According to newly released research from Future Market Insights (FMI), demand for insights-as-a-service will grow at a CAGR of 23.4 percent between 2021 and 2031. By the end of 2021, the market is expected to be worth more than US$ 2.5 billion, according to the analysis. Rapid technology improvements and increased cloud computing integration across numerous enterprises, according to the FMI study, have generated opportunities for the introduction of insights-as-a-service solutions.
Stocks, financial data and outcomes, keyword performance, staff details, and business process data are all covered by insights-as-a-service services. Companies benefit from having access to such information since it allows them to make more informed decisions. Aside from that, it assists them in identifying prospective threats that may arise shortly.
Key Takeaways: The Market for Insights-as-a-Service
- By solution, the insights-as-a-service platform (SaaS-based) segment is predicted to account for the leading share in the global market throughout the projection period. By 2031, the segment is expected to rise at a healthy CAGR of 24.3 percent.
- Small and medium businesses (SMEs) are predicted to have the most demand for insights-as-a-service solutions as they continue to use cloud-based solutions for greater ROI.
- The need for customer analytics platforms is expected to expand at a rapid rate, with SMEs expressing a strong desire for better customer lifecycle management.
Who is Winning?
With the addition of new companies to the market, competition is expected to heat up. Insights-as-a-service will be driven shortly by new firms like Atlan, testing, Bewgle, Zume, Ritual, Coda, Bird, and others.