The global people counting system market is projected to reach USD 1.4 billion by 2026 from an estimated USD 0.9 billion in 2021, at a CAGR of 9.4% from 2021 to 2026. Rising adoption of people counting systems to measure marketing effectiveness and increasing focus of retailers, libraries, and transportation hubs on installing public counters owing to their long-term benefits are among the factors driving the growth of the people counting system market.
In 2020, the bidirectional people counting system segment held the largest share of the people counting system market, and a similar trend is likely to be observed during the forecast period. Its ability to track individuals coming and departing simultaneously but record the counts independently for greater accuracy, and to integrate with several technologies, such as infrared beam, thermal imaging, and video-based are some of the key factors contributing to the growth of the low-end people counting system segment. Key players in the people counting system ecosystem are also adopting organic growth strategies to strengthen their low-end people counting system product portfolio.
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In 2020, the video-based people counting systems segment held the largest size of the people counting system market, and a similar trend is likely to be observed during the forecast period. This growth can be attributed to its ability to provide a more precise count of visitors than other technologies. These people counting systems have been available for quite a long time and are segmented into 2D, 3D, and 4D video-based technologies along with thermal, Wi-Fi, and pressure mats technologies. Thus with the advent of technology, such as cameras, sensors, and trackers, the process of counting individuals has become easier and more precise than before.
In 2020, the hardware offerings held the largest share of the people counting system market, and this trend is projected to continue during the forecast period. The capacity to gather more precise data necessary for giving an exact visitor count plays a crucial role in expanding the market for hardware offerings. Companies have been substantially investing in the development of additional technology that can operate in severe settings without affecting the efficiency of people counting systems. The wide adoption of hardware offerings such as sensors and cameras by all end users is also contributing to the segment growth.
In 2020, the retail stores, supermarkets, and shopping malls held the largest share of the people counting system market and this trend is projected to continue during the forecast period. This growth is attributed to an increased number of shopping malls in emerging nations such as Brazil, India, and China. The top companies have been enhancing their product portfolios and cracking deals by signing agreements with various retail stores, shopping malls, and supermarkets to improve customer retention by adopting people counting systems.
In 2020, North America held the largest share of the people counting system market, and a similar trend is likely to be observed during the forecast period. One of the key reasons for the increased adoption of people counters in the region is the existence of technologically advanced retail stores and shopping malls, stadiums, banks, and amusement parks. APAC is expected to grow at the highest CAGR during the forecast period. The people counting system market in APAC is gaining pace in the last few years due to the growing economies and emerging opportunities in different sectors such as retail, transportation, and hospitality.