Insights-as-a-service market is gaining immense popularity across banking, banking, financial services, and insurance (BFSI) sector as it offers crucial insights about financial data, stocks, keyword performance, business process data, and others. Driven by this, the market is poised to grow at a monstrous CAGR of 23.4% during the forecast period 2021-2031.
Additionally, growing focus on improving customer lifecycle management within small & medium enterprises (SMEs) and large enterprises will increase the application of IaaS, in turn creating lucrative growth opportunities for the market.
Shifting inclination of businesses from traditional systems to digital solutions is creating demand for centralization of data across all functions and departments in an organization. This is expected to favor the growth in the market.
Key players are emphasizing on adoption of cloud computing technologies for collecting data and identifying key challenges to gain competitive edge over other companies and reduce in-house costs. Against this backdrop, sales of insights-as-a-service are expected to spur.
As per FMI, the large enterprises emerged as the most remunerative segment, contributing revenue share of over 71.6% in 2020. Primary factor driving the growth is the increasing adoption of IaaS owing to its lower up-front cost and high return on investment (ROI) compare to traditional methods of data analysis.
“Increasing integration of novel internet-based technologies such as artificial intelligence, machine learning, big data analytics, and others across banking, financial services, & insurance (BFSI) and telecom industries is expected to favor the growth in the market,” says a FMI analyst.
Key Takeaways from Insights-as-a-service Market Study
- The U.S. market is forecast to account for the largest share in North America, expanding at 22.7% CAGR through 2031.
- Indonesia is projected to emerge as one of the fastest-growing insights-as-a-service markets in the world, growing at a CAGR of 34.9% from 2021 to 2031.
- Germany is estimated to remain the dominant market in Europe, surging at a CAGR of 26.3% during the assessment period.
- On the basis of industry, the BFSI industry segment is expected to account for 19.6% of the total revenue share, exhibiting sales growth at 19.7% CAGR by 2031.
- In terms of application, customer analytics is anticipated to continue to lead the segment, expanding at a CAGR of 24.3% between 2021 and 2031.
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