Globally, the use of analytics has become pervasive and is completely transforming the industries as well as enabling better levels of user experience by providing relevant and customized services. Crowd analytics is one such solution providing meaningful and actionable insights related to the activities of the individuals at mass gatherings, i.e., restaurants, sports stadiums, retail stores, metro & airport terminals, bus stations, and many others. Crowd analytics solutions are designed not only to detect gender and age group but also to capture the attention span of an individual that expresses the interest level of the viewer.
Crowd analytics is currently being used across various verticals such as CPG and retail, transportation, media and entertainment, travel and tourism, and public safety by leveraging key performance indicators, i.e., measuring customer footfall, location of business, and so forth for making effective decisions to optimize sales, customer service and marketing, as well as reacting faster to the dynamic and competitive market.
According to Infoholic Research, the global crowd analytics market is expected to grow at a CAGR of 25.8% during the forecast period to reach revenue of $2.4 billion by 2024. The rising demand for evaluating real-time crowd behavior to enhance the security and safety levels, measuring customer footfall to improve customer conversion, rising demand for intelligent video systems, and audience engagement tools & solutions are few factors fostering the crowd analytics market growth during the forecast period.
Market Segmentation Analysis
The report provides in-depth qualitative insights and validated market forecast or projections based on certain assumptions and historical data. The projections and trends featured in the report have been derived using proven research methodologies and assumptions based on the vendor’s portfolio, blogs, whitepapers, and vendor presentations. Thus, the research report represents every side of the market and is segmented based on regional markets, components, and applications.
The report covers and analyzes the crowd analytics market. Major vendors across different verticals are planning for high investments in this market, and as a result, the market is expected to grow at an impressive rate in the coming years. The key players are adopting various organic as well as inorganic growth strategies such as mergers & acquisitions, collaborations & partnerships, joint ventures, and few other strategies to be in the strong position in the market.
The report contains an in-depth analysis of the vendor’s profile, which includes financial health, business units, key business priorities, SWOT, strategies, and views. The prominent vendors covered in the report include NEC Corporation, Nokia, Sightcorp, AGT International, CrowdVision, Savannah Simulations, Walkbase, DFRC, Crowd Dynamics, and iOmniscient among others. The vendors have been identified based on the portfolio, geographical presence, marketing & distribution channels, revenue generation, and significant investments in R&D.
NEC, Nokia, Sightcorp are the key players in the crowd analytics market. With the acquisition of Northgate Public Services, NEC will accelerate the expansion of its international safety business. Nokia acquired Deepfield Networks Inc., a US-based real-time analytics provider for IP network performance management and security, which will contribute to Nokia’s IP/Optical Networks operating segment. Sightcorp provides its audience measurement and real-time video analytics solution to TEDx Amsterdam, which measures real-time audience response to each TEDx talk.
The report also includes the complete insights of the industry and aims to provide an opportunity for the emerging and established players to understand the market trends, current scenario, initiatives taken by the government, and the latest technologies related to the market. In addition, it helps the venture capitalists in understanding the companies better and to take informed decisions.
North America held the largest market share in 2017 and is expected to dominate the crowd analytics market during the forecast period. North America, being the early adopter of crowd analytics solutions, is expected to grow due to the increasing number of partnerships in this region. In 2017, AdMobilize, a US-based AI and computer vision company, partnered with various companies in the US, the UK, Canada, Australia, and Japan for crowd analytics and audience analytics solutions.
The report provides an in-depth analysis of the crowd analytics market. Crowd analytics enhances business operations by leveraging crowd tracking and customer behavioral analysis. By understanding the influence and behavior of a particular crowd, various industries such as retail, finance, transportation, and marketing agencies among many others can be benefited by optimizing their revenue and forecasting the market. With the help of crowd analytics, marketers can precisely measure the effectiveness of their promotions and advertising. For example, crowd analytics solutions offered by Xtreme Media enable brands to measure the effectiveness of their ad campaigns by measuring customer insights related to emotions and demographics of the viewer. The report discusses the market in terms of components, applications, verticals, and regions. Further, the report provides details about the major challenges impacting the market growth.