Insight as a Service Application - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts (2024 - 2029)

The Insight as a Service Application Market size is estimated at USD 5.99 billion in 2024, and is expected to reach USD 15.40 billion by 2029, growing at a CAGR of 20.78% during the forecast period (2024-2029).

The insight as a service application provides action plans, and it is similar to cloud-based services, which provide insights to business corporations and also help organizations with ideas to achieve their business goals. SaaS offerings provide analytics, along with insights. SMEs are heavily adopting insights as a service owing to various advantages of insight as a service such as immediate response, quick decision making, customer satisfaction, etc.

Key Highlights

• The major factor responsible for the growth of insight as a service application market is increasing IOT and big data analytics, along with the growing need for customer management. Companies are able to get customer insights in order to sell their products and services with the help of big data.
• Many small and medium scale enterprises are adopting cloud-based insight-as-a-service due to the advantages such as improved decision making and quick response, customer satisfaction, which result in faster growth in revenue, thereby driving the market.
• Data security, safety concern, and difficulty in data integration are hindering the growth of this market.

Insight as a Service Application Market Trends

BFSI Expected to Have Significant Growth

• BFSI sector is expected to have significant growth for this market. Due to new digital technologies, rapid changes in customer expectations, and emerging agile competitors, it is increasingly becoming difficult for banks to attract, retain, and upsell today's digitally empowered customers.
• Customer intelligence and analytics for banking enables retail banks to create exceptional customer experiences that drive loyalty, differentiation, and growth. Banks can attract and acquire new customers, retain and sell more to current customers, and market segments, and drive operational costs down.
• For instance, TCS's Customer Intelligence & Insights (CI&I) for Banking helps retail banks transition from product-centric to customer-centric enterprises, while running leaner and smarter. IT Company Mindtree is focused on helping banks and financial institutions to better engage with customers and users.

Asia-Pacific Expected to Have Significant Growth

• Asia-Pacific is expected to witness significant growth over the forecast period and is anticipated to lead the Insight as a service application market over the forecast period. Increasing internet penetration coupled with developing technology in various economies, including China, India, and South Korea, can be attributed to high growth in this region.
• This region is expected to grow at a higher rate in the near future due to large investments being made in the data insights services to make better customer experiences and streamline the business operations. Various Industry verticals across the region are fast maturing in their aptitudes to leverage Insights-as-a-Service technology. Data-driven industries belonging to this region such as BFSI, retail & consumer goods, media & communications, and services (including Internet companies) are leading in high adoption and capitalization of their data assets.
• Countries such as Japan, China, and India are advancing due to the improving economy, which will support the growth of the regional market. Furthermore, spurting industrialization across the region is acting as a critical driving force driving the growth of the market in the area. There is a rise in ICT expenditure by the government in this region, further leading to more opportunity for the market.

Insight as a Service Application Industry Overview

The insight as a service application market is fragmented and is a highly competitive market. Since the solutions require close collaboration and knowledge sharing, vendors with better supply chain knowledge and connections tend to gain an edge over other competitors. There are many collaborations taking place in the market, further leading to product innovations.

May 2023 - In this era of generative artificial intelligence (AI), Stardog, a leading enterprise knowledge graph platform, received a strategic investment from Accenture through Accenture Ventures. Stardog enables organizations to do more with and extract more value from their data. Businesses utilize Stardog Enterprise Knowledge Graphs to improve the integration and unification of their enterprise data because they enable real-world context to be machine-readable. The ability of a knowledge graph to endlessly link concepts - without altering the underlying data - allows for data to be unified rather than integrated by joining tables. A flexible data layer is created across the entire company thanks to this ability to unify data, which also helps to connect data silos.

October 2022 - The most recent version of the top convergent database in the world, Oracle Database 23c Beta, which supports all data types, workloads, and development methodologies, was released by Oracle. Oracle Database 23c, code-named "App Simple," focuses on streamlining application development. The JSON Relational Duality technique, which Oracle Database 23c introduces, is a ground-breaking innovation for resolving the discrepancy between how relational databases store data and how applications express it. Application development is made easier by JSON Relational Duality, which enables data to be used as both relational tables and application-friendly JSON documents.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
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