Worldwide System of Insight Industry to 2027 - Surging System of Insight Growth Opportunities in APAC - ResearchAndMarkets.com

DUBLIN--(BUSINESS WIRE)--The "System of Insight Market Forecast to 2027 - COVID-19 Impact and Global Analysis By Component, Application, and Industry" report has been added to ResearchAndMarkets.com's offering.

According to this report the global system of insights 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.

Reasons to Buy

• Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the global system of insight market
• Highlights key business priorities in order to assist companies to realign their business strategies
• The key findings and recommendations highlight crucial progressive industry trends in the global system of insight market, thereby allowing players across the value chain to develop effective long-term strategies
• Develop/modify business expansion plans by using substantial growth offering developed and emerging markets
• Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those hindering it
• Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing and distribution

Market Dynamics

Drivers

• Growing Volume of Big Data and Need for Analytics
• Digital Transformation to Gain a Competitive Edge in the Market

Restraints

• Lack of Awareness in Underdeveloped Countries

Opportunities

• Surging System of Insight Growth Opportunities in APAC

Future Trends

• Increase in the Adoption of AI to Boost the Market Growth

Companies Mentioned

• Good Data Corporation
• INETCO Systems Limited
• Medallia Inc.
• NGDATA, Inc.
• Oracle Corporation
• Plutora, Inc.
• SAP SE
• SAS Institute Inc.
• Signals Analytics, Inc.
• TIBCO Software Inc.

For more information about this report visit https://www.researchandmarkets.com/r/qw4625