The Occupancy Tracking Market size is estimated at USD 1.21 billion in 2024, and is expected to reach USD 4.43 billion by 2029, growing at a CAGR of 29.80% during the forecast period (2024-2029).
The increasing need to monitor actual space usage and target reduction efforts to lower energy consumption as well as meet decarbonization and sustainability goals by various building owners drove market growth in the forecast period.
The occupancy tracking market is significantly competitive, with several major players performing in the market and taking steps to expand their market footprint by focusing on product diversification. The players strengthen their product portfolio by adopting several strategies, including new product developments, partnerships, mergers, additions, etc., to gain a competitive edge over other players.
In January 2023, indie Semiconductor, an Autotech solutions innovator, announced a partnership with Seeing Machines, one of the leading computer vision technology companies, to complement the development of advanced vision processors for driver and vehicle occupant monitoring.
In November 2022, Occupancy technology company Occuspace announced its expansion into several colleges and universities in the U.S. and Canada to report real-time and historical space usage data for campus buildings to anyone using their Waitz mobile app, which was especially useful to students seeking places to study.
In August 2022, Fusion92, a Chicago-based marketing innovation firm with offices in Chicago, Detroit, and Austin, partnered with Occuspace, a significant occupancy monitoring technology firm, to provide innovative analytics solutions that assist retailers in better understanding foot traffic data, closing the media attribution loop, uncovering new brick-and-mortar insights, and improving the customer experience.
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.
Download eBook