North America is expected to have the largest market share in the crowd analytics market over the forecast period, owing to increasing demand for the security concerns and the need for the intelligent video systems, which is one of the major drivers for growth of the crowd analytics market in this region. Most of the economies such as U.S. and Canada have invested on improving security and safety measures at the public places such retail malls, airports, railway stations, bus stands, and others to prevent suspicious acts and troublesome incidents. This have increased the need for intelligent video systems, which are propelling growth of crowd analytics market. According to National priorities project organization, 2015, the U.S. government funded US$ 598.5 billion for defense and security purpose.
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Crowd analysis is interpretation of information obtained by examining the natural actions of objects or groups of people. It collects and aggregates information related to the people and their everyday lives. Managing and understanding the activities of crowd is very challenging in various sectors such as logistics for smart hub organization, security in big public events, and operational productivities for retail networks. Crowd analytics solutions include various modeling and statistical capabilities, such as behavioral model, microscopic model, conflict estimation, and complex network analysis. Furthermore, crowd analytics includes real-time deep video analytics, which allows for deeper understanding of the inclination of the populace and gauging ongoing trends, based on popularity of certain genres of video streams and interactions on social media platforms. Crowd analytics can utilize important information from multiple sources to manage, monitor, and predict the movement of large crowd in an effective and efficient way.
Increasing demand for crowd analytics in retail industry is major factor driving growth of the market
Increasing demand for insights of the consumer behavior and real time market intelligence to strategize the business in achieving the long term sustainability is major factor, which increased the demand for crowd analytics in consumer packaged goods and retail segment. Adoption of crowd analytics services and solutions in the retail segment allows for effective demand prediction, identifying and targeting relevant customers. Furthermore, various organizations such as Nokia, Huawei and Walkbase, and Fast shop (a Brazilian retailer) are launching the various crowd analytics services. For instance, Huawei, a leading ICT solutions provider and Walkbase, IoT analytics platform provider announced a crowd analytics and marketing solution in 2016, which will provide crowd analytics services to retailers to accordingly enhance the customer experiences.
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