PUNE, India, January 18, 2017 /PRNewswire/ --
According to the new market research report "People Counting System Market by Technology (IR Beam, Video Based, Thermal Imaging), Application (Retail, Transportation, Banking & Finance, Hospitality, Sports & Entertainment, Government), and Geography - Global Forecast to 2022", published by MarketsandMarkets, the people counting system market is expected to be valued at USD 1,637.4 Million by 2022, at a CAGR of 18.9% between 2016 and 2022.
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Browse 38 market data Tables and 58 Figures spread through 139 Pages and in-depth TOC on "People Counting System Market"
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The factors driving the growth of market include the growing retail sector and increased adoption rate of people counting technologies, availability of economical and easy set up solutions, and growing need for people counting solutions in the transportation sector.
"Video-based technology expected to hold a major share of the people counting system market during the forecast period"
The video-based people counting technology has a high accuracy of more than 95%. Counters are capable of monitoring and counting entrance and exit traffic separately, while filtering out children, carts, and strollers. Moreover, they are capable of counting multiple persons entering at a time. This technology can cover the widest area for people counting and is ideal for small to large retailers and mall operators offering the highest accuracy, reliability, and count validation.
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"Retail stores, supermarket, and shopping malls expected to hold a major share of the people counting system market during the forecast period"
Retailers need to know the footfalls at their shops at regular intervals to remain competitive in the complex retail world. By observing the ratio of traffic to sales, retailers can accurately compare stores with low sales volume to stores with high sales volume. People counters help improve store operations by giving information about the number of people entering the store, passing by the store, duration of their visit, and frequency of their visit.
"APAC expected to dominate the people counting system market between 2016 and 2022"
This growth is attributed to the increasing number of retail stores, supermarkets, and shopping malls in APAC as well as the presence of attractive investment destinations for foreign retailers such as China, Japan, India, Hong Kong, Malaysia, Singapore, and so on. Moreover, the government support to increase the presence of foreign retailers in India also helps to increase the number of retail stores in APAC. To manage the flow of people and calculate the sales conversion ratio as well as the effectiveness of marketing campaigns, there is a demand for people counting solutions in the retail sector.
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The major players in the people counting system market include RetailNext, Inc. (U.S.), ShopperTrak (U.S.), Axis Communication AB (Sweden), HELLA Aglaia Mobile Vision GmbH (Germany), InfraRed Integrated Systems Ltd. (U.K.), Point Grey Research, Inc. (Canada), IEE S.A. (Luxembourg), IRIS-GmbH (Germany), Eurotech S.p.A. (Italy), Axiomatic Technology Limited (U.K.), Countwise LLC (U.S.), DILAX Intelcom GmbH (Germany), V-Count (Turkey), and Xovis AG (Switzerland).
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