Crowdsourcing Market by Platform Type (Open Service Platform and Managed Service Platform) and Industry Vertical (Healthcare, Education & Academics, Non-Profit Organization, IT & Telecommunication, Media & Entertainment, and Others): Global Opportunity An

Companies need platforms to market and develop new products based on customer data & information. Thus, organizations and other business sectors gather knowledge and ideas by crowd sourcing, which drives the crowdsourcing market growth. However, businesses with sensitive budget are reluctant to invest on these categories. In addition, there is lower consumer penetration in rural areas, owing to weak internet & social knowledge, which hinders the market growth.

Crowdsourcing usually entails collecting work, data, or personal views from a huge group of people disclosing their information over the internet, social networks, mobile applications, and others. Moreover, crowd sourcing is a method of featuring a group of people with a common aim of collecting knowledge for different purposes, such as creativity, problem-solving, and productivity. This mechanism provides companies with availability to new and innovative ideas, broader customer relationship, prospects for collaborations, optimized activities, and cost savings.

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COVID-19 scenario analysis:

Uncertainty caused by the pandemic has increased the need for crowd-sourcing capabilities. For instance, in India, the government has commenced to gather ideas and suggestions from experts, businesses, academics, and people through crowd-sourcing to counter spreading of the COVID-19 virus across the nation.
Moreover, in Europe and the U.S., several crowd-sourcing events have been organized to gather ideas and vital information on the current uncertainty scenario.

Major players analyzedinclude Upwork Inc., Flickr, 99designs, Kaggle Inc., Ponoko Inc., crowdspring, Amazon Mechanical Turk, Inc., TOPCODER, Cad Crowd, and TrendWatching BV.

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AI researchers are implementing a number of different approaches to combine AI and crowds to make better effective choices, and enhance projections & develop data labeling for machine learning. For instance, Unanimous AI, an American artificial intelligence company, is working with algorithms modeled on natural concept of swarm intelligence to link groups of individuals together into real-time through a collaboration platform. In addition, teams can exchange reports, visualizations, and evaluations, which allows them to work together as a collective intelligence and focus on optimal solutions. Such factors boost growth of the market.

Crowd-sourcing is being implemented in many companies as it provides several benefits including cost savings, agility, and opportunity to collaborate with people having multiple talents. Moreover, there are various set of tasks that can be enhanced through crowd-sourcing, such as web design and transcription. Furthermore, industries are using crowdsourcing platforms primarily for public feedback and for developing new products.

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