Report : System of Insight Market Forecast to 2027 - COVID-19 Impact and Global Analysis By Component (Solution and Services), Application (Customer Analytics, Workforce Management, Operations Management, Sales & Marketing Management, Risk & Compliance Management, and Other Applications), and Industry (BFSI, IT & Telecom, Manufacturing, Retail & E-Commerce, Government & Defense, Healthcare & Life Sciences, and Other Industries)
Growing Volume of Big Data and Need for Analytics to Provide Growth Opportunities for System of Insight Market
According to our latest market study on “System of Insight Market Forecast to 2027 – COVID-19 Impact and Global Analysis – by component, application, and industry,” the market was valued at US$ 1,537.86 million in 2019 and it is projected to reach US$ 4,914.52 million by 2027; it is expected to grow at a CAGR of 15.9% from 2020 to 2027.
Over the past few years, big data analytics has been a major research interest among practitioners and researchers. The private and public investment in the application of big data analytics has surged up to billion dollars around the world. A swift growth in data volume and its complexity due to rising mobile data traffic, cloud-computing traffic, and increasing development, adoption of technologies, such as Artificial Intelligence (AI) and IoT are propelling the big data analytics technology. This technology has an enormous potential to transform the business completely. Big data platforms enable effective analytics of huge structured and unstructured data sets. BFSI industry is one of the biggest industries that spend a significant amount on big data and analytics technology. The industry is one of the huge consumers of big data and analytics technologies. Potential regions such as North America and Europe are highly active in implementing these technologies; also, the governments of these regions are executing various projects to implement big data into various industries. For instance, the Big Data Europe Project of 2015–2017 received funding from the European Union's Horizon 2020 research and innovation program. The project designed big data application prototypes in several sectors that can offer a huge amount of data-sets and can progress toward data-driven solution approaches. Big data analytics technology is one of the significant drivers in systems of insight, which seeks to gain actionable insights from structured and the massive data volume available in unstructured data from various sources such as the web and social media. The insight gained from big data analysis helps businesses enhance various areas such as customer retention, discovery of new markets, optimized customer service, employee retention, and improved customer loyalty. Thus, the increasing need for big data analytics is propelling the growth of system of insights worldwide.
Geographically, North America held the largest share of the system of insight market in 2019, followed by Europe and Asia Pacific. Further, Asia Pacific is projected to witness the highest growth rate during the forecast period. The system of insight market is segmented into component, application, and industry. Based on component, the system of insight market is further segmented into solution and services. The solution segment represented the largest share of the overall market. In terms of application, the system of insight market is segmented into customer analytics, workforce management, operations management, sales & marketing management, risk & compliance management, and others. In 2019, the customer analytics segment accounted for a significant share in the global system of insight market. Based on industry, the market is segmented into BFSI, IT & telecom, manufacturing, retail & e-commerce, government & defense, healthcare & life sciences, and others. The BFSI segment represented the largest share of the overall market during the forecast period.
Impact of COVID-19 Pandemic on System of Insight Market
The COVID-19 pandemic has paralyzed numerous countries including developed as well as developing. The continuous surge in count of infected patients is threatening several industries across the globe. As of December 2020, the US, India, Brazil, Russia, and France, were some of the worst affected countries in terms of confirmed cases and reported deaths. However, while the market experienced fluctuations due to nationwide shutdowns in several countries and stay-at-home orders, the disruption has caused an acceleration in remote working. The software industry, which is considered a structural winner, has given greater digital capabilities to all industries.
GoodData Corporation; INETCO Systems Limited; Medallia Inc.; NGDATA, Inc.; Oracle Corporation; Plutora, Inc.; SAP SE; Signals Analytics, Inc.; SAS Institute Inc.; and TIBCO Software Inc. are among the major companies operating in the system of insight market.
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