The crowd analytics market is estimated at US$500.043 million for 2020, growing at a CAGR of 16.65% to reach a market size of US$1,470.011 million by 2027.
The growing need for business intelligence solutions for analyzing the behaviour of crowds 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 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 its movement pattern is changing. Thus, the data which is collected is further used by the organizations to plan or respond to 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.
Growing investments by major firms
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 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 other players are 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 had acquired a leading innovation management software company, Spigit.
In addition, the rising need for understanding the behaviour of the crowd across numerous domains is also adding to the growth of the market. The information gained through the collection of data is considered highly essential for organizations to further study crowd patterns and implement the required marketing strategies. Crowd analytics is also considered a viable way to demonstrate how information from numerous sources can be converted into meaningful data further helping 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 one of the key factors for the market to boom throughout the forecast period. 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. Because of their cost-effectiveness in large enterprises, cloud-based solutions are expected to grow at a significant rate over the forecast period. 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 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 their customers by taking proactive measures by analyzing the crowd movement and patterns through the help of these solutions. Thus, 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 of 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 are further boosting the tourism sector expected to positively impact the growth of the market.
The COVID-19 outbreak had a substantial effect on the market for crowd analytics globally. As a result of the worldwide lockdown imposed by governments to stop the disease's spread, market trends in crowd analytics software from a few corporate sectors led to large financial losses. It increased the use and implementation of crowd analytics tools, particularly in the healthcare industry to assure coronavirus safety. Additionally, after the COVID-19 pandemic broke out, crowd analytics technologies have acquired popularity on a global scale. At the moment, medical treatment and many organizations have benefited from crowd analytics industry innovation. By enabling establishments to screen for live habitation of areas, distinguish human internal heat levels in swarms, identify face covers, perceive faces, and dissect crowds in real-time using a combination of human-made reasoning, big data, and investigation apparatuses, swarm examination arrangements helped establishments comply with COVID-19 guidelines. During the pandemic, this aspect fueled the expansion of the global market for crowd analytics.
|Market Size Value in 2020||US$6.154 billion|
|Market Size Value in 2027||US$28.770 billion|
|Growth Rate||CAGR of 24.65% from 2020 to 2027|
|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 by Radiant, Nokia, NEC Corporation, Wavestore, 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 2027?
A1. The crowd analytics market is estimated to reach a market size of US$28.770 billion in 2027.
Q2. What is the size of the crowd analytics market?
A2. Crowd Analytics Market was valued at US$6.154 billion in 2020.
Q3. What are the growth prospects for the crowd analytics market?
A3. The global crowd analytics market is estimated to grow at a CAGR of 24.65% 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 crowd analytics market growth.
Q5. Which region holds the maximum share of the crowd analytics market?
A5. North America is anticipated to hold a noteworthy share of the crowd analytics market on account of a well-established infrastructure and early adoption of technology.
1.1. Market Overview
1.2. COVID-19 Scenario
1.3. Market Definition
1.4. Market Segmentation
2. Research Methodology
2.1. Research Data
3. Executive Summary
3.1. Research Highlights
4. Market Dynamics
4.1. Market Drivers
4.2. Market Restraints
4.3. Porter’s Five Forces Analysis
4.3.1. Bargaining Power of Suppliers
4.3.2. Bargaining Power of Buyers
4.3.3. Threat of New Entrants
4.3.4. Threat of Substitutes
4.3.5. Competitive Rivalry in the Industry
4.4. Industry Value Chain Analysis
5. Crowd Analytics Market Analysis, By Deployment
6. Crowd Analytics Market Analysis, By Organization Size
6.2. Small and Medium
7. Crowd Analytics Market Analysis, By Industry Vertical
7.2. Travel and Tourism
7.3. Media and Entertainment
8. Crowd Analytics Market Analysis, By Geography
8.2. North America
8.3. South America
8.4.3. United Kingdom
8.5. Middle East and Africa
8.5.1. Saudi Arabia
8.6. Asia Pacific
8.6.3. South Korea
9. Competitive Environment and Analysis
9.1. Major Players and Strategy Analysis
9.2. Emerging Players and Market Lucrativeness
9.3. Mergers, Acquisitions, Agreements, and Collaborations
9.4. Vendor Competitiveness Matrix
10. Company Profiles
10.1. AGT International GmbH
10.2. Planview Inc.
10.4. Sightcorp by Radiant
10.6. NEC Corporation
10.9. Crowd Vision Limited
AGT International GmbH
Sightcorp by Radiant
Crowd Vision Limited
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