According to data recently released by Future Market Insights (FMI), the demand for insights-as-a-service would increase between 2021 and 2031 at a CAGR of 23.4%. The report predicts that the market will be valued at more than US$ 2.5 billion by the end of 2021. According to the FMI survey, rapid technological advancements and increased cloud computing use across many businesses have created the potential for the application of insights-as-a-service solutions.
| Base year (2020) Market Value | US$ 2.0 Bn |
| Projected year (2021) Market Value | US$ 2.5 Bn |
| Projected year (2031) Market Value | US$ 20.5 Bn |
| CAGR% (2021-2031) | 23.4% |
Data on securities, finances, the performance of keywords, staff information, and corporate procedures are among the insights-as-a-service offerings. Businesses can make sensible judgments thanks to access to this data. It also helps in the early detection of potential hazards in the 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.
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.
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.
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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
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About FMI
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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