Insight as a Service Application Market Size
|2019 - 2029
|Market Size (2024)
|USD 5.99 Billion
|Market Size (2029)
|USD 15.40 Billion
|CAGR (2024 - 2029)
|Fastest Growing Market
*Disclaimer: Major Players sorted in no particular order
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Insight as a Service Application Market Analysis
The Insight as a Service Application Market size is estimated at USD 5.99 billion in 2024, and is expected to reach USD 15.40 billion by 2029, growing at a CAGR of 20.78% during the forecast period (2024-2029).
The insight as a service application provides action plans, and it is similar to cloud-based services, which provide insights to business corporations and also help organizations with ideas to achieve their business goals. SaaS offerings provide analytics, along with insights. SMEs are heavily adopting insights as a service owing to various advantages of insight as a service such as immediate response, quick decision making, customer satisfaction, etc.
- The major factor responsible for the growth of insight as a service application market is increasing IOT and big data analytics, along with the growing need for customer management. Companies are able to get customer insights in order to sell their products and services with the help of big data.
- Many small and medium scale enterprises are adopting cloud-based insight-as-a-service due to the advantages such as improved decision making and quick response, customer satisfaction, which result in faster growth in revenue, thereby driving the market.
- Data security, safety concern, and difficulty in data integration are hindering the growth of this market.
Insight as a Service Application Market Trends
BFSI Expected to Have Significant Growth
- BFSI sector is expected to have significant growth for this market. Due to new digital technologies, rapid changes in customer expectations, and emerging agile competitors, it is increasingly becoming difficult for banks to attract, retain, and upsell today’s digitally empowered customers.
- Customer intelligence and analytics for banking enables retail banks to create exceptional customer experiences that drive loyalty, differentiation, and growth. Banks can attract and acquire new customers, retain and sell more to current customers, and market segments, and drive operational costs down.
- For instance, TCS’s Customer Intelligence & Insights (CI&I) for Banking helps retail banks transition from product-centric to customer-centric enterprises, while running leaner and smarter. IT Company Mindtree is focused on helping banks and financial institutions to better engage with customers and users.
Asia-Pacific Expected to Have Significant Growth
- Asia-Pacific is expected to witness significant growth over the forecast period and is anticipated to lead the Insight as a service application market over the forecast period. Increasing internet penetration coupled with developing technology in various economies, including China, India, and South Korea, can be attributed to high growth in this region.
- This region is expected to grow at a higher rate in the near future due to large investments being made in the data insights services to make better customer experiences and streamline the business operations. Various Industry verticals across the region are fast maturing in their aptitudes to leverage Insights-as-a-Service technology. Data-driven industries belonging to this region such as BFSI, retail & consumer goods, media & communications, and services (including Internet companies) are leading in high adoption and capitalization of their data assets.
- Countries such as Japan, China, and India are advancing due to the improving economy, which will support the growth of the regional market. Furthermore, spurting industrialization across the region is acting as a critical driving force driving the growth of the market in the area. There is a rise in ICT expenditure by the government in this region, further leading to more opportunity for the market.
Insight as a Service Application Industry Overview
The insight as a service application market is fragmented and is a highly competitive market. Since the solutions require close collaboration and knowledge sharing, vendors with better supply chain knowledge and connections tend to gain an edge over other competitors. There are many collaborations taking place in the market, further leading to product innovations.
May 2023 - In this era of generative artificial intelligence (AI), Stardog, a leading enterprise knowledge graph platform, received a strategic investment from Accenture through Accenture Ventures. Stardog enables organizations to do more with and extract more value from their data. Businesses utilize Stardog Enterprise Knowledge Graphs to improve the integration and unification of their enterprise data because they enable real-world context to be machine-readable. The ability of a knowledge graph to endlessly link concepts - without altering the underlying data - allows for data to be unified rather than integrated by joining tables. A flexible data layer is created across the entire company thanks to this ability to unify data, which also helps to connect data silos.
October 2022 - The most recent version of the top convergent database in the world, Oracle Database 23c Beta, which supports all data types, workloads, and development methodologies, was released by Oracle. Oracle Database 23c, code-named "App Simple," focuses on streamlining application development. The JSON Relational Duality technique, which Oracle Database 23c introduces, is a ground-breaking innovation for resolving the discrepancy between how relational databases store data and how applications express it. Application development is made easier by JSON Relational Duality, which enables data to be used as both relational tables and application-friendly JSON documents.
Insight as a Service Application Market Leaders
Good Data Corporation
*Disclaimer: Major Players sorted in no particular order
Insight as a Service Application Market News
- February 2023 - For the 65th Annual GRAMMY Awards red carpet live stream on February 5, IBM, the Recording Academy's official cloud and AI partner, reintroduced "GRAMMY Insights with IBM Watson" to provide millions of fans with entertaining and informative facts about their favorite nominated artists as they arrived for Music's Biggest Night. By analyzing more than 20 million news stories, blog posts, and GRAMMY.com sources using Watson Discovery's AI and natural language processing, GRAMMY Insights with IBM Watson creates bite-sized artist insights that are displayed in real-time on the screen.
- October 2022 - A number of new product developments were introduced by Oracle throughout its extensive portfolio of data and analytics products. Decision-makers have access to a prebuilt library of more than 2,000 best-practice KPIs, dashboards, and reports thanks to the new capabilities in Oracle Fusion Analytics spanning CX, ERP, HCM, and SCM analytics. This allows them to track performance in relation to long-term objectives. The most recent updates to Oracle Analytics Cloud (OAC) are made to increase business users' productivity by reducing their reliance on IT, while yet allowing them to take advantage of curated data assets produced by IT, including the centralized semantic model.
Insight as a Service Application Market Report - Table of Contents
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Introduction to Market Drivers and Restraints
4.3 Market Drivers
4.3.1 Increasing Adoption of Big Data and IoT
4.3.2 Increasing Customer Engagement
4.4 Market Restraints
4.4.1 Data Security and Safety Concerns
4.5 Industry Value Chain Analysis
4.6 Industry Attractiveness - Porter's Five Forces Analysis
4.6.1 Threat of New Entrants
4.6.2 Bargaining Power of Buyers/Consumers
4.6.3 Bargaining Power of Suppliers
4.6.4 Threat of Substitute Products
4.6.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 By Deployment Mode
5.1.1 Public Cloud
5.1.2 Private Cloud
5.1.3 Hybrid Cloud
5.2 By End-user Industry
5.2.2 IT & Telecom
5.2.6 Other End-user Industries
5.3 By Geography
5.3.1 North America
5.3.4 Latin America
5.3.5 Middle East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Oracle Corporation
6.1.2 Accenture PLC
6.1.3 IBM Corporation
6.1.4 Dell EMC
6.1.5 Deloitte Touche Tohmatsu Limited
6.1.6 GoodData Corporation
6.1.7 Capgemini SE
6.1.8 SmartFocus Limited
6.1.9 Zephyr Health Inc.
6.1.10 NTT Data Corporation
- *List Not Exhaustive
7. INVESTMENT ANALYSIS
8. MARKET OPPORTUNITIES AND FUTURE TRENDS
Insight as a Service Application Market Research FAQs
How big is the Insight as a Service Application Market?
The Insight as a Service Application Market size is expected to reach USD 5.99 billion in 2024 and grow at a CAGR of 20.78% to reach USD 15.40 billion by 2029.
What is the current Insight as a Service Application Market size?
In 2024, the Insight as a Service Application Market size is expected to reach USD 5.99 billion.
Who are the key players in Insight as a Service Application Market?
Oracle Corporation, IBM Corporation, Accenture PLC, Dell EMC and Good Data Corporation are the major companies operating in the Insight as a Service Application Market.
Which is the fastest growing region in Insight as a Service Application Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Insight as a Service Application Market?
In 2024, the North America accounts for the largest market share in Insight as a Service Application Market.
What years does this Insight as a Service Application Market cover, and what was the market size in 2023?
In 2023, the Insight as a Service Application Market size was estimated at USD 4.96 billion. The report covers the Insight as a Service Application Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Insight as a Service Application Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Insight as a Service Industry Report
Statistics for the 2023 Insight as a Service market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Insight as a Service analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.