Crowd-Sourced Data Collection Market Segmentation by Platform Type (Open Service Platform, and Managed Service Platform); by End User (Healthcare, Education, Non-Profit Organization, IT & Telecommunication, Media, and Others) – Global Demand Analysis & Opportunity Outlook 2030
Buy Now Report ID: 3459 | Published Date: Feb 08, 2023
On the basis of geographical analysis, the global crowd-sourced data collection market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa. The market in the Asia Pacific is estimated to witness noteworthy growth over the forecast period on the back of increasing technological developments in data crowdsourcing, and growing establishment of startups in the ICT sector of the region. Apart from these, robust growth of industrialization and rapidly increasing urbanization are also expected to drive market growth in the near future. As per the data provided by the World Bank, the total percentage of people living in the urban areas was 60.695 percent in 2020, up from 59.887 percent in the year 2019. Moreover, the market in North America is projected to acquire the largest share over the forecast period ascribing to the early adoption of technology, strong presence of major IT market players and escalating number of collaborations among companies in the region.
The global crowd-sourced data collection market is further classified on the basis of region as follows:
The never-ending growth in internet accessibility around the world along with numerous technological advancements comprising 5G, blockchain, cloud services, Internet of Things (IoT), and Artificial Intelligence (AI) among others have significantly boosted the economic growth in the last two decades. As of April 2021, there were more than 4.5 billion users that were actively using the internet globally. Moreover, the growth in ICT sector has significantly contributed towards GDP growth, labor productivity, and R&D spending among other transformations of economies in different nations of the globe. Furthermore, the production of goods and services in the ICT sector is also contributing to the economic growth and development. As per the statistics in the United Nations Conference on Trade and Development’s database, the ICT good exports (% of total good exports) globally grew from 10.816 in 2015 to 11.536 in 2019. In 2019, these exports in Hong Kong SAR, China amounted to 56.65%, 25.23% in East Asia & Pacific, 26.50% in China, 25.77% in Korea, Rep., 8.74% in the United States, and 35.01% in Vietnam. These are some of the important factors that are boosting the growth of the market.
Our in-depth analysis of the global crowd-sourced data collection market includes the following segments:
By Platform Type
By End User
Growth Drivers
Challenges
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Author Credits: Abhishek Verma, Hetal Singh
Ans: The major factors driving market growth are increasing implementation of artificial intelligence into crowd sourcing platforms and growing advancements in crowd-sourced data collection techniques.
Ans: The market is anticipated to attain a notable CAGR over the forecast period, i.e., 2022 – 2030.
Ans: Lack of awareness about crowd sourced data collection in lower economic regions is estimated to hamper the market growth.
Ans: Asia Pacific will provide more business opportunities for market growth owing to the increasing technological developments in data crowdsourcing, and growing establishment of startups in the IT sector of the region.
Ans: The major players in the market are SoundHound Inc., Uber Technologies Inc., Kaggle Inc., Ponoko Inc., Mechanical Turk, Inc., and others.
Ans: The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
Ans: The market is segmented by platform type, end user, and by region.
Ans: The IT and telecommunication segment is anticipated to hold the largest market size and is estimated to grow at a robust CAGR over the forecast period and display significant growth opportunities.
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