With 12.9% CAGR, People Counting System Market Growth to Surpass USD 2.0 billion

The global people counting system market size is expected to grow from USD 1.1 billion in 2023 to USD 2.0 billion by 2028, at a CAGR of 12.9%. The growth of the market is attributed to the rising demand for people counting systems from the retailers, transportation hubs, and libraries as well as increasing deployment of the people counters to track marketing effectiveness. However, growing privacy threat owing to the installation of video-based people counters is restraining the market growth.

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The people counting system market has promising growth potential due to several factors, such as the increasing adoption of people counting systems in workspaces and integration of 4D technology into video-based people counters.

Based on offering, the market is segmented into hardware and software. The real-time traffic measurement is provided to the end users via a combination of hardware and software. The hardware segment holds largest share of people counting system in 2022. Hardware components in the people counting systems plays a major role in its development, and it provides an exact count of visitors, as these components have higher capacity of gathering more accurate data. In the people counting systems, the selection of the hardware depends on the individual need for the space where people are counted. Each hardware component comes with requirements such as mounting location, bandwidth, and power.

Based on type, the market is segregated into unidirectional and bidirectional people counters. Unidirectional people counting systems are also known as single-lens horizontal systems, whereas bidirectional counting systems are termed overhead ceiling-mounted people counting systems. The bidirectional segment held a major share of the people counting system market in 2022. People counting systems with bidirectional capability are used for the hourly count; thus, retail stores and transportation hubs have greater adoption of the bidirectional people counting systems as their visitors have the lowest dwell time.

Based on technology, the market is segregated into infrared beam, thermal imaging, video based, and others. The video based technology dominated the people counting system market in 2022 and is expected to remain the same during the forecast period. Video-based people counting systems include multiple lens devices and can be categorized as 2D, 3D, and 4D. The overhead bidirectional people counting systems use video technology to count people. Video-based people counting systems offer high accuracy during high-volume and slow-moving traffic and hence are thus adopted by various end users.

Based on end user, the people counting system market is segregated into retail, transportation, corporate, hospitality, banking, healthcare, sports and entertainment, and others. These end users use people counting systems for counting the number of people and make critical business decisions based on the footfall count, sales conversion rate, walk-in rate, staff-to-visitor ratio, etc. Retail stores, supermarkets, and shopping malls are the largest adopters of people counting systems. Supermarkets and shopping malls highly rely on visitor count and sales conversion rate to make business decisions and measure business growth. These traffic counters accurately track the visitor's statistics and combine them with the financial data from cash registers, which helps determine the number of goods purchased per visitor and revenue generated per visitor. Thus, retail segment holds the largest share of market in 2022.

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The people counting system market has been segmented into North America, Europe, Asia Pacific, and the Rest of the World. In 2022, North America held the largest share of the people counting system market, with only the US capturing more than 70% of the overall market. The region comprises technologically advanced retail stores, shopping malls, supermarkets, stadiums, banks, and other sectors; due to which the increased need for the adoption of people counting systems is being observed in the region. On the other hand, the growth of the market in the US is being driven by the increasing use of people counting systems in the retail and transportation sectors. Besides, the country is the early adopter of the newest technologies, such as in-store analytics and staff optimization, which is also responsible for the growth of the market in the country.

News also Covered: https://finance.yahoo.com/news/people-counting-system-market-worth-160000815.html

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This release was published on openPR.