Crowd Analytics Market Analysis, Drivers, Trends, Challenges and Forecast to 2024
Globally, organisations are rapidly focusing on gaining maximum valuable consumer insights to improve their product and services. Crowd analytics solutions collect aggregate and find critical information that relate to everyday living of people. By using specific models of data sourcing and extraction by crowd analytics, the organisations can obtain ideas and quality insights of decisions that are needed to achieve cumulative results for better business services. Crowd analytics therefore enables businesses to observe population and demographics feel and react to the services offered by them.
Managing and understanding the behaviour of crowd is very difficult in various sectors such as transportation & logistics for smart hub management, safety in big public events and operational efficiencies for retail channels. Therefore, crowd analytics include deep video analytics to extract the flow of crowd from video streams, and analysis of social media platforms to better understand the mood of crowd and sentiments in real time. This determines how useful and critical information from multiple diverse sources can be connected to monitor and predict the movement of large crowd in an effective and more efficient way.
Increasing security threats, need for interpreting consumer behaviour solutions by large business sectors, increasing need for smart business intelligence through insightful information and demand for intelligent video systems capable of interpreting behavioural data are some key drivers to the growth of the global crowd analytics market.
Some major challenges faced by the global crowd analytics market are running big data processing & analytics on small scale IT infrastructures, managing critical data, easy integration of expert people processes and technology platform, lack of data security and confidentiality, and company’s privacy concerns. In addition, budget constraints of small and medium enterprises (SMEs) with low revenue generation, high setup cost, and minimum data connectivity hinders the growth of the global market.
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Asia-Pacific (APAC) includes emerging economies, such as India and China, which are rapidly deploying crowd analytics solutions. This is mainly due to the digitization of businesses and adoption of cloud services by small, medium, and large enterprises in the region.
The global crowd analytics market is focusing overall growth of the business through new advance technology solutions. Rapid digitization of small & large businesses and adoption of cloud based solutions and need for smart monitoring systems in emerging economies of APAC, such as China and India, the regions have potential growth opportunities in crowd analytics. With more spending and investments in high living standards and early adoption of new technology based solutions, North America & Europe are expected to show high growth rate in this market.
Predicting high demand of predictive analysis, behaviour understanding and business intelligence models from consumer centric businesses, the crowd analytics solutions providers globally are continuously working on technology advancements and new innovations to upgrade their software products. Some major players in the global crowd analytics market are AGT International, Nokia Corporation, Walkbase, NEC Corporation, and Crowdanalytix, Inc.