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(I-SoftwareNews.Com, October 30, 2018 ) The crowd analytics market size is expected to grow from 385.1 Million in 2016 to 1,142.5 Million by 2021, at a Compound Annual Growth Rate (CAGR) of 24.3% during the forecast period. The major growth drivers of the market include the need to install new and advanced surveillance systems and the growing need for business intelligence solutions.
The crowd analytics market is segmented by standalone solution, service, application, deployment mode, organization size, vertical, and region. The services segment is expected to grow at the highest CAGR during the forecast period; as the deployment of crowd analytics solutions is increasing, so the services associated with it is also growing.
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Customer management application holds the largest share of the crowd analytics market in 2016. The growth is fueled with the increasing need of business intelligence solutions by the organizations to understand consumer insights and strategize business to achieve long term growth. The travel and tourism vertical is expected to hold the highest CAGR during the forecast period due to the rapid growth of the sector needing real time data and business intelligence solutions to understand consumer insights and expand the business.
Organizations are rapidly deploying crowd analytics solutions either on-premises or on cloud. The demand for cloud-based crowd analytics solutions is increasing due to the cost-effective and time-efficient features of cloud; its growth is specifically high in enterprises, where low cost solutions are much required.
The global market has been segmented on the basis of regions into North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA), and Latin America to provide a region-specific analysis in the report. The North American region, followed by Europe, is expected to become the largest revenue generating region for crowd analytics vendors in 2016. This is mainly because in the developed economies of the U.S. and Canada, there is high focus on innovations obtained from research and development and technology. The APAC region is expected to be the fastest-growing region in the crowd analytics market. The growth in this region is primarily driven by the growing need of business intelligence solutions and the need to install new and advanced surveillance systems.
Major vendors that offer crowd analytics solutions across the globe are 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). These vendors have adopted different types of organic and inorganic growth strategies such as new product launches, partnerships & collaborations, and mergers & acquisitions to expand their offerings in the crowd analytics market.
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