People Counting System Market Expected to Grow at a CAGR of 10% by 2031. For every business, to understand and look into what is going on in their business, keeping a track on customer traffic is of prime importance. People counting systems are usually used in the entrances of retail chain, shopping center, library, museum, bank, sporting venue and restaurant among others in order to record the total number of visitors. The basic aim of keeping a count of visitors is to facilitate well informed decisions about a business. People counting systems are used to count visitors traversing through a particular entrance or passage and find application across various industry domains.  The application of these device at retail stores is aimed at calculating marketing effectiveness and conversion rate. Moreover, it is also used for staff planning purpose. In addition, the use of people counting system in shopping malls and concerts is not only limited to calculating footfalls but also to monitor high-traffic areas and for crowd management.

One of the most prominent factors complimenting the people counting system market growth is the rapid expansion of the retail stores across the world. Retailers, in an effort to address the increasing competition and improve footfalls, are widely adopting people counting systems. These systems help stores to identify conversion rates, customer trends and predict staffing requirements among others. The various functionalities of people counting systems include calculating a store’s conversion ratio, footfall patterns, improving customer service and optimizing a building’s layout. Moreover, the availability of easy to set up and low-cost people counting solutions is another prominent factor supporting the market growth.

As per recent trends it has been observed that the demand for video-based people counting systems has increased significantly in recent years owing to the various benefit it offers such as high accuracy and reliability.

In addition, Wi-Fi tracking technology is another area gaining popularity in recent years. The technology enables to track actual, potential, and repeating visitors. However, one of the restraints impacting the people counting system market growth is the unprecedented growth of the e-commerce industry. This considerable online sales growth is expected to be a major challenge for the brick and mortar commerce, thereby impacting the people counting system market growth negatively.

Asia Pacific is expected be one of the most attractive markets for people counting systems in the coming years. Factors such as rapid expansion of retail stores, supermarkets, and shopping malls in the region have attracted large foreign investments in recent years.

Moreover, favorable government initiatives towards encouraging foreign retailers to invest in the region is another factor impacting the demand for people counting system market growth positively. Modernization of airports, bus station and railway stations are some other factors complimenting the demand growth for people counting system in the region.

Market Dynamics

DRIVERS

• Growing deployment of people counting systems at retail stores and public places to maintain occupancy limits for social distancing due to outbreak of COVID-19
• Increasing focus of retailers, libraries, and transportation hubs on installing public counters owing to their long-term benefits
• Rising adoption of people counting systems to measure marketing effectiveness                           

RESTRAINTS

• Increased privacy risks
• Rapid growth of e-commerce industry                          

OPPORTUNITIES

• Integration of 4D technology into video-based people counters
• Installation of people counting systems in workspaces

CHALLENGES

• Differential store metrics limiting effectiveness of video-based counters
• Negative impact of COVID-19 on inventory management and manufacturing capacity of people counting devices

Key Players Identified in the people counting system market include but are not limited to:

Integrated Systems Ltd (IRISYS) (US), Sensormatic Solutions (US), RetailNext (US), HELLA Aglaia Mobile Vision GmbH (Germany), V-Count (Turkey), FootfallCam (UK), Eurotech (Italy), Axiomatic Technology Ltd. (UK), DILAX Intelcom GmbH (Germany), IEE S.A. (Luxembourg), SensMax Ltd (Latvia), InfraRed Integrated Systems Ltd., Countwise, Axis Communications AB, GIGA-BYTE Technology Co., Ltd., Teledyne FLIR LLC, Hangzhou Hikvision Digital Technology Co., Ltd., Traf-Sys Inc (US), Siemens AG (Germany), ShopperTrak RCT Corporation (US), FLIR Systems Inc (US), iris-GmbH infrared & intelligent sensors (Germany), HELLA GmbH & Co. KGaA (Germany), Others.

Recent Developments

July 2021: SensMax Ltd. launched the SensMax LED-391 screen for people counting projects. 

May 2021: Sensormatic expanded its partnership with VSBLTY Groupe Technologies Corp. to offer two new products: shopper demographics and shopper views. 

March 2021: Axiomatic Technology Ltd. launched robust housing with clear cover as a part of the battery-powered beam counter range.

February 2021: FootfallCam launched the FootfallCam 3D Mini, a people counter built for smart restrooms. 

January 2021: RetailNext partnered with Meiyume (China), a provider of digital signage, consumer demographic analysis, display traffic analytics, and product interaction tracking solutions. Meiyume aims to expand its IoT capabilities.

October 2020: RetailNext announced its partnership with BrightSign (US), ConcretePlatform (US), Crave Retail (US), Creative Realities (US), Gaiadigits (Canada), MishiPay (UK), Purple Wifi (UK), Qudini (UK), Radius8 (US), StoreForce (US), Waitwhile (US), and Visionect (US). The new partnership is expected to enable RetailNext’s customers to leverage their in-store data to drive more solutions that are specific to their needs across operations, marketing, and consumer engagement.

Historical & Forecast Period

This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.

The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.

Research Methodology

The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of People Counting System market are as follows:

• Research and development budgets of manufacturers and government spending
• Revenues of key companies in the market segment
• Number of end users and consumption volume, price and value.
• Geographical revenues generate by countries considered in the report
• Micro and macro environment factors that are currently influencing the People Counting System market and their expected impact during the forecast period.

Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.

Key questions answered in this report

• What are the key micro and macro environmental factors that are impacting the growth of People Counting System market?
• What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
• Estimated forecast and market projections up to 2032.
• Which segment accounts for the fastest CAGR during the forecast period?
• Which market segment holds a larger market share and why?
• Are low and middle-income economies investing in the People Counting System market?
• Which is the largest regional market for People Counting System market?
• What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
• Which are the key trends driving People Counting System market growth?
• Who are the key competitors and what are their key strategies to enhance their market presence in the People Counting System market worldwide?