Insights-as-a-service Market to Grow by 10x through 2031 As Cloud Computing Technologies Gain Traction across Large Enterprises: FMI Study
FMI's latest survey offers an up-to-date analysis of latest trends and uncovers hidden prospects in the insights-as-a-service market. It studies the market in terms of solution, application, enterprise size, and industry across 20+ countries and 6 regions to provide actionable insights for the players.
DUBAI, UAE, Nov. 23, 2021 /PRNewswire/ -- As per the latest study published by FMI, the global insights-as-a-service marketis anticipated to total US$ 20.5 Bn by 2031. Ongoing technological advancements and increasing integration of cloud computing across information technology, telecom, and other sectors is augmenting the demand for insights-as-a-services (IaaS).
IaaS 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-serviceMarket 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.
Increasing internet penetration and growing government support to develop advanced information and communication technology (ICT) sector across North America, Europe, and Asia Pacific is driving the growth in the market.
Emergence of specialized insights-as-a-service vendors and growing investment in cloud-based offerings by key market players are expected to favor the demand for IaaS.
High risk of cybercrime such as hacking, data breach, and others associated with IaaS, being a cloud-based service, is hampering the growth in the market.
Difficulty in integrating the data for large enterprises due to large number of functions and operations is hindering the sales of IaaS across the large enterprises size segment.
As per FMI, the top five companies in the market are Capgemini, Oracle Corporation, IBM Corporation, Accenture, and GoodData. These players are expiated to account for nearly 20% to 30% market revenue share in 2021.
Several leading cloud-based service providers are intensively investing in innovation and research and development (R&D) activities to increase applications of insights-as-a-services and expand product portfolio.
Some of the players are adopting strategies such as mergers, acquisition, and collaboration to strengthen their global presence. For instance,
In September 2021, Capgemini announced acquiring an agile IT and cyber-security services company, VariQ. VariQ provides cybersecurity, software development, and cloud services for federal government departments and agencies across the United States. Thus, the acquisition will assist the company to expand its customer base.
In October 2020, Oracle Corporation, an American multinational computer technology corporation, announced launching Oracle Cloud management and observability platform. It provides insight and visibility across cloud traditional and native technology, whether deployed in on-premises environments or in multicloud with standards-based ecosystem.
Some of the key players operating in the market profiled by FMI are:
More Valuable Insights on Insights-as-a-serviceMarket
The latest report by FMI provides a detailed analysis of the global insights-as-a-service market, providing credible insights into key factor driving the market through 2021 and beyond. The study also disclosed growth projections on in insights-as-a-service market with detailed segmentation:
Insights-as-a-Service Platform (SaaS-based)
Services o Consulting & Advisory o Implementation & Integration o Support & Maintenance
The report offers insight into insights-as-a-service market demand outlook for the forecast period 2021-2031
The market study also highlights projected sales growth for insights-as-a-service market between 2021 and 2031
Insights-as-a-service market survey identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry
Insights-as-a-service market share analysis, covering key companies within the industry and coverage of strategies such as mergers & acquisitions, joint ventures, collaborations or partnerships, and others
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About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.