Global people counting system market is predicted to earn a huge revenue during the forecast period. Bidirectional segment will become the most lucrative. Video-based people counting system will be the most profitable. Hardware and airport segments will generate the highest revenue. Retail and shopping mall segments will garner the highest profit. North America will lead. Leading players of the market are focusing on developing new strategies such as merger and acquisition, product launches, and collaboration to sustain the growth of the industry.
According to a recent report published by Research Dive, the global people counting system market is expected to garner a significant revenue of $1722.85 million during the forecast period.
The comprehensive report delivers a brief overview of the current scenario of the market including significant aspects of the market from growth factors, challenges, other market dynamics, restraints and various opportunities during the forecast period. The report also provides all the market figures making it easier and helpful for the new participants to understand the market.
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These systems are widely adopted in retail analytics to understand customer preference and behavior in various end-users such as hospitals, retail, and entertainment sectors. People counting systems offer real-time measurements using software and hardware combinations. This real-time information aids to enhance management of people entering the premises and security.
The number of people visiting shopping malls and supermarkets is gradually decreasing, which in turn is anticipated to hamper the development of the market.
Technological advancements such as 2D and 3D people counting systems are being used in various end-user industries such as transportation, healthcare, retail, and others. Such factors are expected to create many opportunities for the market growth.
The report has bifurcated the market in different segments based on type, technology, offering, application, end-user, and regional analysis.
Bidirectional type will be the most lucrative
Bidirectional type is rising with healthier CAGR rate owing to the accuracy of the system and helps to identify direction and visitor count without any human intervention. In addition, it offers enhanced staff management and crowd management as compared to unidirectional people counting system market.
Video-based people counting system market will be the most profitable
Video-based people counting system market is predicted to garner the highest profit during the forecast period. This is because of the rising prevalence of this technology by end-users such as retail stores, shopping malls, corporate, banking, and many others.
Hardware offering segment will be the most promising
Hardware people counting system market segment is predicted to reach a huge revenue during the coming years. Hardware type people counting systems offer accurate count and major key-players are investing money in development of hardware people counting system market. This is the main reason behind the market growth.
Airport application segment will dominate the market share
Airport application segment accounted for the highest revenue in 2019 and is further predicted to continue the lead in the upcoming years. Airport requires queue management, counting occurrence of people, management of passenger traffic, line-ups, and others which are main factors fueling the growth of the segment.
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Retail and shopping mall will be the fastest growing segment
Retail stores and shopping mall segment dominated the market shares in 2019 and is further anticipated to dominate the market. These systems support in-store analytical applications that help to count and track people in the retail stores and malls.
North America will lead the market
North America region is expected to generate the highest market share during the forecast period. The major factor behind the growth is the presence of advanced retail stores, stadium, or airports which takes help of these systems to count people.
Key players of the market
The report enlists the leading players of the global people counting system market which include Hella Aglaia Mobile Vision GmbH, Shopper Trak, Eurotech, Retail Next, Axis Communication Inc., Infodev Electronics Designs, Axiomatic Technology, V-Count Inc., Infrared and Intelligent Sensors Inc., Count Wise Ltd., and others.
The report also recapitulates many important aspects including financial performance of the key players, SWOT analysis, product portfolio, and latest strategic developments.
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