Crowd Analytics Market Report, According to a new report published by Allied Market Research, titled, Crowd Analytics Market by Solution, Deployment Model, Application, and End User: Global Opportunity and Forecast, 2014-2022, projects that the crowd analytics market was valued at $331 million in 2015, and is projected to reach at $1,531 million by 2022, growing at a CAGR of 24.9% from 2016 to 2022. Retail and other industries segments are expected to exhibit healthy growth rate during the forecast period, owing to high demand for customer engagement through behavioral modeling and predictive analysis.
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Crowd analytics is an optimized business solution, which delivers insightful analysis of crowd mobility at mass gathering places, such as airport & railway terminals, city malls, retail stores, convention centers, stadium, and others. The data obtained from various sources, including (CCTV) closed circuit television camera, commercial off-the-shelf camera, and first & third party consumer data are channelized through sophisticated artificial intelligence methods to present predictive crowd flow models and customer preference patterns.
The services segment including professional and managed services are on high demand in crowd analytics market, due to increase in need to manage data from conception and analysis and to archive at the appropriate space and time. Moreover, comprehensive planning, installing, and configuration of the software have also augmented the service segment growth in the crowd analytics market.
North America was the largest market in crowd analytics industry in 2015, owing to healthy economic growth, ongoing commercialization, and increase in ICT expenditures by the government on various projects including, home land security, tourism, and other people management programs. In addition, there is a growth in adoption of crowd analytics solutions in Europe due to upsurge in urban population and increase in footfalls of customers at retail malls. The trend of strong adoption of analytics software in North America and Europe have accelerated the growth of the crowd analytics market.
Cloud deployment model is expected to grow at the highest CAGR during the forecast period, owing to direct IT control, internal data delivery & handling, faster data processing, efficient resource utilization, and cost-effectiveness. Furthermore, reduced IT staffs and standardized business environment for IT operation provide advantage in cloud deployment.
Based on the geography, the market is segmented into four major regions, namely, North America, Europe, Asia-Pacific, and LAMEA. North America was the highest revenue contributor in 2015, and accounted for around 37.5% share of the overall crowd analytics market. The Asia-Pacific market is projected to grow at the highest CAGR of 27.4% during the forecast period, owing to upsurge in need of public management and crowd control in large retail malls and airport gateways.
The report features a competitive scenario of the crowd analytics industry and provides comprehensive analysis of key growth strategies adopted by major players. Key players profiled in the study are AGT International GmbH, Crowd Dynamics International, Crowd Vision Limited, Geodan Next, Mira, NEC Corporation, Nokia Corporation, Savannah Simulations AG, Spigit, Inc., and Walkbase. All these players are involved in competitive strategies including software innovation, business expansion, and partnership to augment the growth of the global crowd analytics market.
Key Findings of the Crowd Analytics Market
- The cloud deployment model segment accounted for the highest share in the market in 2015, growing at a CAGR of 25.6%.
- North America generated the highest revenue in 2015, and valued at $124 million.
- Asia-Pacific dominated the market in terms of growth during the forecast period.
- The U.S. was leading in terms of crowd analytics market, in 2015. In addition, Canada, UK, Germany, China, Australia, and the other emerging markets are anticipated to provide significant opportunities for major players.