Subject: MRR
People Counting System Market worth $2.1 billion by 2029 - Exclusive Report by MarketsandMarketstm
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 MarketsandMarketstm. 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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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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