Home > Pressrelease > People Counting System Market worth over $6bn by 2028
People Counting System Market worth over $6bn by 2028
- Published Date: April 13, 2022
People Counting System Market size is set to surpass USD 6 billion by 2028, according to a new research report by Global Market Insights Inc.
The market growth is attributed to the ongoing technological developments in the people counting systems ensure precise data analysis. Several manufacturers, such as BriefCam, Sensource Inc., and Countwise, in the market are integrating advanced technologies to improve the functionality of their systems. For instance, in May 2021, QNAP Systems, Inc. introduced QVR Human, a people counting solution that analyzes live video streams. It allows facility managers to calculate the customer traffic, increase conversion rates in retail stores, and gain valuable insights into peak times. The interface enables the end-user to track areas using a graphical interface, monitors previous data in charts, and manages multiple camera channels simultaneously. The availability of comprehensive solutions will increase the customer base, thus supporting the industry progression.
The coronavirus pandemic has a negative impact on the people counting system market in the first half of 2020, which is credited to the stay-at-home policies imposed by government officials, restricting the overall social & sports events. However, the market witnessed steady growth in 2021 owing to the resumption of public & outdoor activities, thus creating growth opportunities for the industry.
Affordability of infrared people counting systems will propel implementation across different sectors
The infrared people counting system market is projected to register a 15% growth rate through 2028 due to the availability of the system at an economic price range. Several small & medium commercial places with limited budgets opt for infrared beam crossing solutions for daily traffic counting. The system consists of transmitter & receiver units installed side-by-side at the entry point and a count occurs when the transmission signal is blocked. The people counting technology adoption will increase across small premises with a single point of entry.
Browse key industry insights spread across 300 pages with 225 market data tables and 26 figures & charts from the report, “People Counting System Market Size By Technology (Infrared, Thermal Imaging, Video-Based), By Component (Hardware [Fixed Camera, Fixed Dome Camera, PTZ Camera, Infrared Beam], Software) By End-Use (BFSI, Commercial, Government & Defense, Healthcare, Hospitality & Entertainment, Retail, Transportation), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2022 – 2028”, in detail along with the table of contents:
Growing focus on understanding visitor behavior in the healthcare sector will boost the market progression
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In hospitals, authorities are installing people counting systems at several locations to gain valuable insight from the visitors. It helps them in understanding the foot traffic navigation of individuals entering the premises with patients. Similarly, the technology supports them in optimizing the facility service by locating common areas with high traffic, thus guiding them to place new amenities. The rearrangement enables them to reduce the operational cost and improve the overall experience of the visitors.
The COVID-19 outbreak & spread globally has resulted in a rapid increase in daily footfall across hospitals, encouraging administrations to deploy these systems for the proper management of entry & exit flow of the people in the facility.
Increasing smart city projects in APAC region will offer strong growth opportunities to the people counting system sector
The Asia Pacific people counting system market is estimated to attain a CAGR of over 23% by 2028 on account of the initiatives taken by global companies and government organizations for the construction of smart cities. In December 2021, NTT Communications and Dassault Systèmes signed a Memorandum of Understanding (MoU) to drive the operation & creation of sustainable smart cities in Japan. This initiative will accelerate the digital transformation of the infrastructure, creating new services & a smart city platform. This will also increase the implementation of people counting systems to understand pedestrian flows, allowing authorities to form key strategies and streamline operations to manage the daily road traffic.
Developing key strategic partnerships and focusing on manufacturing facility expansion are crucial strategies amongst the market players
Prominent participants operating in the people counting system market include Countwise, DILAX Intelcom GmbH, Axis Communications AB, Teledyne FLIR LLC, GIGA-BYTE Technology Co., Ltd., InfraRed Integrated Systems Ltd., Eurotech, HELLA Aglaia Mobile Vision GmbH, Iris-GmbH Infrared & Intelligent Sensors, ShopperTrak, V-Count, XOVIS AG, RetailNext, Inc., and Dor Technologies Inc. These companies are emphasize on increasing their customer base through strategic partnerships, thus enhancing their expertise in the sector.