The global crowd analytics market 2020 is all set to expand to a size of USD 1.4 billion by 2022-end, reveals Market Research Future (MRFR). It is also anticipated that the market can progress at a rate of 26% between 2016 and 2022. We will provide covid-19 impact analysis with the report, offering an in-depth review following the coronavirus disease outbreak.
The COVID-19 impact on people has been notable, affecting their buying behavior thinking. COVID-19 outbreak has also weakened worldwide supply chains, with manufacturers closing doors. Consumers are now viewing brands and products through a different lens. The pandemic is continuously reshaping the ICT industry, since after the lockdown imposed across regions, people are self-isolating and are expected to work from home or students are being offered online class services. This boosts the demand for IT-based technologies, such as AI, IoT, VR/AR and more.
Consumers are concerned with regard to the impact of the novel coronavirus, from economic and health perspective. There is variation in behaviors as well as purchasing habits. Since crowd analytics solutions are used for evaluating the consumers’ behavioral pattern with respect to a product or service using social network, its use is expected to surge post COVID-19, in the wake of the surrounding uncertainty. Higher demand for behavioral model, microscopic model, conflict estimation, complex network analysis and value engineering, is anticipated among businesses to track customer behavior. Increase in deployment of cloud-based solutions in sports stadium, retail malls, metro & airport terminals, community centers, city stores and more, post SARS-CoV-2 outbreak and the increasing demand in smart cities can be some of the crowd analytics market trends in the following years.
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Key Drivers and Main Restraints
Heightened need for enhanced crowd distribution planning across smart cities and smoother flow of commercial events, public transport, stadiums, retail malls, and various public places has boosted the uptake of crowd analytics solutions. Several countries such as the UK, Germany, U.S., India, UAE, China and Australia are increasing their spending on crowd analytics solutions, because of the mounting requirement for optimum resource utilization along with better public management system.
The persistent surge in the number of air and rail passengers has pushed the need to cater to the crowd from common ticket counters and junctions, leading to better growth of the worldwide market. Countries have increased the expenditure on the improvement of security and safety at public places, such as retail malls, event venues, transport terminals, and others to track any suspicious activity or untoward incident. These needs are pushing the demand for crowd analytic solutions and can induce further market growth across the globe.
Crowd Analytics Industry has been considered for verticals, deployment, and application.
Deployment-based market sections include on cloud, hybrid and on premise, out of which the cloud based deployment has gained maximum traction.
Applications of crowd analytics solutions are market forecasting, incident analytics, revenue forecasting, customer management, and others. The mounting concerns with regard to security and surveillance can boost the use of crowd analytics across all the mentioned applications.
Vertical that increasingly deploy crowd analytics include BFSI, Healthcare, Retail, Media & Entertainment and Transportation, among others.
MRFR lists the notable contenders in the industry such as Crowd ANALYTIX, Inc. (U.S.), Walkbase (Finland), NEC Corporation (Japan), Spigit Inc. (U.S.), AGT International (Switzerland), Wavestore (U.K.), Nokia (Finland), Sightcorp (Netherlands), Crowd Dynamics (U.K.), to name a few.
Europe, APAC or Asia Pacific along with North America and the rest of the world or RoW are the main markets for crowd analytics.
Technological developments along with the higher uptake of cloud analytics platform are largely responsible for North America’s clout in the global market for crowd analytics. The sharp rise in terrorist attacks, crimes, and others have added to the worry of the government as well as defense bodies regarding the security and safety of commercial buildings, critical facilities, and public in general. Moreover, the frequent innovations in the technology facilitated by continuous research and development also add to the market growth speed in the region.
APAC can procure the highest expansion rate in the years ahead, with more and more vendors understanding the growth potential of the crowd analytics market in the region. This factor is also backed by the increasing need for better public control management in airport gateways and retail malls. Growing disposable incomes of the citizens in India, China, and Australia have resulted in the boom in the number of visitors in public places like malls, which favors the regional market to a large extent.
The European market benefits from the increasing visitors at malls and similar public places on account of the expanding tourism industry and the excellent financial stability of the region. The market growth can also be underpinned by the rising demand for business intelligence solutions along with the need to deploy advanced surveillance systems across various public sections.
Continual, a well-known supplier of mobility experience analytics has been chosen by Vodafone Ireland to provide its services to deliver advanced connected car experience and mobility Quality of Service across the country’s national road system. The mobility experience analytics is being used to monitor and optimize the connectivity for IoT devices, handsets and cars across the country.
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