiums, banks, and other sectors.
For instance, Walmart Inc., CSV Health, Lowe's, Home Depot
International, Inc., and The Kroger Co. have a strong presence in
North America. Giant retailers,
such as Walmart, have approximately 8,200 retail stores in
North America.
Key Players
Leading players in the people counting system companies include
Axis Communications AB. (Sweden),
Axiomatic Technologies Ltd (UK), DILAX Intelcom GmbH
(Germany), Eurotech S.p.A.
(Italy), FootfallCam (UK),
Hangzhou Hikvision Digital Technology Co., Ltd. (China), HELLA AGLAIA MOBILE VISION GMBH
(Germany), IEE Smart Sensing
Solutions (Luxembourg),
iris-GmbH infrared & intelligent sensors (Germany), Irisys (InfraRed Integrated Systems
Ltd) (UK), RETAILNEXT, INC. (US), SensMax (Latvia), Sensormatic Solutions (US),
VIVOTEK Inc. (Taiwan), and V-Count
(UK). Clever Devices Ltd. (New
York), CountWise (US), DELOPT (India), Density (US), Infodev EDI inc.
(Canada), Inkryptis AI
(India), SenSource (US), Teledyne
Technologies Incorporated. (US), Traf-Sys (US), and Xovis AG
(Switzerland) are few other key
companies operating in the people counting system market.
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