Northrook, IL -- (SBWIRE) -- 04/08/2020 -- The overall people counting system market size is expected to grow from USD 796 million in 2019 to USD 1,275 million by 2024; it is estimated to grow at a CAGR of 9.9% during the forecast year. Ongoing technological advancements in the retail industry, rising concerns for safety & security at public places, and growing need for people counting systems in hospitality, sports, & entertainment applications are the key driving factors

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Bidirectional people counting systems accounted for a larger share of people counting system market in 2019

Bidirectional people counting systems accounted for a larger share of the market in 2018. The high demand for bidirectional people counting systems is attributed by their ability to provide higher accuracy than the unidirectional type. Also, they easily identify the direction and the count of visitors without any human intervention. Hence, they help retail stores, airports, and stadiums to take crowd and staff management decisions.

Video-based people counting systems holds the largest market share of market in 2019

Video-based people counting systems hold the largest market in 2019. This growth is mainly due to the wide acceptance of video-based people counting systems in various end-users, such as retail stores, supermarkets, and shopping malls, transportation, corporate, hospitality, banking and financial institutes, and others. Furthermore, technological advancements in video-based people counting systems such as 4D video-based people counting technology are expected to create huge opportunities for video-based people counting systems soon.

People counting hardware holds share of people counting system market in 2019

People counting hardware accounted for a larger share of the market. The growth of the market for hardware components is attributed to their ability to collect more accurate data required for providing the exact visitor count. Companies have been investing heavily to develop more hardware that can work in harsh environments without compromising on the efficiency of people counting systems. New people counting systems use advanced technologies like 4D video combined with Wi-Fi/Bluetooth tracking, to offer more precise results.

Retail, supermarkets and shopping malls end user to lead people counting system market during the forecast period

The retail, supermarkets and shopping malls end-user is likely to account for the largest share of the market during 2019–2024. People counting systems offer attractive opportunities for this end-user. Retail players are widely deploying people counter-based devices as they support in-store analytics by counting and tracking customers inside the stores. People counting systems help retailers to generate key performance indicators (KPIs) for staff optimization and taking more efficient business decisions by providing better business insights.

Market in North America held the largest market share of people counting system market in 2018

North America accounted for the largest share of the people counting system market in 2018. The retail stores, supermarkets, and shopping malls end-user dominates the market in this region. This end-user has adopted digitized systems for several applications to support daily operations. Furthermore, the rising awareness about visitor count and its benefit across end-users is creating a huge demand for people counting systems in North America. Also, the presence of a few of the world's busiest airports and the world's largest organized retail stores is creating huge demand for people counting devices in North America.

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Key Market Players

Axis Communications (Sweden), HELLA Aglaia Mobile Vision GmbH (Germany), Infrared Integrated Solutions (IRISYS) (UK), RetailNext (US), ShopperTrak (US), Eurotech (Italy), Axiomatic Technology (UK), CountWise (US), Dilax Intelcom GmbH (Germany), and IEE S.A. (Luxembourg) are a few major companies in the market. Organic growth strategies, such as product launches, is a focus of many of the companies mentioned above.

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