Future Market Insights (FMI) has recently published data showing that from 2021 to 2031, the market for insights-as-a-service will see an increase in demand at a CAGR of 23.4%. By the end of 2021, the market is expected to be worth more than US$ 2.5 billion, according to the report. Rapid technological advancements and greater adoption of cloud computing across numerous organizations, according to FMI analysis, have opened up opportunities for the implementation of insights-as-a-service solutions.
Offerings for insights-as-a-service include data on stocks, finances, the performance of keywords, employee information, and business processes. Having access to this data enables businesses to make wise decisions. In addition, it aids in the identification of potential threats shortly.
Key Takeaways: Insights-as-a-service Market
- By solution, the insights-as-a-service platform (SaaS-based) segment is anticipated to account for the leading share in the global market during the forecast period. The segment is estimated to grow at a robust CAGR of 24.3% through 2031.
- The demand for insights-as-a-service solutions in small and medium enterprises (SMEs) is expected to rise at maximum pace as these organizations continue adopting cloud-based solutions for better ROI.
- Demand for customer analytics platforms is estimated to grow at an impressive CAGR, as SMEs exhibit high demand for improved customer lifecycle management.
- North America is expected to lead the market followed by Europe in 2021. South Asia & Pacific is anticipated to emerge as the fastest growing region between 2021 & 2031.
- The market in India is expected to progress at a CAGR of 30.6% through 2031.
- In the GCC Countries, sales are expected to increase at a CAGR of close to 19.0% over the next ten years.
Who is Winning?
Competition in the market is expected to intensify with the entry of new players. The emergence of new startups such as Atlan, testing, Beagle, Zume, Ritual, Coda, Bird, and others will drive the insights-as-a-service market shortly.
As per insights from KDNuggets, the investments towards other cloud-based and Insights-as-a-Service offerings is expected to increase to 35% from 15% by 2021 owing to stringent government rules and regulation to promote startups in the developed as well as developing countries.
This is expected to encourage key players to focus on the expansion of their global footprint. Some of the leading companies operating in the market are Capgemini, GoodData, GAVS Technologies, Oracle Corporation, and IBM Corporation among others.
Insights-as-a-service Industry Survey by Category
Solution:
- Insights-as-a-Service Platform (SaaS-based)
- Services
- Consulting & Advisory
- Implementation & Integration
- Support & Maintenance
Application:
- Branding & Marketing Management
- Supply Chain Analytics
- Competition Benchmarking
- Governance, Risk & Compliance
- Customer Analytics
- Others
Enterprise Size:
- Small & Medium Enterprises (SMEs)
- Large Enterprises
Industry:
- BFSI
- Retail & CPG
- IT & Telecom
- Media & Entertainment
- Education
- Healthcare and Life Sciences