CHICAGO, Sept. 27, 2019 /PRNewswire/ -- According to the new research report "People Counting System Market by Type (Unidirectional, Bidirectional), Technology (Infrared Beam, Thermal Imaging, Video-Based), Offering, End-User (Retail Stores, Supermarkets, Shopping Malls, Transportation), Region - Global Forecast to 2024", published by MarketsandMarkets™, the global People Counting System Market is expected to grow from USD 796 million in 2019 to USD 1,275 million by 2024, at a CAGR of 9.9% during 2019–2024. Ongoing technological advancements in retail industry, rising concerns for safety & security at public places, and growing need for people counting systems in hospitality, sports & entertainment applications are the key factors fueling the growth of this market.
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Retail, supermarkets and shopping malls end-user is expected to gain a significant share of people counting system market by 2024
The retail, supermarkets, and shopping malls end-user is expected to account for the largest share of the people counting system market by 2024. The growth of the market can be attributed to people counter ability to help retailers by providing KPIs that describe their current business scenario. On account of the ratio of traffic to sales, retailers can fairly and accurately compare stores with low sales volume to stores with high sales volume. Also, people counters help improve store operations by giving information about the number of people entering the store, passing by the store, duration of visitors, and the frequency of their visits.
Based on type, market for bidirectional people counting system to grow at the highest CAGR from 2019 to 2024
The market for bidirectional people counting systems is expected to grow at the highest CAGR from 2019 to 2024. The growth can be attributed to the ability of bidirectional people counting system for achieving several advantages such as more accuracy in conversion rate, easy installation, lesser human intervention, higher accuracy, direction detection, and more. Bidirectional people counting systems can count visitors through glass. Besides, by using video-based 3D technology, these people counting systems can offer capabilities such as filtering children from the total count in retail stores, as children don't make any purchases. These systems have applications in retail stores, supermarkets, shopping malls, hotels, restaurants, museums, stadiums, libraries, corporate offices, and more.
People counting system market in APAC to grow at the highest CAGR during the forecast period
The people counting system market in APAC is expected to grow at the highest CAGR during the forecast period. The major factor driving the growth of the people counting system market in APAC is growing economies and emerging opportunities in different sectors such as retail, transportation, and hospitality. Also, the availability of a large number of emerging players is creating intense competition, which directly benefits customers. Hence, it is expected to spur the growth of the people counting system market in the near future.
Browse in-depth TOC on "People Counting System Market"
119 – Tables
47 – Figures
165 – Pages
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Key players in the market include Axis Communications (Sweden), HELLA Aglaia Mobile Vision GmbH (Germany), Infrared Integrated Systems (IRISYS) (UK), RetailNext (US), ShopperTrak (US), Eurotech (Italy), Axiomatic Technology (UK), CountWise (US), Dilax Intelcom GmbH (Germany), and IEE S.A. (Luxembourg). These players are increasingly undertaking product launches, mergers, and acquisitions to increase their market shares.
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