Pune, India, Sept. 17, 2018 (GLOBE NEWSWIRE) -- Market Research Future published a Research Report on People Counting System Market segmented by Position (Overhead Beam, Horizontal Beam), by Type (Bidirectional, Unidirectional), by Technology (Wired, Wireless), by Application (Transportation, Government, Retail, Hospitality, Banking & Finance, Sports &Entertainment) - Forecast 2022
Overview
The booming population and huge number of crowds converging at common places for meetings, gatherings, and reunions have created security concerns. Acts of terrorism and violence have become more prominent in malls, events, and clubs. In order to keep a tab on the humongous number of people entering and exiting the premises, people counting devices are being installed at these places.
Scope
The global people counting system market is anticipated to touch USD 1100 million by 2022, as per a brand-new report by Market Research Future (MRFR). The need for accurate measurement of footfall, retail management, queue analytics, and building management are expected to drive market growth over the forecast period (2016-2022).
The integration of internet of things (IoT) and cloud services for fortifying the security of buildings and complexes is likely to augment the demand for people counting systems. The implementation of such devices in night clubs, concert halls, and events to comply with government-outlined rules and policies is expected to bode well for the market in the forthcoming years. The people counting system market can expand at a CAGR close to 14% owing to their application in retail and transportation sectors. But privacy concerns among wireless based systems can hamper market growth.
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Industry News
In a bid to attract more shoppers to its stores, Carrefour Taiwan decided to partner with Advantech Co. Ltd. to create unique strategies. The implementation of 2D cameras and analytics software was pivotal in optimizing management across stores and create store potential for maximizing profits. The front camera was able to pinpoint peak and off-peak periods and offer real-time data coupled with point-of-sale (POS) data. Carrefour even installed customer feedback systems to attain suggestions to improve shopping traffic.
Time of flight people counters work on infrared technology and can record vision and movement over a wide area. This is best suited in malls or areas with high security concerns. It can calculate people in three dimensions and predict falls. It is instrumental in people counting and vital in elderly care.
Segmentation
The People Counting System Market is segmented on the basis of position, type, technology, and application.
By position, the market is segmented into overhead and horizontal beam. By type, the market is segmented into bidirectional and unidirectional.
By technology, the People Counting System market is segmented into wired and wireless. The wireless segment is projected to expand at a 14% CAGR over the forecast period. This can be attributed to its ability to accumulate accurate data vital to measuring footfall and audience engagement. Furthermore, it can keep a tab on trends within the mall and assign accurate staff to handle and manage visitors.
Major market applications include government, hospitality, retail, transportation, banking & finance, sports & entertainment, and others. The transportation segment is expected to dominate the market till the end of the forecast period and reach an estimated worth of USD 300 million by 2022. The retail segment is projected to exhibit a strong CAGR over the forecast period owing to the changing demographics, knowledge among shoppers, and new technologies adopted by malls to increase their footfall. By observing the low traffic at certain shops and points, retailers
Regional Analysis
Regions with latent possibilities for the people counting system market include the Americas, Europe, Asia Pacific, and Rest-of-the-World (RoW).
The Americas market is projected to grow exceptionally owing to the number of malls in the U.S. and Canada. The adoption of people counting solutions at airports and public grounds to manage huge crowds is likely to bode well for the market till 2022.
The Asia Pacific region is expected to expand at a 16% CAGR during the forecast period. The emergence of retail outlets, shopping malls, and supermarkets thanks to various infrastructural projects is expected to drive market demand. The expendable incomes of consumers and the inclination towards personal experiences is likely to augur People Counting System market demand over the forecast period.
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Competition
Key players in the people counting system market include FLIR Systems, IEE S.A., Axis Communication AB, Retail Next, Inc., Traf-sys, Inc., HELLA Aglaia Mobile Vision GmbH, Iris GmbH, ShopperTrak, Infrared Integrated Systems Ltd, Eurotech SpA, and others. Product launches are high on the strategy list of these players to accumulate revenues. Others include collaborations and partnerships with end-users is likely to spike up the bottomline margins.
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