The crowd analytics market is estimated at US$5.147 billion for the year 2019 growing at a CAGR of 25.06% to reach the market size of US$19.686 billion by 2025.
The growing need for business intelligence solutions for analyzing the behaviour of the crowd is expected to be one of the key factors expected to drive the growth of the market throughout the forecast period. These are software or tools which help the organizations to interpret the data which is primarily based on the natural movements of human beings in the vicinity of a prescribed area. Crowd Analytics helps the organization to analyze how a particulate crowd is moving and how their movement pattern is changing. Thus, the data which is collected is further used by the organizations to plan or respond to the numerous events. Furthermore, one of the key factors for the growth of the market is the globally growing population which is also becoming a major interest, especially in social and technical disciplines. High adoption of these tools for the development of crowd management strategies in areas where a high crowd is present such as public events, shopping malls, movie theatres and airports among others, also supplement the growth of the market significantly. Furthermore, the high complexity in understanding the crowd behaviour in numerous industry verticals such as retail, tourism and media and entrainment is further leading to rising investments by major end-use industries to invest in these solutions and understand the crowd behaviour and further plan the activities to manage that behaviour accordingly. In addition, growing investments by key players in the market to expand their market share and gain a competitive edge over the other players is leading to increased competition in the market, which further shows the potential for the growth of the market during the forecast period. For instance, in December 2018, Planview, a globally known enterprise software company based out of the United States, announced that it has acquired a leading innovation management software company, Spigit.
In addition, the rising need for understanding the behaviour of the crow across numerous domains is also adding up to the growth of the market. The information gained through the collection of data is considered highly essential for the organizations to further study the crowd patterns and implement the required marketing strategies. Crowd analytics is also considered a viable way the demonstrate techniques that how information from numerous sources can be converted into meaningful data further helping the marketers to measure the effectiveness of their promotional and advertising strategies.
The growing travel and tourism sector is driving the demand for these solutions
Air travel has been increasing globally on account of growing disposable income which has led to a significant jump in revenues for different stakeholders in the aerospace industry. This is considered as one of the key factors for the market to boom throughout the forecast period. The air passenger traffic increased from 2.208 billion in 2008 to 4.233 billion by 2018. This led to an increased demand for these solutions to analyze the movements and patterns of these passengers by the airport authorities and even by the airline providers. This is attributed to rising disposable income and adopting high living standards, especially in emerging economies like China and India in comparison to the developed economies of the world.
Cloud-based solutions are anticipated to grow at a notable CAGR during the forecast period
Based on deployment, the crowd analytics market has been segmented based on cloud-based solutions and on-premise solutions. The cloud-based solutions are estimated to grow at a notable rate throughout the forecast period owing to the fact of cost-effectiveness of the cloud-based solutions in large enterprises. Furthermore, cloud-based solutions are also considered more efficient than on-premise solutions which are also anticipated to propel the market growth during the forecast period. Furthermore, the burgeoning requirements for low cost and effective solutions across the numerous end-user industries are also expected to supplement the growth of the market for cloud-based solutions during the next five years.
Retail is projected to hold a notable share
On the basis of industry vertical, the crowd analytics market is classified into travel and tourism, media and entertainment, retail, hospitality, and others. The retail sector is anticipated to hold a notable share in the global market during the year 2019. This is since the vast customer base across the globe is the key factor for the high share of this segment. In addition, the rising competition in the market is further leading to investments by companies for the adoption of the latest and advanced solutions to enhance the experience of the customers by taking proactive measures by analyzing the crowd movement and patterns through the help of these solutions. Thus, the retailers can further implement numerous growth strategies for attracting customers, formulate new business decisions on account of rising consumer expectations, and gain a competitive edge over other players in the market.
The Asia Pacific is expected to show good growth opportunities
Geographically, the global market has been segmented into North America, South America, Europe, the Middle East, and Africa and the Asia Pacific. North America is anticipated to hold a noteworthy share in the market on account of a well-established infrastructure and early adoption of technology. Furthermore, the presence of well-developed economies such as the United States and Canada coupled with the rising focus on increased investments in R&D are the factors supplementing the growth of the market in the North American region.
Moreover, in the Asia Pacific region, the significantly growing business sectors such as retail, media, entertainment, and travel and tourism among others are the factors that are driving the demand for highly advanced BI solutions due to the growing needs. Furthermore, the rising disposable income and growing middle-class population in the major emerging economies of the Asia Pacific region is further boosting the tourism sector thereby, expected to positively impact the growth of the market.
|Market size value in 2019||US$5.147 billion|
|Market size value in 2025||US$19.686 billion|
|Growth Rate||CAGR of 25.06% from 2019 to 2025|
|Forecast Unit (Value)||USD Billion|
|Segments covered||Deployment, Organization Size, Industry Vertical, And Geography|
|Regions covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies covered||AGT International GmbH, Planview Inc., CrowdANALYTIX, Sightcorp., Nokia, NEC Corporation, Wavestore Global Ltd., Walkbase, Crowd Vision Limited|
|Customization scope||Free report customization with purchase|
Frequently Asked Questions (FAQs)
Q1. What will be the crowd analytics market size by 2025?
A1. The crowd analytics market is estimated to reach a market size of US$19.686 billion in 2025.
Q2. What is the size of the crowd analytics market?
A2. Crowd Analytics Market was valued at US$5.147 billion in 2019.
Q3. What are the growth prospects for the crowd analytics market?
A3. The crowd analytics market is estimated to grow at a CAGR of 25.06% during the forecast period.
Q4. What factors are anticipated to drive the crowd analytics market growth?
A4. The growing need for business intelligence solutions for analyzing the behaviour of the crowd is expected to be one of the key factors expected to drive the growth of the market throughout the forecast period.
Q5. Which region holds the maximum market share of the crowd analytics market?
A5. North America is anticipated to hold a noteworthy share in the market on account of a well-established infrastructure and early adoption of technology.
Wavestore Global Ltd.
Crowd Vision Limited
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