USD 1.78 billion
Report ID:
SQMIG45A2336 |
Region:
Global |
Published Date: October, 2024
Pages:
197
|Tables:
111
|Figures:
77
Global Crowd Analytics Market size was valued at around USD 1.42 billion in 2022 and is expected to rise from USD 1.76 billion in 2023 to reach a value of USD 10.04 Billion by 2031, at a CAGR of 24.3% over the forecast period (2024–2031).
The global Crowd Analytics market has witnessed a rapid growth. With a significant shift of business towards customer-centric point of view, the adoption of crowd analytics software has escalated specially in retail and tourism sector which led the businesses to make insightful decisions, increase in efficiency and profits as well as better consumer experience. Moreover, the growing number of tourists, along with the increasing emphasis of governing authorities on developing smart cities, is catalysing the need for crowd analytics solutions.
According to the International Air Transport Association (IATA), the annual global passenger traffic results for 2021 depicting that demand (revenue passenger kilometres or RPKs) declined by 58.4% compared to the full year of 2019. This represented an improvement compared to 2020, when full year RPKs were dropped to 65.8% compared to 2019.
Many developed as well as developing countries in North America, Europe and Asia-Pacific regions have increased their Information and Communication Technology (ICT) spending on crowd analytics software, services and solutions, due to the increase in need for public management system. In addition to that, the key market players are collaborating with other companies to introduce advanced services.
For instance, The Indoor Lab, a US-based performance analytics service provider, partnered with Cepton, a leading provider of lidar-based solutions, to deliver state-of-the-art space and crowd analytics with unparalleled social distancing and cleaning metrics. Furthermore, due to the outbreak of coronavirus disease (COVID-19), crowd analytics solutions are gaining traction around the world to monitor social distancing among individuals in crowds.
Global Market Size
USD 1.78 billion
Largest Segment
On-Premise
Fastest Growth
Cloud-based
Growth Rate
19.5% CAGR
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Global Crowd Analytics Market is segmented by Component, Application, Deployment Mode Organization Size, Industry Vertical and region. Based on Component, the market is segmented into Standalone solution and Services (professional services (System integration, Training and education, Support and maintenance, Consulting) and Managed services). Based on Deployment Mode, the market is segmented into On-Premises, and Cloud. Based on Organization Size, the market is segmented into SMEs and Large Enterprises. Based on Application, the market is segmented into Customer management, Marketing campaign measurement, Market forecasting, Pricing analytics, Revenue optimization, and Incident response & alerting. Based on Industry Vertical, the market is segmented into Consumer-Packaged Goods (CPG) and retail, Travel and tourism, Transportation, Media and entertainment, public safety, Healthcare and life sciences, Banking, Financial Services and Insurance (BFSI) and Others. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & and Africa.
Analysis by Deployment Model.
Based on deployment model, the global crowd analytics market is segmented into two sectors which are on-premises and cloud-based.
On-premises segment acquired the dominant share of the crowd analytics market as it is used by large enterprises with strict data privacy needs. It involves installation and running of crowd analytics solutions with the organisation’s own infrastructure. It also provides full control over the data, security and customization options. The demand is mostly due to the preference of on-premises solutions by enterprises for their sensitive data processing as it maintains a high level of data security. At the same time, they also offer a great amount of flexibility when it comes to customization to meet a certain business need which makes it more attractive.
Whereas the cloud-based deployment model requires hosting and delivering crowd analytics solutions over the internet through various cloud service providers. They provide scalability, flexibility and are cost effective. Cloud-based deployment is suitable for organizations looking to quickly deploy crowd analytics solutions, scale resources according to demand, and leverage advanced analytics capabilities.
Analysis by Component.
Based on components, the global crowd analytics is segmented into services and solutions.
Services are the leading segment in the global crowd analytics market due to the complex nature of implementing and maintaining crowd analytics solutions. While the solutions themselves are an important part for processing and analysing crowd data but at the same time, services play an important role in ensuring that these solutions are effectively deployed and customized to meet the specific needs of each client. Services such as deployment, integration, training and support acts as the core for managing organizational systems when deploying crowd analysis tools within their platform. Moreover, services can give lasting support and guarantee that the solutions will always stay with the highest efficiency over time. The holistic nature of services organizations guarantees maximum impact in clients' investment in crowd analytics, hence increasing the demand in the market for these services.
The solutions segment is the fastest growing in the global crowd analytics market. Technology innovations, mainly with respect to Artificial Intelligence (AI) and Machine Learning (ML) identification technologies, have pushed the horizon of these crowd analytics solutions. These tools can process and analyse massive volumes of data in the duration of time, allowing companies to make effective decisions which will make their operations more efficient. A wide use of IoT devices and sensors in public domain has created a huge pool of data from which crowd analytics can be performed. Also, the pandemic of Covid-19 has shed a new perspective on crowd clearance and social distancing which made the consumer to lean on better solutions for crowd management and social distancing.
Analysis by Organization Size.
Based on organisation size the global crowd analytics market is segmented into two segments.
SMEs represents a significant segment of the market with business with relatively fewer resources and a smaller workforce when compared to larger enterprises. SMEs install crowd analytics solutions to gain insights about consumer behaviour to provide better experience. While in the past, smaller businesses maybe unaware of the need to use data in decision-making, there is now an increased awareness, and therefore SMEs now seek gathering of data to cater for customer behaviours, optimization of operations, as well as gaining competitive edge. In addition to this, SMEs can also implement new technology at a faster rate due to their ability to operate autonomously and can also incorporate crowd analytics solutions into their existing infrastructure with ease. The capacity of speed and adaptation in SMEs into the crowd analytics together with the technology is stimulating market growth.
Whereas large enterprises are fastest growing segment in the crowd analytics segment primarily due to their greater resources and capabilities compared to SMEs. Large enterprises like MNCs and organisation having extensive operations and resources, are major adopters of crowd analytics solutions for various reasons like customer engagement, lead generation etc. A large organization's operations are generally more complex and comprehensive, so they produce more data that does well in employment of crowd analytics. Also, these corporations can exploit their IT infrastructure and data management capabilities, which further contributes to the smooth implementation and integration of crowd surveillance systems. But at the same time, companies in this segment must adhere to data privacy and security regulations that will make them preferable in this market so that they can lead to their continual success in the market.
Analysis by Vertical
The global crowd analytics market is segmented into various segments based on vertical. Among this various segments, retail and e-commerce is the massive sector. It is used to understand the customer behaviour to improve the product placement and enhance the overall shopping experience. Retailers use crowd analytics to analyse the foot traffic and rates to make a better data-driven decisions to increase sales.
The crowd analytics market plays an important role in transportation hubs like public transit systems, airports and railway stations for efficient crowd flow management, public safety and security and seamless operations. Analysing the crowd dynamics helps in optimize transportation, scheduling, managing congestion and ensure smooth passenger flow during peak hours.
In the banking, financial services and insurance or BFSI sector, the use of crowd analytics solutions is rapidly growing for branch optimization, Fraud detection, security monitoring and risk management. Banks and Financial Institutions analyse crowd behaviours in the ATMs, branches as well as online channels to improve efficiency.
Other sectors are consisting of health care, Education, many governments and public sector, manufacturing, real estate sports and entertainment, they all widely us crowd analytics to study the consumer pattern. For instance, health care uses it to improve patient experience, optimize staffing levels, and ensure efficient use of medical resources.
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Based on the geography, the global crowd analytics market is segmented into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa. Among these regions, North America holds a major part of the market and has been estimated to contribute up to 43% in the growth rate. This region is known for its adoption of advanced technology, strong internet connectivity and high concentration of retail chain, transportation and operations as well as many entertainment establishments. North America cities consists of huge number of tech-companies and startups providing crowd analytics as well as the development of innovations. Enabling them an easy use of skilled workforce and sophisticated infrastructure. This area is also characterized by its strong data centric attitude and businesses in several industries which are rapidly moving towards data analytics to achieve insights and to remain in competition. Additionally, the region also has strict data quality and security regulations the limits the data providers to analytics solutions which can satisfy the requirements. North America is also moving forward in the segment of crowd analytics, the region being the leading in terms of cutting-edge advancements and adoption of these solutions.
Whereas the crowd analytics market in Asia Pacific is anticipated to rise registering the highest CAGR in the years to come, due to growth in population, rapid urbanisation and increasing investments in different sectors due to increase in economy. The emerging Asia-Pacific is undergoing rapid urbanization and population expansion, making a necessary landscape for crowd management and analytics solutions. For instance, its applications in transportation, retail, public safety and so many more. And the fact that digital technology and internet of thing (IoT) has been adopted by most of the countries in this region has created a huge amount of data that could be used for crowd analysis. Also, the rising awareness of the role of crowd analytics by various businesses and organizations in this region like acquiring valuable information of consumer behaviour and to boost operational efficiency, thus increasing demand of such education in the region. Countries such as China, India, Japan, and South Korea are key markets within the region, with a large and diverse user base driving demand for Crowd Analytics services across consumer and enterprise segments.
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Drivers
Increasing Terrorism Threats and Public Safety.
Growing Focus on Customer Experience.
Advancements in Technology.
Restraints
Data Privacy and Security.
Accuracy and Reliability Challenges:
Ethical and Social Implications.
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The global Crowd Analytics market is intensely competitive, with several global and regional players present in the market competing for market share. Players are continuously focusing on strategies such as mergers and acquisitions, partnerships and collaborations to maintain their position in the market. For instance, NEC has engaged in various partnerships and collaborations to strengthen its position in the crowd analytics market. For instance, NEC collaborated with The New Energy and Industrial Technology Development Organization (NEDO) to develop an AI-based crowd behavior analysis system for public safety and security applications. Many major players provide a wide variety of Crowd Analytics services which consists of app development platforms, cloud storage and cloud security solutions. For example, Nokia partnered with Amazon Web Services (AWS) to develop a cloud-based crowd insights platform that combines Nokia's analytics capabilities with AWS's cloud infrastructure. They mostly focus on strengthening the security measures, expanding storage capacities and enabling seamless integration with mobile applications. They provide customized solutions to cater to the needs of their clients and enhance their customer satisfaction. The market is expected to gain market share and strengthen their position in the market.
Top Player’s Company Profiles
Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our global crowd analytics market analysis, the market will witness a significant growth over the upcoming years at a significant rate across several industries such as transportation, retail, hospitality & tourism etc. North America dominates the global crowd analytics market with its technological advancements whereas the market in the Asia-Pacific region is said to be growing at a fast rate. While on-premise deployment model holds the major portion of the market, the cloud-based deployment model is gaining attraction due to thier easy access. The market is expected to grow in the future as more and more people will use cloud-based analytics platforms as they are cost effective. Crowd management and public safety are considered as primary factors to ensure smooth flow of public transport, commercial events, retail malls, stadiums, and other mass gathering places. Also, tourism industry is expected to push the need for crowd analytics due to rising numbers of tourist every year. Although, data privacy and security can stand as major challenge in this market. This data is at the risk to cybersecurity threats which can result in huge financial losses and legal liabilities for organizations. Additionally, getting accurate and reliable analytics results every time can be challenging especially in a complex dynamic with varying crowd behaviour and environmental factors.
Report Metric | Details |
---|---|
Market size value in 2022 | USD 1.42 billion |
Market size value in 2031 | USD 10.04 Billion |
Growth Rate | 24.3% |
Base year | 2023 |
Forecast period | 2024–2031 |
Forecast Unit (Value) | USD Billion |
Segments covered |
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Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
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Customization scope | Free report customization with purchase. Customization includes:-
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Crowd Analytics Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Crowd Analytics Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Crowd Analytics Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Crowd Analytics Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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Report ID: SQMIG45A2336
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