Chicago, March 25, 2024 (GLOBE NEWSWIRE) -- 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 rising installation of people counting systems in libraries, retail stores, and transportation hubs is the major factor driving the growth of the market.
The key players operating in the people counting system market include the major players that operate in different stages in the entire value chain of the people counting system; these players are
- Axis Communications AB (Sweden),
- iris-GmbH infrared & intelligent sensors (Germany),
- VIVOTEK Inc. (Taiwan),
- RETAILNEXT, INC. (US),
- Hangzhou Hikvision Digital Technology Co., Ltd. (China).
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Axis Communication AB is one of the key players in the people counting system market. It held the major share of the people counting system market in 2022. The company offers AXIS 3D people counter which has tailgating detection as a feature that can detect and send a notification if more than one person enters within a set time interval. It has a large customer base, wide geographic presence, and strong distribution network across diverse regions and provides products that are embedded with the latest technology. The company has spent higher in 2021 on research & development (R&D) in comparison to 2020, which indicates the growth of the company’s product portfolio. Besides, the company has adopted organic growth strategies in recent years.
People Counting System Market Dynamics
DRIVER: Increasing adoption of people counting systems to track marketing effectiveness
According to the World Federation of Direct Selling Association (US), the global retail industry was worth USD 186.1 billion in 2021. Retailer stores are reimagining their offerings to target in-store and online consumers, so e-commerce is not separate from retail. Hence, we can observe the steady growth in retail sales in the figure given below. Retail stores primarily emphasize parameters that help them gain good profit, offer enhanced services to all departments, increase footfall, improve customer loyalty and satisfaction, improve safety and security, align the staff to their tasks, and maintain sufficient stock.
RESTRAINT: Growing privacy threats owing to installation of video-based people counters
The utilization of video cameras for surveillance and the implementation of video-based people counters pose certain risks. Technologies adopted for facial recognition, along with mood, age, and gender recognition, for advanced social monitoring through personally identifiable information, such as economic factors, cultural and ethnic identifiers, mental and physical health, and geographic location, create risks. The use of live facial recognition (LIR) technology in other than crime prevention and detection applications violates the individual's right to privacy. Some metrics that are safe to record include dwell time, footfall/visitor volumes, the distinction between adult and child, and path patterns.
OPPORTUNITY: Growing installation of people counting systems in workspaces
People counting systems have a wide array of applications. Its utilization in retail stores, museums, sports complexes, galleries, and libraries has significantly benefited businesses and organizations. There is increased adoption of people counting systems at workplaces as office managers, owners, and developers are looking for ways to monitor occupancy levels in buildings. People counting systems deployed at office buildings aid in optimizing the layout of the office, placing amenities at the most popular spots, and managing maintenance and operations effectively, thus significantly reducing costs. These systems also identify overused or underused spaces and give insights into space optimization. They also help improve HVAC efficiency, occupancy management, staffing adjustments, etc. Thus, they help save rental costs and manage floor space efficiently.
CHALLENGE: Differential store metrics limit effectiveness of video-based counters
The most widely used people counters which offers high accuracy is video-based people counters. These counters are available in technologies such as 2D, 3D, or 4D. Video-based people counters are capable of providing surveillance to larger ranges, however, differential store metrics have restricted the efficiency of video-based people counting systems in particular spots, such as areas impacted by shadows, changing light levels, and complex backgrounds, which is expected to affect the accuracy of a video-based people counting system.
iris-GmbH infrared & intelligent sensors also holds a significant share of the market. The company provides highly reliable automated passenger counting systems based on innovative technologies. It continuously focuses its R&D activities on developing advanced technologies. Engineers at iris-GmbH strive to constantly enhance the competencies of the time-of-flight technology-based products offered by the company. The company has been attaining growth through both inorganic and organic strategies.
Another important player in the people counting system market is VIVOTEK Inc. The company’s products are well-positioned to outgrow the market. The multilingual capability of the products has enabled the company to serve different parts of the world. A wide range of offerings comprising various products related to the people counting system has helped the company strengthen its position in the people counting system market. The company also has a diversified geographic presence. A diversified geographical footprint provides the company with the resilience to withstand setbacks and helps stabilize revenue growth.
