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The crowd analytics market size is estimated to grow at a CAGR of 22.73% between 2022 and 2027. The crowd analytics market size is forecast to increase by USD 2,265.41 million. The growth of the market depends on several factors, including a rising number of airline and train passengers, an increasing need for Business Intelligence (BI) solutions, and growing Information and Communications Technology (ICT) expenditure by developed and developing nations.
This crowd analytics market report extensively covers market segmentation by deployment (cloud and on-premise), end-user (transportation, retail, and healthcare and others), and geography (North America, Europe, APAC, South America, and Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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The rising number of airline and train passengers is the key factor driving the crowd analytics market, although factors such as lack of expertise and knowledge of cloud resources and architecture may impede the market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The rising number of airline and train passengers is the key factor driving the growth of the global crowd analytics market. The increasing number of passengers using air and rail transport has increased the demand for infrastructure and gateway plans to handle large numbers of people from common intersections and ticketing counters in regions such as APAC, North America, and Europe. For instance, US airlines carried 46.3 million scheduled service passengers in January 2022, 33.2% more than in January 2021. With the growing number of passengers, the crowd analytics demand is also increasing.
Crowd analytics has been employed in different modes of transportation, such as airlines, railways, and metros. It assists in queue management, operational analysis and monitoring, time optimization, managing traffic flow, route optimization, and others. Many such benefits are increasing the adoption of crowd analysis in the transportation sector, especially in airlines and airways. As a result of these factors, the global crowd analytics market is expected to witness growth during the forecast period.
Rising strategic activities by vendors is the primary trend in the global crowd analytics market. Several advanced crowd management technologies have been implemented across various end-user industries following the outbreak of the COVID-19 pandemic during 2020-2021. The advent of advanced crowd analytics and the rising demand for crowd security measures to maintain strong security practices are increasing the adoption of crowd analytics solutions. These factors further encourage market vendors to launch new products and engage in organic and inorganic activities to gain a competitive advantage in the market.
For instance, In January 2021, the Indoor Lab, the leading vendor of real-time foot traffic monitoring utilizing lidar sensors, announced a partnership with Cepton, an anonymized crowd perception platform performer, to change smart environments. The partnership would allow The Indoor Lab to provide cutting-edge space and crowd statistics, as well as unrivaled social distancing and cleaning measures. Such growth strategies adopted by vendors will positively impact the market growth during the forecast period.
Lack of expertise and knowledge of cloud resources and architecture is a major challenge to the growth of the global crowd analytics market. Data analytics confer tremendous benefits to organizations, but it requires educated and qualified professionals with relevant experience in logical and analytical thinking, along with domain expertise. However, there is a shortage of skilled analytics professionals, including mathematicians, statisticians, data scientists, and data analysts. The demand for data analytics is higher than the availability of data analytics professionals.
This makes it difficult for vendors of crowd analytics to fulfill the growing needs of the client base. Moreover, key and experienced employees prefer to move to higher-income countries, which may lead to a shortage of skilled professionals in outsourcing destinations. Such challenges are expected to have a negative impact on the growth of the global crowd analytics market during the forecast period.
The report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Crowd Analytics Market Customer Landscape
Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
AGT International: The company offers crowd analytics for agriculture and rural development, environment and energy, and agro-Industry, and marketing and trade.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The market share growth by the cloud segment will be significant during the forecast period. The cloud segment held the largest of the cloud analytics market in 2022. This can be attributed to the convenience and easy access offered by cloud-based solutions. These solutions provide data collection, analysis, storage, and sharing via cloud-based tools that make it easier for researchers to share data with each other to improve models and predictions.
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The cloud segment was valued at USD 276.40 million in 2017 and continued to grow until 2021. Some advantages of this segment are, direct IT control, the cost-effectiveness of cloud deployment, internal data delivery and handling, faster data processing, and efficient resource utilization. Many benefits of adopting a cloud-based model are expected to drive the growth of the cloud segment of the global crowd analytics market during the forecast period.
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North America is estimated to contribute 43% to the growth of the global crowd analytics market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The market in North America is driven by the increasing adoption of cloud-based crowd analytics solutions by companies. The growing awareness of the advantages of cloud-based deployments, such as cost efficiency, ease of availability, and presence has further increased the regional market demand. Additionally, the North American region has significant market pioneers providing solutions for all industry sectors in the region. Furthermore, the extensive use of crowd analysis in retail and other industries such as e-commerce, healthcare, and entertainment draws will drive the growth of the crowd analytics market in North America during the forecast period.
The COVID-19 outbreak had a significant impact on the regional crowd analytics market owing to the rising demand for crowd management during the pandemic. However, in 2021, the initiation of large-scale vaccination drives?lifted the lockdown and travel restrictions, which led to the resumption of supply chain activities. Such factors are expected to drive the market during the forecast period.
The crowd analytics market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Technavio categorizes the global crowd analytics market as a part of the global systems software market within the global information technology (IT) software market. The super parent global IT software market covers companies engaged in developing and producing application and systems software. Our research report has extensively covered external factors influencing the parent market growth during the forecast period.
Crowd Analytics Market Scope |
|
Report Coverage |
Details |
Page number |
153 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 22.73% |
Market growth 2023-2027 |
USD 2,265.41 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
22.3 |
Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
Performing market contribution |
North America at 43% |
Key countries |
US, Canada, China, UK, and Germany |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled |
AGT International, Ajna Labs Pvt. Ltd., ARCUS Applied Artificial Intelligence GmbH, Crowd Analytics Ltd., Crowd Dynamics International Ltd, CrowdANALYTIX, CrowdVision Ltd., Datum Consultants FzCO, Divine Space Pvt. Ltd., Geodan B.V., Multimodal Data Fusion and Analytics Group, NEC Corp., Nokia Corp., Savannah Simulations AG, SmartinfoLogiks LLP, Spoken Thought Inc., STRATACACHE, TAKELEAP DMCC, Verizon Communications Inc., and Xtreme Media Pvt. Ltd. |
Market dynamics |
Parent market analysis, market growth inducers and obstacles, fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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