Future Market Insights (FMI) has released a comprehensive analysis projecting substantial growth for the insights-as-a-service market in the coming decade. According to their latest report, the market is expected to reach a valuation of USD 3,493.2 million by 2023 and grow at a compound annual growth rate (CAGR) of 23.5% from 2023 to 2033, eventually totaling USD 29,911 million.
The insights-as-a-service market, characterized by its provision of actionable insights to businesses through cloud-based platforms, is gaining significant traction globally. North America leads this growth trend, commanding over 60% of the market share, as per FMI’s research findings. The region’s advanced technological infrastructure and widespread adoption of data-driven decision-making processes are cited as primary factors driving this dominance.
Furthermore, the report identifies the Banking, Financial Services, and Insurance (BFSI) sector as the largest end user of insights-as-a-service solutions. The BFSI industry’s continuous quest for competitive advantage through data analytics and real-time insights is fueling the demand for these services.
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Big data analytics has grown significantly in recent years. Insights-as-a-Service solutions provide firms with information that enables them to create previously unimagined opportunities. With the use of firm data such as stocks, financial data and results, keyword performance, staff information, and business process data, it offers companies with statistical analysis and business intelligence.
Key Takeaways:
- In 2022, the BFSI segment represented 19.7% of the total market share for insights-as-a-service.
- Demand for insights-as-a-service surged at a CAGR of 21.4% between 2018 and 2022.
- The top five insight-as-a-service service providers are Capgemini, Oracle Corporation, IBM Corporation, Accenture, and Good Data, with a 20% to 30% market share.
- In 2022, the United Kingdom and Germany will have a combined market share of 48% of the European market.
- In 2023, the Japanese market will be worth US$ 100.8 million, while the South Korean market will be worth US$ 47.0 million.
“The integration of sophisticated technologies including 5G and 4G internet across sectors is projected to drive the popularity of insights-as-a-service solutions. According to the New Eclipse Foundation’s IoT commercial adoption survey, around 40% of industry leaders responding to the poll said their organizations are utilizing IoT solutions, with another 22% planning to deploy IoT in the future years,” – says an FMI analyst.
Competitive Landscape:
- Management Controls Inc. (MCI), the leading international supplier of contractor spend management software, unveiled the launch of its international managed service offering (MServ) in May 2023 to enable clients to focus on their main business.
- In May 2023, NTT Ltd., a major IT infrastructure and services business, and Cisco, a global technology leader, unveiled cooperation with the goal of creating integrated solutions that enable organizations to increase operational efficiency and advance sustainability objectives.
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More Valuable Insights:
Future Market Insights, in its new offering, presents an unbiased analysis of the global insights-as-a-service market presenting a historical analysis from 2018 to 2022 and forecast statistics for the period of 2023 to 2033.
The study reveals essential insights by solution (insights-as-a-service platform, services), application (branding & marketing management, supply chain analytics, competition benchmarking), enterprise size (SMEs, large enterprises), industry (BFSI, retail & CPG, IT & telecom, media & entertainment) & region (North America, Latin America, Europe, East Asia, South Asia, Oceania, and Middle East & Africa).
Key Segments Covered in this Industry Study:
By Solution:
- Insights-as-a-Service Platform (SaaS-based)
- Services
- Consulting & Advisory
- Implementation & Integration
- Support & Maintenance
By Application:
- Branding & Marketing Management
- Supply Chain Analytics
- Competition Benchmarking
- Governance, Risk & Compliance
- Customer Analytics
- Others
By Enterprise Size:
- Small & Medium Enterprises (SMEs)
- Large Enterprises
By Industry:
- BFSI
- Retail & CPG
- IT & Telecom
- Media & Entertainment
- Education
- Healthcare and Life Sciences
- Government
- Manufacturing
- Others
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East & Africa
Author:
Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management a consumer electronics will likely remain the leading end-use sector cross verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.
He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client’s requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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