Publication Month: Jan 2021 | Report Code: TIPRE00006455 | No. of Pages: 173 | Category: Technology, Media and Telecommunications | Status: Published
The solution for system of insight streamlines collecting, mining, organizing, transforming, consuming, and analyzing various sets of data with statistical modeling tools to deliver various functions, such as detecting patterns, predicting outcomes, and delivering actionable insight. It needs a cross-functional model for analyzing the data from systems of record and systems of engagement. The system of insight solution enables companies to deploy advanced analytic technologies to the data far beyond the traditional ways where data from systems of record and systems of engagement were analyzed separately for retroactive decision-making. The system of insight supports digital businesses in real-time, descriptive, predictive, prescriptive, and cognitive analytics. Execution of this system would help businesses gain a competitive advantage by implementing features, such as data integration, data visualization effectiveness, effective user interface, and customized applications.
The COVID-19 pandemic has affected various industries across the globe, including the software industry, directly affecting IT and tech spending. The business shutdowns as well as cancellations and postponement of product launches across the globe have impacted the adoption of the system of insight market in 2020. However, while the market experienced fluctuations due to nationwide shutdowns in several countries and stay-at-home orders, the disruption has caused an increase in remote working. The software industry, which is considered a structural winner, has given greater digital capabilities to all industries.
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APAC is considered the fastest-growing region, with China and India being the fastest-growing economies in the world in terms of GDP and technology adoption. Additionally, Japan is the most technologically advanced country in the region, allowing the development of the software and technology industry. Besides, growing economies of Southeast Asia, such as Vietnam, Malaysia, and Indonesia, are experiencing a growth in BFSI and retail sectors, which would demand for system of insight solutions and services. Governments across the region are investing in advanced technologies as they are used in almost all industrial applications. In India, disruptive technologies, such as social media, cloud computing, and data analytics, provide new opportunities for growth across verticals. Also, in 2020, the social, mobility, analytics, cloud market grew by US$ 225 billion. Thus, owing to rising focus on various crucial technologies in the region, the system of insight market in APAC is expected to expand rapidly during the forecast period.
Based on component, the system of insight market is segmented into solution and services. System of insight solutions perform various functions for organizations, such as gathering data for business analytics to achieve new insights, initiating better business decisions, and optimizing the decision-making process with analysis of collected data in several ways. Businesses use systems of insight solutions and services to remain operational in efficient and profitable ways to differentiate themselves from their competitors. The solution segment held the largest market share in 2019. The services segment is anticipated to grow at the highest CAGR during the forecast period.
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Based on application, the system of insight market is segmented into customer analytics, workforce management, operations management, sales & marketing management, risk & compliance management, and others. The customer analytics segment holds the largest market share in 2019. The operations management segment is anticipated to grow at the highest CAGR during the forecast period.
Based on the industry, the market is segmented into BFSI, IT & telecom, manufacturing, retail & e-commerce, government & defense, healthcare & life sciences, and others. The BFSI segment held the largest market share in 2019, and it is anticipated to grow at the highest CAGR during the forecast period.
|Market Size Value in||US$ 1,537.86 Million in 2019|
|Market Size Value by||US$ 4,914.52 Million by 2027|
|Growth rate||CAGR of 15.9% from 2020-2027|
|No. of Pages||173|
|No. of Tables||83|
|No. of Charts & Figures||88|
|Historical data available||Yes|
|Segments covered||Component , Application , and Industry|
|Regional scope||North America, Europe, Asia Pacific, Middle East & Africa, South & Central America|
|Country scope||US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina|
|Report coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends|
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The players operating in the system of insight market focus on strategies, such as mergers, acquisitions, and market initiatives, to maintain their positions in the market. A few developments by key players are listed below:
The List of Companies - System of Insight Market