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17/04/2018

People Counting Market set to take off

Northbrook, Il (USA)

According to the new market research report on the People Counting System Market to 2023 from Marketsandmarkets, the sector is estimated to be valued at USD 694.7 million in 2018 and is likely to reach USD 1,150.2 million by 2023, at a CAGR of 10.6% between 2018 and 2023. The major factors driving this market include growing retail sector and increased adoption rate of people counting technologies, availability of low-cost and easy to set up people counting solutions, and increasing need for people counting solutions in the transportation sector.

The analysts predict that the video-based technology expected to hold the largest market share during the forecast period. The market for the video-based technology is growing because of its advanced features, such as the ability to differentiate between a child and an adult and between a person and an object, allowing more accuracy in high-volume traffic, and the ability to withstand changing environmental conditions. The video-based people counting technology is one of the most popular technologies in the market owing to its high accuracy and advanced features.

Based on end user, the retail stores, supermarkets, and shopping malls segment is expected to witness the highest growth rate during the forecast period. The retail industry is becoming more complex and is constantly evolving. To sustain amidst the shifting demographics, new technologies, and well-informed shoppers, retailers have to modify their existing strategies to achieve new goals. Retailers need to know the footfalls at their shops at regular intervals to remain competitive in the complex retail world. By observing the ratio of traffic to sales, retailers can fairly and accurately compare stores with low sales volume and high sales volume.

Geographically, North America emerged as the major consumer for people counting systems. The presence of many of the world’s busiest airports and increasing adoption of people counting solutions in transportation are factors expected to propel the growth of the people counting system market in North America. Major companies, such as Retailnext, Shoppertrak, and Axis Communications, are launching their products in this region.

The major players in the people counting system market cited by the researchers include Axis Communications, Hella Aglaia Mobile Vision, Infrared Integrated Systems, Retailnext, Inc, Shoppertrak, Eurotech, Axiomatic Technology, Countwise, Dilax Intelcom, IEE, Iris, V-Count, and Xovis.


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