Market Overview
The global crowd analytics market is all set to expand to a size of USD 5.67 billion by 2030-end, reveals Market Research Future (MRFR). It is also anticipated that the market can progress at a rate of 23.27% between 2020 and 2030. We will provide covid-19 impact analysis with the report, offering an in-depth review following the coronavirus disease outbreak.
Consumers are concerned with regard to the impact of the novel coronavirus, from an economic and health perspective. There is variation in behaviors as well as purchasing habits. Since crowd analytics solutions are used for evaluating the consumers’ behavioral pattern with respect to a product or service using a social network, its use is expected to surge post-COVID-19, in the wake of the surrounding uncertainty. Higher demand for the behavioral model, microscopic models, conflict estimation, complex network analysis, and value engineering, is anticipated among businesses to track customer behavior. The increase in deployment of cloud-based solutions in sports stadiums, retail malls, metro airport terminals, community centers, city stores, and more, post-SARS-CoV-2 outbreak, and the increasing demand in smart cities can be some of the crowd analytics market trends in the following years.
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Key Drivers and Main Restraints
Heightened need for enhanced crowd distribution planning across smart cities and smoother flow of commercial events, public transport, stadiums, retail malls, and various public places has boosted the uptake of crowd analytics solutions. Several countries such as the UK, Germany, U.S., India, UAE, China and Australia are increasing their spending on crowd analytics solutions, because of the mounting requirement for optimum resource utilization along with better public management system.
The persistent surge in the number of air and rail passengers has pushed the need to cater to the crowd from common ticket counters and junctions, leading to better growth of the worldwide market. Countries have increased the expenditure on the improvement of security and safety at public places, such as retail malls, event venues, transport terminals, and others to track any suspicious activity or untoward incident. These needs are pushing the demand for crowd analytic solutions and can induce further market growth across the globe.
Market Segmentation
Crowd Analytics Industry has been considered for verticals, deployment, and application.
Deployment-based market sections include on cloud, hybrid and on premise, out of which the cloud based deployment has gained maximum traction.
Applications of crowd analytics solutions are market forecasting, incident analytics, revenue forecasting, customer management, and others. The mounting concerns with regard to security and surveillance can boost the use of crowd analytics across all the mentioned applications.
Vertical that increasingly deploy crowd analytics include BFSI, Healthcare, Retail, Media Entertainment and Transportation, among others.
Regional Study
Europe, APAC or Asia Pacific along with North America and the rest of the world or RoW are the main markets for crowd analytics.
Technological developments along with the higher uptake of cloud analytics platform are largely responsible for North America’s clout in the global market for crowd analytics. The sharp rise in terrorist attacks, crimes, and others have added to the worry of the government as well as defense bodies regarding the security and safety of commercial buildings, critical facilities, and public in general. Moreover, the frequent innovations in the technology facilitated by continuous research and development also add to the market growth speed in the region.
APAC can procure the highest expansion rate in the years ahead, with more and more vendors understanding the growth potential of the crowd analytics market in the region. This factor is also backed by the increasing need for better public control management in airport gateways and retail malls. Growing disposable incomes of the citizens in India, China, and Australia have resulted in the boom in the number of visitors in public places like malls, which favors the regional market to a large extent.
Notable Contenders
MRFR lists the notable contenders in the industry such as Crowd ANALYTIX, Inc. (U.S.), Walkbase (Finland), NEC Corporation (Japan), Spigit Inc. (U.S.), AGT International (Switzerland), Wavestore (U.K.), Nokia (Finland), Sightcorp (Netherlands), Crowd Dynamics (U.K.), to name a few.
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