North America Increasing its Dominance in the Global Crowd Analytics Market
The global crowd analytics market is expected to witness a CAGR of 25.8% to reach revenue of $2.4 billion by 2024
Bangalore, India, December 31, 2018: With its recently published study “Crowd Analytics Market – Global Drivers, Restraints, Opportunities, Trends, and Forecast up to 2024”, Infoholic Research forecasts that the global market for crowd analytics will continue to grow, owing to the increasing need for measuring & evaluating real-time crowd behavior in various sectors and rising demand for intelligent video systems for detecting suspicious activities & preventing troublesome incidents.
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Crowd analytics is all about collecting, combining, and analyzing the information related to people and their behavior. Crowd analysis includes 4 phases: crowd motion detection, crowd tracking, crowd density estimation, and crowd behavior understanding. Crowd analytics enables end-user organizations in CPG & retail, transportation, media & entertainment, and others in making fact-based decisions that result in enhancing revenue, profit, and maximizing the business potential. For example, by understanding the patterns about how people travel each day, transport operators and authorities can make better and effective decisions by providing services and staffing as required, thereby reducing the operational cost.
Security and safety, by measuring the effectiveness of marketing and ad campaigns, are the major factors likely to steer the crowd analytics market growth. This is expected to continue during the forecast period 2018–2024, fueling the crowd analytics market growth at a CAGR of 25.8% to reach revenue of $2.4 billion by 2024.
North America is dominant in the crowd analytics market, followed by Europe and APAC. North America, being the early adopter of crowd analytics solutions, is expected to grow due to government initiatives toward smart cities development and increasing number of partnerships in this region. In 2017, AdMobilize, a US-based AI and computer vision company, partnered with several companies in the US, the UK, Canada, Australia, and Japan for crowd analytics and audience analytics solutions.
In terms of segmentation analysis, the security and safety application contributes to a significant revenue share within the crowd analytics market, followed by enhanced revenue and profit, owing to the increasing need of several industries in identifying strengths, weakness, and opportunities of their business for improving efficiency. At present, simulated virtual environment has a relatively smaller market share, but its adoption is expected to increase over the years, consequently generating much higher revenues for crowd analytics.
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“Enhancing security & safety at public places and measuring the effectiveness of marketing & ad campaigns are the driving factors that will steer the crowd analytics market growth. By analyzing the crowd movement, behavior, and density, various strategic questions can be answered that are essential for business growth. Insights provided by crowd analytics solutions help organizations in delivering improved targeted marketing programs, pricing, and promotions.” – Sonam Chawla, Research Analyst, Infoholic Research
Key Insights of the Report Include:
- Key Components
- Standalone Solution
- Major Application Areas
- Security and Safety
- Simulated Virtual Environment
- Marketing Campaign Effectiveness
- Enhanced Revenue and Profit
- Major Verticals
- Media and Entertainment
- Travel and Tourism
- Consumer Packaged Goods and Retail
- Public Safety
- Industry outlook - Market trends, drivers, restraints, and opportunities