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Retail, supermarkets and shopping malls end-user is expected to gain a significant share of people counting system market by 2025

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Retail, supermarkets and shopping malls end-user is expected to gain a significant share of people counting system market by 2025

June 26
01:41 2020

Retail, supermarkets and shopping malls end-user is expected to gain a significant share of people counting system market by 2025

 

The global people counting system market is expected to grow from USD 818 million in 2020 to USD 1,333 million by 2025; it is estimated to grow at a CAGR of 10.3% during 2020–2025. Key factors fueling the growth of this market include the ongoing technological advancements in the retail industry, rising concerns for safety and security at public places, growing need for people counting systems in hospitality, sports and entertainment applications, and the surging demand for people counting systems to ensure the safety of people in public places and retail stores in the midst of COVID-19.

The people counting system is a device that accurately measures the number of visitors in retail stores, shopping malls, corporate offices, event centers, banking and financial institutes, and other locations. The collected people count data helps end-users to predict visitor’s behavior in a physical space, determine visitor frequency and buying patterns, and measure the effectiveness of marketing campaigns. People counting devices work on several technologies such as infrared beam, thermal imaging, video based, and other technologies. A few of the major end-user include retail, supermarkets, and shopping malls, transportation, corporate, hospitality, banking and financial institutes, healthcare, sports and entertainment, and other end users.

https://www.marketsandmarkets.com/Market-Reports/people-counting-system-market-206905443.html

The market for video-based people counting system is expected to grow at a higher CAGR within the global people counting system market during the forecast period. The growth of the market for people counting systems using video-based technology can be attributed by their ability to offer a more accurate count of visitors or shoppers than any other technology. Video-based people counting systems operate based on 2D, 3D, and 4D video technologies. IRISYS (UK) offers 4D video people counting systems for both indoor and outdoor applications in several areas such as retail stores, supermarkets, shopping malls, museums and galleries, train stations and airports, and outdoors and city centers.

The bidirectional people counting system market is expected to grow at a higher CAGR than that of unidirectional people counting system during the forecast period. Bidirectional people counting systems are gaining pace in the people counting system market since the past few years due to their ability to get the direction of a person whether he/she is going in or out of an entrance. Establishments, which have common entry and exit doors and require the exact number of people entering or exiting a particular area are the major users of bidirectional people counting systems. Furthermore, bidirectional people counting systems’ ability to operate based on technologies including infrared beam, thermal imaging, video based, and others makes them suitable for many people counting applications. Video-based people counting systems offer high accuracy for low- as well as high-volume traffic.

The people counting system market in APAC is expected to grow at the highest CAGR during the forecast period. The growth in this region is attributed to high investments by people counting system manufacturers. The Asian countries, such as China, Japan, and India, have been involved in taking initiatives to encourage industries to set up manufacturing and R&D facilities in their countries. For instance, the Indian government has started the “Make in India” program to attract huge foreign investments and businesses in India, which is expected to fuel the growth of people counting systems manufacturers soon. Furthermore, the increasing population is also expected to create opportunities for several end-users, such as retail stores, supermarkets, and shopping malls, transportation, corporate, hospitality, banking and financial institutes, and others, which in turn will drive the market for people counting systems.

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Website: https://www.marketsandmarkets.com/Market-Reports/people-counting-system-market-206905443.html

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