Revenue for Occupancy Tracking Is Expected to Experience a 33% Compound Annual Growth Rate from 2020-2030
While the COVID-19 pandemic has driven near-term market growth, the need for occupancy tracking is expected to extend into the next decade
A new report from Guidehouse Insights examines the global market for occupancy tracking, providing global forecasts for revenue through 2030, segmented by hardware, software, and services.
The market for occupancy tracking solutions in commercial buildings has heated up in the wake of the COVID-19 pandemic. Although the pandemic is driving a flurry of interest and investments in occupancy tracking in the near term, there are indications that the need for the technology will remain for the longer term. At least some of today’s regulations and guidelines are likely to endure in some form, as they have raised awareness about healthy spaces and serve as a safeguard against future pandemics. Click to tweet: According to a new report from @WeAreGHInsights, globally, revenue attributed to occupancy tracking in commercial buildings is expected to increase from about $488 million in 2020 to $8.2 billion by 2030 at a robust compound annual growth rate (CAGR) of 32.6%.
“The latest advanced equipment and software can swiftly track how many people are in a building and where they are within the building to ensure the space is safe enough from a health and social distancing perspective,” says Neil Strother, principal research analyst with Guidehouse Insights. “Owners, facilities managers, and businesses have been forced to consider how these technologies can help them reopen safely and stay open in the coming months.”
According to the report, Asia Pacific is expected to account for the bulk of market revenue during the forecast period given the large volume of facilities across the region, the technology’s relative affordability, and the value derived from tracking people for social distancing and space utilization purposes. The same drivers are expected to be in play in North America and Europe, the next two largest regions for occupancy tracking.
The report, Market Data: Occupancy Tracking, analyzes the global market for occupancy tracking with segmentation based on hardware, software, and services. The study also provides regional revenue forecasts for North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa as well as global market forecasts for revenue extending through 2030. The report features several case studies of building owners or managers adopting advanced occupancy tracking technologies to improve their business operations, optimize space utilization, and help occupants safely return to some semblance of normal operations. An executive summary of the report is available for free download on the Guidehouse Insights website.
*The information contained in this press release concerning the report, Market Data: Occupancy Tracking, is a summary and reflects the current expectations of Guidehouse Insights based on market data and trend analysis. Market predictions and expectations are inherently uncertain and actual results may differ materially from those contained in this press release or the report. Please refer to the full report for a complete understanding of the assumptions underlying the report’s conclusions and the methodologies used to create the report. Neither Guidehouse Insights nor Guidehouse undertakes any obligation to update any of the information contained in this press release or the report.