Press release
People Counting System Market Size, Insights, Growth Rate, Trends Analysis And Forecast To 2033
People Counting System Market Overview
People Counting System Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.
The Market Size Is Expected To Reach $3.6 billion In 2028 At A CAGR Of 17.6%.
The people counting system market size has grown rapidly in recent years. It will grow from $1.59 billion in 2023 to $1.88 billion in 2024 at a compound annual growth rate (CAGR) of 18.4%. The growth in the historic period can be attributed to retail analytics demand, public safety and security needs, evolution of smart buildings, transportation and traffic management, healthcare facility utilization..
The people counting system market size is expected to see rapid growth in the next few years. It will grow to $3.6 billion in 2028 at a compound annual growth rate (CAGR) of 17.6%. The growth in the forecast period can be attributed to retail analytics evolution, rise in smart city initiatives, focus on health and safety, integration with iot and ai, demand in transportation. Major trends in the forecast period include privacy-conscious solutions, advanced sensor technology, integration with ai and machine learning, cloud-based analytic, occupancy management solutions.
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People Counting System Market Major Segments
The people counting system market covered in this report is segmented -
1) By Offering: Hardware, Software
2) By Type: Unidirectional, Bidirectional
3) By Mounting Platform: Ceiling, Wall, Floor
4) By Technology: Infrared Beam, Thermal Imaging, Video-based Technology, Other Technologies
5) By End User: Retail, Supermarkets, and Shopping Malls, Transportation, Hospitality, Corporate, Banking, Financial Services and Insurance (BFSI), Healthcare, Other End Users
Key Driver - Rising Smart City Projects To Drive Market Growth
Increasing smart city projects around the globe are driving the people counting system market going forward. Smart cities refer to an administrative territory that uses information and communication technology (ICT) for improving its operational efficiency and providing better infrastructural facilities to its residents. Smart cities use people counting sensors to collect data about their citizens, and peak hours and use the data to improve their infrastructure and public services. For instance, in November 2021, the US Federal government announced Investment and Jobs Act in its annual bill in which it allocated $500 million for accelerating its smart city initiative and increasing the number of smart cities in the country. Additionally, the Indian government allocated $868 million for smart cities development in FY 2021-22 which was increased from $457 million in FY 2020-21. Therefore, the increasing number of smart city projects across the globe is driving the people counting system market.
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Prominent Trend - Product Innovations Transforming The People Counting Systems Market
Major companies operating in the people counting systems market are developing new products such, as 3D ToF sensors, to sustain their position in the market. A 3D Time of Flight (ToF) sensor is a technology that measures the time it takes for a modulated near-infrared light to travel from the sensor to an object and back. For instance, in October 2022, Milesight, a China-based technology company launched the 3D ToF People Counting Sensor VS132. This sensor utilizes Time of Flight (ToF) technology, ensuring ultra-high accuracy (99.5%) and anonymous detection for counting people in entrances or corridors. It features LoRaWAN Wireless Deployment for convenient large-scale projects, and its compliance with GDPR ensures privacy protection. With flexible installation modes and easy configuration, the VS132 is suitable for various applications, including workplaces, retail stores, shopping malls, supermarkets, metros, and HVAC system management, enabling precise people flow analytics and management.
People Counting System Market Players
Major companies operating in the people counting system market report are FLIR Systems Inc., Axis Communications AB, Iris-GmbH, HELLA GmbH & Co KGaA, Eurotech SpA, V-Count Inc., Traf-Sys Inc., RetailNext Inc., ShopperTrak Rct Corp, InfraRed Integrated Systems Ltd., SensMax Ltd., Axiomatic Technology Corporation, Xovis AG, Infodev Electronic Designers International Inc., Sensormatic Electronics Corporation, iris intelligent sensing NA Inc., Johnson Controls International plc, Koninklijke Philips NV, Brickstream Corporation, Countwise LLC, DILAX Intelcom GmbH, IEE SA, KLA Corporation, Mersive Technologies Inc., NEC Corporation, Omron Corporation, Panasonic Corporation, Point Grey Research Inc. .
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Largest And Fastest Growing Region In The Market
North America was the largest region in the people counting system market in 2023. Asia-Pacific is expected to be the fastest-growing region in the people counting system market report during the forecast period. The regions covered in the people counting system market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The Table Of Content For The Market Report Include:
1. Executive Summary
2. People Counting System Market Report Structure
3. People Counting System Market Trends And Strategies
4. People Counting System Market - Macro Economic Scenario
5. People Counting System Market Size And Growth
…..
27. People Counting System Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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