Market Overview:
The Insights as a Service market estimated at USD 5.79 Billion in the year 2022, is projected to reach a revised size of USD 21.10 Billion by 2030, growing at a CAGR of 20.3% over the analysis period 2023-2030.
Insights-as-a-Service (IaaS) is a cloud-based service that offers insights to organizations and also helps to achieve business goals by providing concrete steps. This service is the combination of the idea of business intelligence with the vendor-delivered cloud services concept and analytics. The services offered by Insights as a Service include business benchmarking, business process improvement service, and improving business productivity. In the creation of the insights, there are three types of data users such as company data, usage data, and syndicated data. The demand for insights as a service is increasing owing to several organizations’ need to get customer insights to trade their products and services because of the growth of big data.
Top Key Players in Insights as a Service Market:
Capgemini, GoodData, GAVS Technologies, Oracle Corporation, IBM Corporation, Accenture, Crediwatch, Civica, Analytics Wise, Deloitte, thinkbridge Software, Totango, 9Lenses, and Other Major Players.
Market Dynamics and Factors for the Insights as a Service Market:
Drivers:
Growing Need for Customer Management
The growing need for effective customer management is placing increased pressure on businesses to understand their customers' behaviors, preferences, and needs more deeply. This requires the collection and analysis of vast amounts of data generated through customer interactions, purchases, social media engagement, and other touchpoints. Businesses need to make sense of this data to make informed decisions and provide better customer experiences. The data generated in the process of customer management can be complex and overwhelming. IaaS helps by processing this data and distilling it into meaningful insights that businesses can use to understand customer trends, preferences, and pain points.
Opportunities:
Opportunity in Emerging IoT Technology
The opportunity in emerging IoT (Internet of Things) technology refers to the vast potential for innovation, business growth, and societal transformation that arises from the interconnectedness of devices, systems, and objects through the Internet. IoT has the capability to revolutionize industries, improve efficiency, enhance convenience, and create entirely new services and experiences. IoT enables businesses to collect real-time data from various sources, such as sensors, devices, and machines. This data can be analyzed to gain insights into operational processes, supply chain management, and customer behaviors.
Segmentation Analysis of the Insights as a Service Market:
By Type, the prescriptive insight segment holds a large number share of the market share because of its ability to anticipate events, provide solutions to address them, and deliver predictive insights afterwards. Large companies have successfully implemented this approach to optimize production and schedules in their supply chains.
By Application, the customer analytics segment holds a large number share of the market because of the emergence of new Insights-as-a-Service vendors and significant vendor investments in cloud-based offerings in recent years.
Regional Analysis of the Insights as a Service Market:
North America is expected to have the maximum market share in insights as a service. In the United States, the demand for insights as a service is increasing owing to factors like the rising adoption of advanced technology such as IoT, the use of ML and AI in data analytics, and growing investment in insights as a service. The US is the developed infrastructure for cloud-based solutions.
Key Industry Development:
- In September 2021, VariQ, a provider of software development, cybersecurity, and cloud services for federal government departments and agencies around the United States is acquired by Capgemini. This acquisition helps to expand its insights as a service offering.
