The Global Crowd Analytics Market was estimated USD 390.1 million in 2016 and expected to reach USD 1.17 billion by the end of 2021, with a CAGR of 24.6% from 2016 to 2021.
Now a days Organizations practices the different techniques in order to gain the psychological and behavioural elements of the consumer mind. Crowd Analytics is a form of data science techniques that analyses the behavioural pattern towards any product or services by use of social network and crowd sourced data as platform. Increasing demand for crowd analytics solutions among SMEs and large enterprises is result of cost effectiveness, flexibility and efficiency that clod offers towards deployment of analytical solutions.
Crowd analytics allows the organization to gain competitive advantage of highest customer satisfaction ratio in the market with the genuine perspective of their consumer or how their consumer is going to respond on certain product or services. High demand for Business intelligence solution in current scenario is one of the major driver that is propelling the growth of the crowd analytics market. Furthermore, factors such as increasing instances of breach in physical security, rising need intelligent video systems and increasing attractiveness of BI tools for business decision making are driving the significant market growth. However, high initial investment and data security issues hinder the market growth.
Among the various industrial verticals, the consumer packaged goods and retail segment is holding the largest share of crowd analytics market. Consumer packaged goods and retail segment is adopting crowd analytics solutions on larger scale to deliver real time market intelligence and insights into consumer behaviour to strategize the business to achieve long term sustainability. On other hand, crowd analytics market for travel and tourism is projected to grow rapidly with the highest CAGR during the forecast period.
The report segments the global crowd analytics market by application, by component, by deployment mode, by vertical and by region. The application includes customer management, incident response and alerting, market forecasting, marketing campaign measurement, pricing analytics and revenue optimization. The component includes services and standalone solution. The deployment mode includes cloud and on-premises. The vertical includes BFSI, consumer packaged goods and retail, healthcare, media and entertainment, public safety, transportation, travel and tourism and among others.
The report provides regional analysis covering geographies such as North America, Europe, Asia-Pacific, and Rest of the World. North America leads the global crowd analytics market followed by Europe and Asia-Pacific. The crowd analytics market in Asia-Pacific is projected to reflect highest CAGR over the forecast period. The attractiveness of the crowd analytics market in the Asia-Pacific region is result of increasing demand for business intelligence tools for decision making across different verticals in the region.
- AGT International
- Crowd Dynamics
- NEC Corporatio
- Nokia Corporation
- Sightcorp BV