The global people counting system market is characterized by the presence of several regional and local providers.
The global people counting system market consists of various global and local manufacturers that are continuously developing new technology based on people counting systems to expand globally and enhance their market position. The manufacturers compete based on affordability, the launch of products, and technology in the people counting system market. The people counting systems have various applications in retail stores, banks, ATMs, universities, railway station, and airports, among others. Moreover, the increasing security concerns at public places and the growing demand for people counting systems from the transport sector are some of the factors which are driving market growth.
The companies are primarily focusing on product development and launches, and acquisitions. The key players in the market developing people counting systems include ShopperTrak RCT Corporation, TrafSys Inc., RetailNext Inc., and Infrared Integrated Systems Ltd.
VIVOTEK Inc. is a Taiwan-based company that designs, manufactures, and develops people counting systems and solutions. In 2016, the company launched 3D people counting solution—SC8131 Stereo Camera—made for retail operations. The systems enable analyzing accurate traffic, improves the store management and optimize operating decisions. The improvement of the global economic scenario combined with technological advancement in the emerging economies such as India, South Africa, China, Brazil, Argentina are likely to fuel the market growth, making it an ideal time to expand people counting system market geographically and increase the global market share.
HELLA GmbH & Co. KGaA (Hella) manufactures and develops systems for the automotive industry, lighting technology, and electronics components. The company operates through three segments—automotive, aftermarket, and special applications. The company offers the following people counting systems APS-90E, APS-180E, APS-B, and APS-R-POE.
FLIR Systems, Inc. (FLIR) designs, develops, manufactures, and markets thermal imaging, visible-light imaging, video analytics, measurement and diagnostic solutions, and advanced threat detection systems. FLIR offers products and services through seven segments—airborne system, transportation, security, R&D and science, marine, industrial, and camera modules and components. The company provides various people counting systems and software such as Brickstream 3D+, Brickstream 3D GEN 2, and Brickstream Device Manager.
Siemens AG operates in the fields of electrification, automation, and digitalization supplies systems for power generation and transmission, and medical diagnosis. The company operates through wind power and renewables, energy management, power and gas, building technologies, mobility, digital factory, process industries and drives, healthcare, and financial services segments. The company offers various people counting products and solutions such as Passenger information system (PIS+) and Train IT System
RetailNext Inc. is a US-based company that offers retail analytics and solutions for manufacturers and retailers, which enable them to analyze, collect, and visualize in-store data. The company has also registered for various patent for solutions including video analytics, Wi-Fi detection, on-shelf sensors, and data from point-of-sale systems, allowing retailers to gain insights. The company offers products and solutions, including Aurora v2, Aurora, Department Path Analysis Maps, and People Counting & Conversion.
Infrared Integrated Systems Ltd (Irisys) offers infrared (IR) detection, monitoring, and imaging solutions for various applications such as supermarkets, shopping malls, museum, transports, and airports. The company offers people counting systems such as Gazelle DualView, and Vector 4D.
Axis Communications AB is an information technology company that offers network video solutions for professional installations and provides network video products and print servers. It markets its products through distributors, systems integrators, and original equipment manufacturer partners. The company provides various people counting systems such as AXIS People Counter, and AXIS Store Reporter.
Conclusively, to increase their stability in the market, key players are required to increase the investments in research and development to enhance the performance of the existing products and leverage innovation in technology to meet the demand.
Michael Porter’s Five Forces model is a framework to study the global people counting market. Strategic business managers trying to gain an edge over competitive firms in the global people counting system market can utilize the Porter’s Five Forces model to better comprehend the industry in which their firm operates. The components of each of the forces and the degree of impact of each component in the context of the global people counting system market have been broken down and analyzed.
Threat of New Entrants
The capital requirement for developing a people counting system is moderate, owing to the declining cost of various sensors. Developing people counting solutions and devices requires raw materials, cameras, sensors, software development kits (SDKs), programming platforms, and various other tools, which are easily available in the market; further lowering the barriers for the new players to enter the market; therefore the market witnesses a large number of small and medium enterprises offering people counting solutions to various industry verticals. Furthermore, the technical expertise needed to develop people counting software, including algorithms, is moderate. Due to the aforementioned factors, the existing players in the global people counting system market are likely to face a high threat of new entrants during the forecast period.
Bargaining Power of Suppliers
People counting systems require various hardware components such as sensors, processors, and cameras, which need to be of premium quality to develop world-class people counting systems. Presently, the market has the presence of a large number of raw materials suppliers, including Texas Instruments Inc., STMicroelectronics NV, Robert Bosch GmbH, and NXP Semiconductor NV, thereby making it easier for key players to procure high-quality raw materials to manufacture people counters with enhanced capabilities. Furthermore, the switching costs are low due to suppliers competing against each other to offer low-cost raw materials to the buyers. This presents key players with various options in terms of procurement of raw materials to manufacture finished people counting devices. Therefore, the bargaining power of suppliers is projected to be low in the global people counting market during the forecast period.
Bargaining Power of Buyers
People counting systems are used across industry verticals such as retail, transportation, and banking & finance, and has applications in government buildings, sports stadiums, resorts, theme parks, commercial buildings, casinos, and shopping malls, due to which the buyers’ concentration is high in the market. Moreover, the buyers, such as Disney World in Florida, London international airport, Grand Central Station, HSBC bank, can opt for cost-effective people counting systems offered by various players operating in the market who compete against each other in terms of pricing strategies, making the price sensitivity moderate for the overall market. This provides buyers with the ability to opt for people counting systems and solutions from other players depending on the buyer’s requirement and specifications, making the brand loyalty in the global people counting market significantly low. Due to these factors, the bargaining power of buyers is expected to be high in the global people counting system market during the forecast period.
Threat of Substitutes
Currently, a very limited number of substitutes for people counting systems are available in the market; however, key market players are offering people counting systems integrated with various technologies, for instance, infrared beam, video-based, thermal imaging, 3D computer vision as well as Wi-Fi and Bluetooth-based people counting systems. The switching cost is moderate due to moderate variations in people counting devices based on their technologies. Due to these factors, the threat of substitutes is projected to be moderate in the global people counting system market during the forecast period.
Intensity of Rivalry
The existing players in the global people counting system market are expected to experience a high degree of competition during the forecast period. Traf-Sys Inc., RetailNext, Inc., FLIR Systems, Axis Communications AB, and V-Count Inc. are the major players in the global people counting system market. The people counting market is a million-dollar industry with the current market size of USD 751.4 million and is expected to reach USD 2,278 million during the forecast period. The market players mentioned above acquires more than 50% of the global market, as well as there are small emerging enterprises contributing to the market revenue. These companies are investing heavily in research and development to offer people counting software and hardware products with upgraded features for providing an enhanced end user experience. Moreover, the market witnesses a strong growth rate due to the rising adoption among end users owing to the high demand for reliable and premium-quality people counting systems.
