Insights-as-a-service Market to Grow by 10x through 2031 As Cloud Computing Technologies Gain Traction across Large Enterprises: FMI Study
DUBAI, UAE, Nov. 23, 2021 /PRNewswire/ -- As per the latest study published by FMI, the global insights-as-a-service market is anticipated to total US$ 20.5 Bn by 2031. Ongoing technological advancements and increasing integration of cloud computing across information technology, telecom, and other sectors is augmenting the demand for insights-as-a-services (IaaS).
IaaS is gaining immense popularity across banking, banking, financial services, and insurance (BFSI) sector as it offers crucial insights about financial data, stocks, keyword performance, business process data, and others. Driven by this, the market is poised to grow at a monstrous CAGR of 23.4% during the forecast period 2021-2031.
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Additionally, growing focus on improving customer lifecycle management within small & medium enterprises (SMEs) and large enterprises will increase the application of IaaS, in turn creating lucrative growth opportunities for the market.
Shifting inclination of businesses from traditional systems to digital solutions is creating demand for centralization of data across all functions and departments in an organization. This is expected to favor the growth in the market.
Key players are emphasizing on adoption of cloud computing technologies for collecting data and identifying key challenges to gain competitive edge over other companies and reduce in-house costs. Against this backdrop, sales of insights-as-a-service are expected to spur.
As per FMI, the large enterprises emerged as the most remunerative segment, contributing revenue share of over 71.6% in 2020. Primary factor driving the growth is the increasing adoption of IaaS owing to its lower up-front cost and high return on investment (ROI) compare to traditional methods of data analysis.
"Increasing integration of novel internet-based technologies such as artificial intelligence, machine learning, big data analytics, and others across banking, financial services, & insurance (BFSI) and telecom industries is expected to favor the growth in the market," says a FMI analyst.
Key Takeaways from Insights-as-a-service Market Study
As per FMI, the top five companies in the market are Capgemini, Oracle Corporation, IBM Corporation, Accenture, and GoodData. These players are expiated to account for nearly 20% to 30% market revenue share in 2021.
Several leading cloud-based service providers are intensively investing in innovation and research and development (R&D) activities to increase applications of insights-as-a-services and expand product portfolio.
Some of the players are adopting strategies such as mergers, acquisition, and collaboration to strengthen their global presence. For instance,
Some of the key players operating in the market profiled by FMI are:
More Valuable Insights on Insights-as-a-service Market
The latest report by FMI provides a detailed analysis of the global insights-as-a-service market, providing credible insights into key factor driving the market through 2021 and beyond. The study also disclosed growth projections on in insights-as-a-service market with detailed segmentation:
By Enterprise Size:
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About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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