The insight as a service application market is expected to register a CAGR of 23% over the forecast period (2022 – 2031). The insight as a service application provides action plans, and it is similar to cloud-based services, which provide insights to business corporations and also help organizations with ideas to achieve their business goals. SaaS offerings provide analytics, along with insights. SMEs are heavily adopting insights as a service owing to various advantages of insight as a service such as immediate response, quick decision making, customer satisfaction, etc.
– The major factor responsible for the growth of insight as a service application market is increasing IOT and big data analytics, along with the growing need for customer management. Companies are able to get customer insights in order to sell their products and services with the help of big data.
– Many small and medium scale enterprises are adopting cloud-based insight-as-a-service due to the advantages such as improved decision making and quick response, customer satisfaction, which result in faster growth in revenue, thereby driving the market.
– Data security, safety concern, and difficulty in data integration are hindering the growth of this market.
Scope of the Report
Insight as a service application is a cloud-based service which provides insights to various business corporations and also aids in providing concrete steps that are required to leverage these insights towards achieving business goals. To stay ahead in the market and have real-time information about the functioning of business and its stakeholders the market segment has seen an upward demand pattern.
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Key Market Trends
BFSI Expected to Have Significant Growth
– BFSI sector is expected to have significant growth for this market. Due to new digital technologies, rapid changes in customer expectations, and emerging agile competitors, it is increasingly becoming difficult for banks to attract, retain, and upsell today’s digitally empowered customers.
– Customer intelligence and analytics for banking enables retail banks to create exceptional customer experiences that drive loyalty, differentiation, and growth. Banks can attract and acquire new customers, retain and sell more to current customers, and market segments, and drive operational costs down.
– For instance, TCS’s Customer Intelligence & Insights (CI&I) for Banking helps retail banks transition from product-centric to customer-centric enterprises, while running leaner and smarter. IT Company Mindtree is focused on helping banks and financial institutions to better engage with customers and users.
Asia-Pacific Expected to Have Significant Growth
– Asia-Pacific is expected to witness significant growth over the forecast period and is anticipated to lead the Insight as a service application market over the forecast period. Increasing internet penetration coupled with developing technology in various economies, including China, India, and South Korea, can be attributed to high growth in this region.
– This region is expected to grow at a higher rate in the near future due to large investments being made in the data insights services to make better customer experiences and streamline the business operations. Various Industry verticals across the region are fast maturing in their aptitudes to leverage Insights-as-a-Service technology. Data-driven industries belonging to this region such as BFSI, retail & consumer goods, media & communications, and services (including Internet companies) are leading in high adoption and capitalization of their data assets.
– Countries such as Japan, China, and India are advancing due to the improving economy, which will support the growth of the regional market. Furthermore, spurting industrialization across the region is acting as a critical driving force driving the growth of the market in the area. There is a rise in ICT expenditure by the government in this region, further leading to more opportunity for the market.
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Competitive Landscape
The insight as a service application market is fragmented and is a highly competitive market. Since the solutions require close collaboration and knowledge sharing vendors with better supply chain knowledge and connections tend to gain an edge over other competitors There are many collaborations taking place in the market further leading to product innovations.
– February 2019 – Accenture PLC partnered with Splice Machine. The company has made a minority equity investment in data platform vendor Splice Machine, and the partnership targets large-scale data transformation projects.
– October 2018 – Oracle Corporation started delivering Trifecta of Retail insight with new cloud service. Oracle Retail has combined three cloud services into a new Oracle Retail Insights Cloud Service Suite. The Cloud Service Suite provided by the company delivers descriptive, prescriptive and predictive analytics to the retail enterprise.
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