The growing demand for business intelligence solutions in enterprises has offered robust impetus on the crowd analytics market. The adoption is rising in small and medium (SMEs) in developing economies. Adoption of smart video systems to monitor increasing security threats has also reinforced the proposition of crowd analytics. Spikes in investments in analytics tools and solutions have also boosted the demand for crowd analytics.
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Over the past few years, the retail industry has shown in intense interest crowd analytics. Of special relevance is growing popularity of cloud-based crowd analytics. These analytics have enabled the vertical to gain in-depth insight into business intelligence tools. The use of crowd sourced platforms in identifying consumers’ behavior is a key trend. In many cases, adopting crowd analytics has helped them gain competitive edge. Crowd analytics have shown vast potential in helping marketers understand the impact of various advertising and promotion campaigns. Growing use of crowd analytics platforms to understand consumer preferences in real-time underscores the vast potential of the market.
North America Prominent Market, Asia Pacific Rapidly Emerging Market
The various regional markets for crowd analytics are North America, Latin America, Europe, Asia Pacific, the Middle East, and Africa. Of these, North America is a prominent regional market. Rapid pace of technological advancements in business intelligence tools, especially the U.S. and Canada, is imparting a robust expansion of the crowd analytics market. However, Asia Pacific is expected to emerge as the most lucrative region in the next five years.
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A growing number of players are adopting strategies, mergers, and acquisitions to consolidate their positions in the crowd analytics market. Additionally, they are also expanding their product portfolio. Some of the key players in the crowd analytics market are AGT International, Spigit, Inc., Crowd Dynamics, NEC Corporation, and Nokia Corporation.