DUBLIN--(BUSINESS WIRE)--The "System of Insight Market by Component (Solutions and Services), Applications (Customer Analytics, Operations Management, Sales and Marketing Management, Risk and Compliance Management), Deployment Model, Vertical, & Region - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.
The Global System of Insight Market Size is Expected to Grow from USD 1.2 Billion in 2019 to USD 3.4 Billion By 2024, at a CAGR of 22.2%
The major factors expected to drive the growth of the system of insight market include increasing demand for Internet of Things (IoT) and smart devices driving the adoption of a system of insight solutions and a growing focus on analyzing a huge amount of data from multiple sources to gain real-time insights. The lack of integration with legacy architecture and intensifying market competition are expected to restrain the adoption of a system of insight solutions in the emerging economies, which in turn, may restrain the market from growing.
Operations management to grow at the highest CAGR during the forecast period
The system of insight market by applications has been segmented into customer analytics, sales and marketing management, operations management, risk and compliance management, and workforce management. The operations management segment is expected to grow at the highest CAGR, as it is extensively used in manufacturing, Information Technology (IT) and telecommunications, and the transportation verticals.
Banking, Financial Services and Insurance to hold the largest market during the forecast period with the increasing competition, the enterprises in the BFSI vertical are constantly focusing on transforming their business operations to enhance profit margins and increase customer base. Hence, these organizations are rapidly moving toward digitalization to stay ahead in the BFSI vertical. With rapid digitalization, a large volume of the transaction data is generated on a daily basis.
System of insight is used to reduce exposure to money laundering and terrorist activities. The systems of insight solutions can effectively monitor customer transactions on a daily basis and using customers' historical information and account profile can provide an enterprise-wide picture of money laundering and other adverse activities. In this vertical, advanced technologies, such as analytics and Machine Learning (ML) can help organizations to unlock the potential of the moving data to formulate various competitive strategies.
Asia Pacific to grow at the highest CAGR during the forecast period
APAC is expected to grow at the highest CAGR during the forecast period. The large base of manufacturing companies and increasing demand for connected devices in major APAC countries, such as China, South Korea, India, Australia, and Japan, and growing government regulations are expected to drive the growth of the market in APAC.
The increase in the data streams across verticals, the digital India initiative, and increase in the use of Artificial Intelligence (AI) technology are additional factors contributing to the growth of the system of insight market in APAC. China, Japan, and India are among the key countries considered for the system of insight market analysis in this region. Additionally, the rapid expansion of local players as well as global enterprises in APAC is also one of the important factors that is influencing the growth of the system of insight market
Market Dynamics
Drivers
- Increasing Volume of Big Data and Growing Need of Analytics
- Increasing Focus on Real-Time Insights to Gain A Competitive Edge in the Market
Restraints
- Lack of Integration With Legacy Architecture
- Increasing Market Competition
Opportunities
- Increasing Adoption of Cloud Solutions
Challenges
- Security Issues Related to Big Data Platforms
- Lack of Skilled Experts
Regulatory Implications
- General Data Protection Regulation
- Health Insurance Portability and Accountability Act
- Payment Card Industry Data Security Standard
- SOC 2 Type 2 Compliance
- ISO/IEC 27001
- The Gramm-Leach-Bliley Act
Companies Mentioned
- Cooladata
- Correlata
- Gooddata
- IBM
- Inetco
- Ngdata
- Oracle
- Plutora
- Radicalbit
- SAP
- SAS Institute
- Signals Analytics
- Streamlio
- Striim
- Tibco Software
For more information about this report visit https://www.researchandmarkets.com/r/rd74gm
