Global Crowdsourcing Market was Valued to be US$ 9,519.53 Mn in 2018 and is Expected to Reach US$ 154,835.74 Mn by 2027, growing at a CAGR of 36.5% Over the Forecast Period, Owing to Advancement in Crowdsourcing Methods, Says Absolute Markets Insights
Some of the players operating in the crowdsourcing market are 99designs, Amazon Mechanical Turk, Inc., Cad Crowd, crowdSPRING, LLC, Fiverr International Ltd.
PUNE, India, Jan. 6, 2020 /PRNewswire/ -- Crowdsourcing market is expected to gain significant lift with the evolution in traditional crowdsourcing methods. Novel crowdsourcing platforms enable non-profits, education and academics, and healthcare organizations to reduce management burden by introducing innovative ideas and delivering unexpected solutions to drive business. Major organizations across the globe use crowdsourcing as a translation service in order to gain consumer insights. For instance, Facebook has been using crowdsourcing platform to translate its website into different languages during their initial stages. In addition, positive impacts of crowdsourcing has led retailers, healthcare and financial institutions to leverage the power of crowdsourcing, in order to escalate their businesses.
For instance, in 2016, Health Outcome a consumer website launched a crowdsourcing platform for patients to rate their treatment experiences. Similarly, in 2017, Yes Bank, an Indian private sector bank metamorphosed into a crowdsourcing platform for ideas on financial technology (fintech), smart cities, and social development, that are shared by young innovators. Furthermore, in 2018, Walmart, an American multinational retail corporation partnered with Spark Delivery, a crowd-sourced delivery platform to expand their grocery delivery service with a last-mile delivery program. Thus, such factors are projected to impel the growth of global crowdsourcing market during the forecast period.
Key market participants in the global crowdsourcing market have strong focus on enhancing their offerings along with forming strategic alliances with an aim to remain competitive in the crowdsourcing market. These players are rapidly launching their websites for their workers, in order to get feedbacks from customers. For instance, in 2019, Upwork introduced Upwork Plus that assists small businesses to connect securely with highly skilled freelancers and offer better visibility for job postings, dedicated dashboards for collaboration, access to exclusive community board devoted to Upwork plus customers and on demand support. In 2018, Amazon Mechanical Turk, Inc. launched its website for their employees that assists them in getting feedbacks from customers to continually add functionality to the new worker site. Constant activities carried out by major players in the global crowdsourcing market act as one of the key factors, which is expected to escalate the growth of market during the forecast period.
The detailed research study provides qualitative and quantitative analysis of crowdsourcing market. The market has been analyzed from demand as well as supply side. The demand side analysis covers market revenue across regions and further across all the major countries. The supply side analysis covers the major market players and their regional and global presence and strategies. The geographical analysis done emphasizes on each of the major countries across North America, Europe, Asia Pacific, Middle East & Africa and Latin America.
Key Findings of the Report:
In terms of revenue, global crowdsourcing market is expected to reach US$ 154,835.74 Mn by 2027, owing to the rising count of crowdfunding projects and crowdsourcing methods used by entrepreneurs and organizations.
On the basis of platform type, open services platform accounted for the largest market share in 2018, owing to its ability to let users work together to evaluate, share, and build different specific tasks.
On the basis of end use, IT and telecommunication sector accounted for the largest market share in 2018 and is expected to remain at a dominant position over forecast period growing at a CAGR of 37.2%
Some of the players operating in the crowdsourcing market are 99designs, Amazon Mechanical Turk, Inc., Cad Crowd, crowdSPRING, LLC, Fiverr International Ltd., Freelancer Technology Pty Limited, Microworkers.com, clickworker GmbH, Upwork, and zbj.com amongst others.
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