The global crowd-sourced data collection market is estimated to garner a large revenue by growing at a notable CAGR over the forecast period, i.e., 2022 – 2030. The growth of the market can be attributed to the increasing implementation of artificial intelligence into crowd sourcing platforms, and growing technological advancements in crowd-sourced data collection techniques. In 2019, more than 35 percent of organizations around the world had already deployed artificial intelligence in the workplace. As of 2020, almost 30 percent of small and medium sized enterprises have also deployed AI. In addition to these, crowd sourcing offers plenty of benefits such as agility, cost-effectiveness, and ability to collaborate with people of multiple talents, which is predicted to boost the demand for several crowd-sourcing applications. This in turn is expected to drive market growth in the coming years. Furthermore, rising investments by companies to develop innovative concepts for machine learning and swarm intelligence is projected to provide abundant growth opportunities to the market in the near future.
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The market is segmented by end user into healthcare, education, non-profit organization, IT & telecommunication, media, and others, out of which, the IT & telecommunication segment is anticipated to hold the largest share in the global crowd-sourced data collection market on account of the benefits offered by crowd sourcing in launching software updates for improving performance, fixing bugs and enhancing security of computer programs. In addition, the media segment is assessed to observe the highest growth over the forecast period owing to the growing usage of crowd-sourced data collection for marketing and public relations in finding the right target audience. Moreover, on the basis of platform type, the managed service platform segment is predicted to witness a significant growth over the forecast period, which can be ascribed to the ability of managed services to expand or upgrade systems as per need, without the need to hire or train employees.
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.
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:
Our in-depth analysis of the global crowd-sourced data collection market includes the following segments:
FREQUENTLY ASKED QUESTIONS
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.
The market is anticipated to attain a notable CAGR over the forecast period, i.e., 2022 – 2030.
Lack of awareness about crowd sourced data collection in lower economic regions is estimated to hamper the market growth.
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.
The major players in the market are SoundHound Inc., Uber Technologies Inc., Kaggle Inc., Ponoko Inc., Mechanical Turk, Inc., and others.
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.
The market is segmented by platform type, end user, and by region.
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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