By 2022 the people counting market is expected to reach USD 1637 million, growing at a CAGR of 18.9%. That’s according to a study by MarketsandMarkets.
Video-based technology is expected to dominate the people counting system market during this period.
“This technology offers high accuracy during high-volume traffic, ability to detect the direction in which person or shopper is moving, remains unaffected in varying environments of light, heat, shadows, and it can easily distinguish people from objects and track continuously through a large area for an extended period of time.”
Video people counting offers the best way of ensuring accurate footfall and queue counting in locations such as retail stores, train stations or airports where there are dense crowds and slow-moving traffic. It can differentiate between people and objects to count with high accuracy.
This technology is ideal for anyone who requires the highest accuracy, reliability and count validation.
The retail stores, supermarkets and shopping malls are expected to lead the market during the forecast period as the retail industry is becoming more complex and is constantly evolving. In a shifting environment retailers will have to modify their existing strategies to achieve new goals. Retailers need to know the footfall at their shop at regular intervals to remain competitive in the complex retail world.
The report continues
- By observing the ratio of traffic to sales, retailers can fairly and accurately compare stores with low sales volume to stores with high sales volume.
- People counters help improve store operations by giving information about the number of people entering the store, passing by the store, duration of their visit, and frequency of their visit.
- They help measure the performance of marketing campaigns and advertising.
- They also help making decisions regarding staff planning.
It’s not just retailers who are benefiting from people counting systems, there is increasing demand from:
- the transportation sector – trains, buses and airports
- the increasing number of smart city and building projects
- the hospitality industry, especially booming in the Asia-Pacific countries
- banking and financial institutes
- sports and entertainment
- government and healthcare
Another analysis, this time by Reasearch Beam, identifies China as the fastest growing market. They predict that the market will continue to grow here faster than anywhere else in the world.
Currently, the lowest penetration of people counting systems is in South America, the Middle East and Africa. These emerging markets also provide ample growth opportunities for the people counting system market in the coming years.
Growth, however, is expected in all regions including Europe and North America.
People Counting System Market by Technology (IR Beam, Video Based, Thermal Imaging), Application (Retail, Transportation, Banking & Finance, Hospitality, Sports & Entertainment, Government), and Geography – Global Forecast to 2022. MarketsandMarkets
Global People Counting System Market Professional Survey Report 2017. Reasearch Beam. December 2017.