Report: Occupancy Tracking Tech To Grow Over Next Decade

While the COVID-19 pandemic has driven near-term market growth, the need for occupancy tracking is expected to extend into the next decade.


https://facilityexecutive.com/2020/12/report-occupancy-tracking-tech-to-grow-over-next-decade/
While the COVID-19 pandemic has driven near-term market growth, the need for occupancy tracking is expected to extend into the next decade.
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Report: Occupancy Tracking Tech To Grow Over Next Decade

While the COVID-19 pandemic has driven near-term market growth, the need for occupancy tracking is expected to extend into the next decade.

Report: Occupancy Tracking Tech To Grow Over 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. According to the report, revenue for providers of these occupancy tracking technologies used by facilities managers and building owners is expected to experience a nearly 33% compound annual growth rate (CAGR) from 2020-2030.

Guidehouse Insights, the dedicated market intelligence arm of Guidehouse, provides research, data, and benchmarking services for today’s rapidly changing and highly regulated industries. Guidehouse is a leading global provider of consulting services to the public and commercial markets with broad capabilities in management, technology, and risk consulting.

occupancy tracking
Photo: Getty Images/Halfpoint

The market for occupancy tracking solutions in commercial buildings has heated up in the wake of the COVID-19 pandemic, according to Guidehouse Insights. 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. According to the new report from Guidehouse Insights, 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 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. The report is for sale; an executive summary of the report is available for free download on the Guidehouse Insights website.

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