New York, US, Feb. 21, 2023 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “Crowd Analytics Market By Deployment, By Application, By Verticals - Forecast 2020-2030”, the market is predicted to thrive substantially during the assessment era from 2020 to 2030 at a healthy CAGR of approximately 23.27% to attain a valuation of around USD 5.67 Billion by the end of 2030.
Market Analysis
The crowd analytics market has been witnessing continual revenue growth. The growing adoption of crowd analytics across the end-user industries to enhance customer experience and support would drive market growth. According to Market Research Future (MRFR), the global crowd analytics market is projected to reach USD 5.67 BN by 2030, growing at a 23.27% CAGR throughout the forecast period (2020-2030).
Crowd Analytics Market Competitive Analysis
Eminent industry players profiled in the global Crowd Analytics Market report include:
- Nokia Corporation (Finland)
- Savannah Simulations AG (Switzerland)
- AGT International (Switzerland)
- Walkbase (Finland)
- Spigit Inc. (US)
- CrowdANALYTIX Inc. (US)
- Crowd Dynamics (UK)
- NEC Corporation (Japan)
- Wavestore (UK)
- Securion Systems (Ireland)
- Sightcorp (The Netherlands)
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| Report Metrics | Details |
| Crowd Analytics Market Size by 2030 | USD 13.61 Billion |
| Market CAGR during 2020-2030 | 23.27% |
| Base Year | 2019 |
| Forecast | 2020-2030 |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Key Market Drivers | Be that as it may, the significant development drivers of the group examination crowd analytics market size need to put in new and progressed observation frameworks and the developing requirement for business insight arrangements. |
Crowd analytics are innovative tools used to analyze customer behavior and respond to the social need for creating a safe & secure environment in crowded places. Crowd analytics interpret the data to help study buyers' free and natural movement in retail stores. Thus, the technology helps users to make insightful decisions to increase efficiency & profit and promote better customer experience.
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Industry Trends
Enterprises across retail, manufacturing, public infrastructure, and other industries worldwide strive to gain actionable insights from large data sets, using AI to perform to solve business problems more effectively complex tasks. Resultantly, implementations of cloud-based AI-enabled data platforms are rising continually to help and support customers throughout the entire customer journey.
The increasing adoption of crowd analytics in retails to understand the crowd (buyer's) behavior based on changes in certain store areas and advance far-reaching business impact escalates the market value. Additionally, the increasing numbers of enterprises worldwide and developments in analytics software led by advances in AI and machine learning technology accelerate market shares.
Besides, growing business needs to build rich data sets and optimize machine learning at scale to streamline workflows across teams to reduce infrastructure complexity, and deliver superior customer experiences, substantiate market growth. The integration of smart data discovery capabilities, machine learning, and automation in the entire analytics workflow has led to increasing the market size.
Furthermore, increasing investments to develop data analytics tools to support business needs fosters the market's growth. Conversely, the complexity of data synchronization, lack of awareness about journey analytics, and reluctance to its adoption are major factors projected to impede the market growth. Nevertheless, the increase in cloud-based crowd analytics adoption would support the growth of the market throughout the forecast period.
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Segments
The report is segmented into components, deployment types, applications, verticals, and regions. The component type segment is sub-segmented into software and services. The deployment type segment is sub-segmented into on-cloud, on-premise, and hybrid. The application segment is sub-segmented into market forecasting, revenue forecasting, incident analytics, customer management, and others.
The vertical segment is sub-segmented into consumer goods & retail, transportation, media & entertainment, public safety, travel & tourism, healthcare & life sciences, BFSI, and others. The region segment is sub-segmented into Asia-Pacific, Americas, Europe, and the Rest-of-the-World.
Geographical Analysis
North America dominates the global crowd analytics market. The largest market share is attributed to the increasing demand for crowd analytics led by the growing awareness of cloud-based deployment benefits like cost-effectiveness and easy availability. Besides, high technology adoption in retail and other industries like ecommerce, healthcare, and entertainment in the region substantiates the growth of the market.
The increasing digitization in customer processes and the presence of several key players, mainly in the US, are the major market growth drivers in the region. The US accounts for the biggest share of the regional market due to the vast technological advances.
Europe stands second in the global crowd analytics market. The rapid and constant technological advancements and enormous investments in customer churn analysis development. Additionally, the evolving digital technology and increasing demand for analytics software from the retail & consumer goods industry to enhance customer experience influence market growth.
The Asia Pacific crowd analytics market is growing promisingly. Factors such as increasing industrialization and new data centers in emerging countries like India and Japan accelerate regional market growth. Increasing numbers of enterprises and massive advances in related technologies such as natural language processing and machine learning drive the regional market's growth.
The growing adoption of smartphones and data-driven crowd analytics software fosters market demand. Developing countries such as Japan, China, and India lead the regional market. Furthermore, increasing analytics software expertise and artificial intelligence technology propels the journey analytics market in the region.
Competitive Analysis
Fiercely competitive, the crowd analytics market appears fragmented with the presence of many key players. These players incorporate strategic initiatives such as partnerships, mergers & acquisitions, collaboration, expansion, and technology launches to gain a larger competitive share. Major players in the market are committed to delivering reliable, leading-edge solutions and services. They make substantial R&D investments in developing unique solutions entirely on a different level than their competition.
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For instance, on Jan.23, 2023, Ouster, Inc. (the US), a leading provider of high-resolution digital lidar sensors for the industrial, smart infrastructure, robotics, and automotive industries, launched its cloud-backed digital lidar perception platform for crowd analytics, Ouster Gemini, security, and intelligent transportation systems.
Ouster's digital lidar perception platform is cloud-based crowd analytics, security, and intelligent transportation systems, delivering enhanced detection & classification performance while simplifying installation & monitoring operations.
In another instance, on Jan.11, 2021, The Indoor Lab, the leading provider of monitoring real-time foot traffic using lidar sensors, announced a partnership with Cepton, an anonymized crowd perception platform performer, to transform smart spaces. The partnership would enable The Indoor Lab to deliver state-of-the-art space and crowd analytics with unparalleled social distancing and cleaning metrics.
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