According to newly released data by Future Market Insights (FMI), the demand registered in the insights-as-a-service market will increase at a CAGR of 23.4% from 2021-2031.
Insights-as-a-service offerings cover data such as stocks, financial data and results, keyword performance, employee details, and business process data. Access to such data helps companies in making informed decisions. Besides this, it helps them identify potential challenges that could pose threat in the near future.
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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 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 platform 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.
“Insights-as-a-service market is expected to pick up pace as organizations showcase higher inclination towards integration of latest technologies such as cloud computing, artificial intelligence, machine learning, and others. SMEs in emerging nations are gradually joining the bandwagon, attracting increasing investment from insight-as-a-service market players as they aim for expanding their global presence,” says FMI analyst.
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, testAIng, Bewgle, Zume, Ritual, Coda, Bird, and others will drive the insights-as-a-service market in the near future.
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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.
More Valuable Insights on Insights-as-a-service Market
FMI’s report on the Insights-as-a-Service industry research is segmented into five major sections – solution (Insights-as-a-Service platform and services (consulting & advisory, implementation & integration, and support & maintenance)), application (branding & marketing management, supply chain analytics, competition benchmarking, governance, risk & compliance, customer analytics, and others), enterprise size (Small and Medium Enterprises (SMEs) and large enterprises), industry (BFSI, retail & CPG, healthcare, media & entertainment, education, healthcare and life sciences, government, manufacturing, and others), and region (North America, Latin America, Europe, East Asia, South Asia & Pacific, and the Middle East & Africa), to help readers understand and evaluate lucrative opportunities in the Insights-as-a-Service demand outlook.
About Technology Division at Future Market Insights
The technology team at Future Market Insights offers expert analysis, time efficient research, and strategic recommendations with an objective to provide authentic insights and accurate results to help clients worldwide. With a repertoire of over 100+ reports and 1 million+ data points, the team has been analyzing the industry lucidly in 50+ countries for over a decade. The team provides a brief analysis on key trends including competitive landscape, profit margin, and research development efforts.