Crowd analytics is an intelligence-based integrated analytical solution that utilizes its sentimental analysis and helps uncover the behavioral patterns of the people in the crowd. The advanced crowd analytics solutions extract relevant information from different sources such as audiovisual devices, social media and combine it into a meaningful form and this data is then provided to simulation engine, which delivers the behavioral patterns of the crowd. The outcomes help organizations make effective decision based on real time intelligence.
The global crowd analytics market is driven by factors such as increasing need for business intelligence solutions and the need to install new and advanced surveillance systems. Due to the advancements in crowd analytics solutions to deliver real time intelligence-based data, the demand for crowd analytics solutions in emerging markets such as Asia-Pacific (APAC) and Middle East and Africa (MEA) is expected to grow rapidly. MarketsandMarkets forecasts the global crowd analytics market to grow to USD 1,142.5 million by 2021, at a Compound Annual Growth Rate (CAGR) of 24.3% during the forecast period.
Organizations across different industry verticals have been adopting crowd analytics solutions to understand the insights into consumer behavior, maintain public safety, and utilize the business intelligence to expand the business. In addition, two specific factors have greatly increased the opportunity for crowd analytics: development of smart cities and cloud-based crowd analytics solution. Thus, the organizations are adopting crowd analytics solutions to get comprehensive insights into consumer behavior pattern and to keep the populated places safer.
The Internet of Things (IoT) and Bring Your Own Device (BYOD) trends have generated a huge demand of web and mobile-based social media applications. The organizations are very careful about extracting the consumer insights through these apps using the crowd analytics solutions.
The adoption of crowd analytics solution is rapidly increasing and hence the services associated with it. The services segment is expected to grow at the highest CAGR during the forecast period.
The heavy adoption of Software as a Service (SaaS)-based applications and services across the globe is driving the growth of cloud-based crowd analytics solutions in the crowd analytics market. The cloud-based deployment of crowd analytics solutions is expected to grow at the highest CAGR during the forecast period.
The travel and tourism vertical is increasingly adopting crowd analytics solutions and is getting highly benefited with the capabilities of it. Thus, the crowd analytics market in the travel and tourism vertical is expected to grow at the highest CAGR during the forecast period.
The region-specific market analysis includes industry trends, market potential, and market forecast on the basis of standalone solution, services, applications, deployment modes, organization sizes, and industry verticals. The market expects a rapid growth in various emerging regions such as APAC, MEA, and Latin America. The North American region is expected to have the largest market share for the next five years, followed by Europe. APAC is expected to be the fastest growing region in the crowd analytics market during the forecast period.
Globally, the adoption of crowd analytics solutions is increasing because of the growing need for business intelligence solutions, and need to install new and advanced surveillance systems. Nokia Corporation (Finland), AGT International (Switzerland), NEC Corporation (Japan), Walkbase (Finland), Spigit, Inc. (U.S.), Wavestore (U.K.), Savannah Simulations AG (Switzerland), CrowdANALYTIX, Inc. (U.S.), Securion Systems (Ireland), Crowd Dynamics (U.K.), and Sightcorp. (The Netherlands) are the key vendors offering crowd analytics solutions across the globe