Crowd Analytics Market size is growing swiftly due to the increase in demand for intelligent video systems to provide real-time insights for consumer behavior at different places such as airplane and railroad terminals, shopping centers, retail outlets, and stadiums. The adoption of crowd analytics services provides real-time market intelligence to the key players to predict the movement patterns of the people. Moreover, the increasing market attractiveness of business intelligence tools that analyze behavioral patterns of any product or service allows the enterprises to strategize their businesses for long-term sustainability.
Crowd analytics is a form of data science technique that facilitates organizations to monitor and predict behavioral patterns of the consumers. The adoption of these services enables the key players to gain insights on crowd mobility at public places to effectively understand their perception toward any product or services. The applications include various statistical and modeling capabilities such as pricing analytics, customer engagement, crowd flow management, and mobility & tracking. The solutions are extensively applicable to different industry verticals such as retail, FMCG, travel & tourism, BFSI, media & entertainment, and healthcare sectors.
The increase in demand for crowd analytics solutions among SMEs and large enterprises is anticipated to propel the growth of the crowd analytics market. Moreover, the surge in demand for the solutions in the retail & FMCG industry is also expected to augment the growth of the market. In March 2018, Nokia has launched AI-powered analytics software named cognitive analytics that provides enhanced prediction and automation capabilities to improve the customer experience. The latest release of the software includes Customer Experience Index (CEI) that enables the service providers to address the issues six times faster.
However, the high initial upfront costs and an increase in data security issues are projected to hamper the crowd analytics market. Moreover, the absence of suitable roadmaps to integrate this technology into the existing systems of the organizations is a major constraint that hinders the growth of the market.
North America crowd analytics market maintains its dominance over the forecast timeline due to the presence of large key players in the region. Crowdanalytix, Spigit, and E2open are some of the key players that are expected to have a major market share in the U.S. The rise in the demand for business intelligence solutions providing advanced analytics software will improve the understanding of the movement patterns of the people. Further, the rise in investments in R&D activities by the key players is also projected to fuel the growth of the market in the region. For instance, Crowadanalytix has received a total investment of USD 3 million that helped the company to strengthen its presence in the market.
The European region is anticipated to grow at a substantial rate. The companies have been engaged in partnerships and collaborations with the leading key players in the market to bring about various reformations in the region. For instance, in August 2018, Wavestore has partnered with Vunetrix to provide security-enhanced health and performance insights with the help of open source communication protocols. Furthermore, the rise in the security breach in physical security has enabled the key players to improve security and safety measures at public places such as malls, railway stations, airports, and bus stands to prevent troublesome activities.
The Asia Pacific crowd analytics market is projected to witness the fastest growth rate due to the increase in the number of startup companies offering innovative solutions across industry verticals. For instance, in October 2016, NEC Corporation launched AI-specialized software named NeoFace image data mining (NeoFace idm) for crime prevention in public places. Moreover, the upsurge in demand for cloud-based analytics software to reduce the dependency on the legacy hardware will allow the enterprises to increase their productivity by around 40%.
The crowd analytics market is fragmented due to the presence of a significant number of players in the market. Some of the key players operating in this market are AGT International, Crowd Dynamics, Crowd Vision, Geodan Next, Mira, NEC, Nokia, Savannah Simulations, Spigit, Walkbase, Sightcorp, Wavestore, Crowdanalytix, Securion Systems, Munro, Gainsight, and E2open. The key players of the market opt for product development and investments in R&D activities to augment their growth in the market.