How Has the Insights As A Service Market Evolved Historically and What is its Current Size?
The insights as a service market has seen considerable growth due to a variety of factors.
• In recent times, the size of the insights-as-a-service market has seen a dramatic expansion. It's projected to escalate from $6.07 billion in 2024 to $7.53 billion in 2025, with a compound annual growth rate (CAGR) of 24.2%.
Factors such as the augmented usage of edge computing, cross-platform integration, advanced analytics and machine learning, digital revolution, and data explosion have all contributed to its growth in the historic period.
What Does Future Hold for The Insights As A Service Market By 2029?
The insights as a service market is expected to maintain its strong growth trajectory in upcoming years.
• Predicting a swift enlargement in forthcoming years, the insights-as-a-service market is poised to soar to $13.27 billion by 2029, advancing at a compound annual growth rate (CAGR) of 15.2%.
The upward trend in the expected timeline is likely due to emphasis on customer experience, the emergence of hybrid and multi-cloud setups, the focus on clear interpretability in AI, amalgamation with internet of things (IoT) and an emphasis on data regulation and compliance. Key future trends include AI-powered insights, augmented analytics, real-time and streaming analytics, utilization of blockchain for data authenticity, and automated data governance.
What Are The Primary Growth Drivers In The Insights As A Service Market?
The surge in big data is anticipated to fuel the expansion of the insights-as-a-service market in the future. Big data constitutes immense and varied clusters of organized, fragmented, and semi-structured data. The acceleration in data creation due to technological advancements in various businesses results in enormous amounts of big data. Insights-as-a-service provides enterprises with the ability to extract valuable insights, decipher patterns, and make informed decisions using large and complex data sets. For example, a report by The Linux Foundation, a US nonprofit consortium, stated that in December 2022, data expansion for an average end-user organization reached an impressive 2,208 terabyte, marking an increase of 215.43%, which is three times the 700 terabytes recorded in 2021. Therefore, the surge in big data is a key driver of the insights-as-a-service market.
What Is The Segmentation Of The Global Insights As A Service Market?
The insights-as-a-service market covered in this report is segmented –
1) By Type: Predictive Insights, Descriptive Insights, Prescriptive Insights
2) By Deployment Type: Public Cloud, Private Cloud, Hybrid Cloud
3) By Organization Size: Large Enterprise, Small And Medium Enterprise
4) By Application: Revenue Cycle Management, Governance Risk And Compliance, Branding And marketing Management, Customer Analytics, Strategy Management, Supply Chain Management, Other Applications
5) By Vertical: Banking Financial Services And Insurance (BFSI), Healthcare And Life Sciences, Retail And Consumer Goods, Energy And Utilities, Manufacturing, Telecommunication And Information Technology, Government And Public Sector, Other Verticals
Subsegments:
1) By Predictive Insights: Forecasting Models, Risk Assessment Tools, Trend Analysis Solutions, Customer Behavior Prediction
2) By Descriptive Insights: Data Visualization Tools, Reporting And Dashboard Services, Historical Data Analysis, Key Performance Indicator (KPI) Tracking
3) By Prescriptive Insights: Recommendation Engines, Optimization Models, Decision Support Systems, Scenario Analysis And Simulation Tools
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How Are New Trends Impacting The Size Of The Insights As A Service Market?
Major players in the insights-as-a-service industry are concentrating on inventing novel solutions such as mytonomy analytics cloud solutions to fortify their market foothold. These solutions leverage data, statistics, simulations, and machine learning to predict and prepare for future conditions or possibilities, providing actionable guidance and solutions to data-related challenges. For instance, Mytonomy Inc., a US-based provider of healthcare cloud solutions, introduced the mytonomy analytics cloud, fueled by Sisense, in November 2023. A healthcare cloud service that enhances mytonomy’s cloud with new insights and interactive features. It enables healthcare professionals to efficiently monitor, foresee, and distribute resources to the areas that need them the most by incorporating Sisense’s health insurance portability and accountability act (HIPAA)-compliant superior analytics abilities. This results in time conservation and enhanced patient care. Its real-time predictive analytics and insights aim to assist healthcare systems in enhancing staff efficiency, streamlining processes, and making informed decisions concerning patient outreach based on data.
Who Are the Key Players In The Insights As A Service Market?
Major companies operating in the insights-as-a-service market report are:
• Microsoft Corporation
• Dell Inc.
• Deloitte Touche Tohmatsu Limited
• Accenture Plc
• International Business Machines Corporation
• Oracle Corporation
• Tata Consultancy Services
• Nokia Corporation
• Capgemini SE
• NTT DATA Corporation
• Infosys Limited
• Wipro Limited
• Concentrix Corporation
• Juniper Networks Inc
• Dynatrace Inc
• GAVS Technologies
• Civica
• Tiger Analytics
• Sisense Inc
• Hitech BPO
• Analytics Quotient
• Good Data
• ACTICO GmbH
• Smartfocus
• Zephyr Health
• Sand Hill Group
• Crediwatch
What Are The Regional Insights Into The Insights As A Service Market?
North America was the largest region in the insights-as-a-service market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the insights-as-a-service market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
