According to Future Market Insights, the insights-as-a-service market is expected to total USD 3,493.2 million in 2023. From 2023 to 2033, the market is expected to register growth at a CAGR of 23.5% to reach a valuation of USD 29,911 million.
As per research done by Future Market Research (FMI) on the insights-as-a-service market, it has been revealed that North America is the market leader with over 60% of the global share. Meanwhile, the report has identified the BFSI as the largest end user.
| Report Attribute | Details |
|---|---|
| Base year (2022) Market Value | USD 2,865.5 million |
| Projected year (2023) Market Value | USD 3,493.2 million |
| Projected year (2033) Market Value | USD 29,911 million |
| CAGR% (2023 to 2033) | 23.5% |
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The global market for the insights-as-a-service market has grown at the rate of 21.4% from 2018 to 2022. Increasing the focus of businesses to scale up to achieve their business goals will result in higher prospects for growth.
A focus on improving customer lifecycle management among SMEs and large enterprises will result in increasing the application of insights-as-a-service across organizations.
FMI identifies Europe, followed by North America, as the leading market. Expansion in Europe is supported by the region’s developed infrastructure that encourages the adoption of advanced technologies such as the Internet of Things (IoT), artificial intelligence (AI), and machine learning (ML) in data analytics. Driven by these factors, the global market is projected to reach a valuation of USD 29,911 million by 2033, rising at a CAGR of 23.5%.
Cloud services and digital transformation help companies to increase agility, improve efficiencies and ROI, and curb unnecessary expenses in small and mid-sized enterprises.
The adoption of insights-as-a-service burgeoned as remote working became highly prevalent following the COVID-19 outbreak. This trend is expected to continue even as the pandemic passes, creating demand for remote and mobile access applications, services, systems, and data both in the cloud and on premise.
Principal Consultant
In recent years, the growth of big data analytics has been significant. Insights-as-a-Service solutions provide insights to companies that help them to create unprecedented opportunities. It provides companies with predictive analytics and business intelligence with the help of company data such as stocks, financial data and results, keyword performance, employee details, and business process data.
Such insights help the company to increase the sales of products and services. It also uses different data types such as company data, usage data, and syndicated data, and provides insights on the ROI, and important decisions to be taken in the future. Therefore Insights-as-a-Service solutions help companies/SMEs to scale up to achieve their business goals in coming years fueling the demand for the insights-as-a-service platform.
The rise in the adoption of IoT technology across diverse industries is expected to drive the demand for insights-as-a-service. Insights-as-a-service is a cloud based service offered to companies, which helps them to increase their ROI. Demand for insights-as-a-service solutions is expected to increase as a result of the integration of advanced technologies such as 5G and 4G Internet across industries.
As per the New Eclipse Foundation’s IoT commercial adoption survey, about 40% of industry leaders responding to the survey say that their organizations are using IoT solutions, and 22 percent more plan to deploy IoT in the coming years.
In addition, IoT investment is expected to increase as 40 percent of organizations are planning to spend more on IoT solutions from 2022 to 2023. Rising adoption of IoT ultimately propels the demand for insights-as-a-service solutions in coming years.
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IaaS is a cloud-mediated tool that interacts with a company and processes the data. It helps companies to provide insights and business intelligence in real time and figure out future steps. IaaS increases data prioritization from collected data and identifies challenges that need a company needs to overcome.
It focuses on the higher-level strategy and reduces the in-house cost which ultimately results in better decisions. IaaS provides the most effective path for the company to capture insights, which ultimately increases returns on all investments. Also, up-front cost of IaaS is lower as compared to traditional methods of data analysis. Owing to lower up-front costs and the high ROI of insights-as-a-service solutions, their demand is expected to rise.
The Indonesia market is expected to be one of the leading markets for insights-as-a-service and is anticipated to surge at a CAGR of 35% over the forecasted period.
As per the Indonesian Internet Service Providers Association (APJII) survey, the number of internet users has increased by 14.6%. Also, the internet penetration rate of the country has increased from 64.8% to 73.7%. Thus increasing the internet penetration rate in the country will augment the demand for the insights-as-a-service offering.
Government support also will emerge as a chief growth driver. For instance, in August 2021, the Indonesia government announced the allocation of USD2.1 billion budget for Information and Communication Technology (ICT) development to accelerate the digital transformation.
Insights-as-a-service solutions are cloud based and the cloud is directly dependent on the availability of the infrastructure for internet connectivity. Thus, favorable initiatives adopted by the government are expected to fuel the demand for the insights-as-a-service in the country.
Currently, the United States market accounts for the largest consumption of insights-as-a-service in North America and is expected to expand at a CAGR of around 23%.
Demand for insights-as-a-service is increasing in the United States due to factors such as increasing adoption of advanced technology like IoT, use of AI and ML in data analytics, and increasing investment in insights-as-a-service in the region. The United States has also developed infrastructure for the cloud based solutions.
The United States has a presence in major tech companies such as C3, AWS, and Google which promotes their products and analytics toolsets. These vendors offer cloud based solutions or services which help SMEs to grow at a significant rate. Thus rapid-adoption of cloud computing solutions in almost every sector ultimately fuels the demand for the insights-as-a-service offering.
Stringent rules and regulations of the United States government to develop ICT propels the demand for insights-as-a-service in the country. In June 2019, according to the United States Federal Cloud Computing Strategy, the government instituted the CloudFirst policy to accelerate the pace of cloud adoption. It also promotes the innovation, service management, and adoption of emerging advanced technologies. Such initiatives taken by the United States government are developing advanced technologies that fuel the demand for insights-as-a-service.
The German market accounts for the largest consumption of insights-as-a-service in Europe and is expected to expand at a CAGR of around 27% by 2033.
Germany has been forecast to register high adoption of advanced telecommunication infrastructure and technological innovations. This trend is more prevalent across large telecom companies in the country. Germany has developed infrastructure for the adoption of new technologies such as Artificial Intelligence (AI), Machine Learning (ML), and other digital technologies that are pushing the frontier of applications in the private, public, and social sectors in Germany. This in turn is driving the demand for insights-as-a-service solutions.
The segment insights-as-a-Service Platforms accounted for a market share of around 58.1% in 2022, owing to reasons such as the increase in adoption of IoT technology by many industries is expected to drive the demand for the insights-as-a-service market.
The customer analytics segment accounted for a market share of around 27.1% in 2022 owing to the emergence of new vendors in insights-as-a-service and the investment in cloud based offerings by the key vendors in recent years.
The use of insights-as-a-service solutions in industries such as business, finance, retail, media, and telecommunications has increased in recent years. As per the study, the investments towards other cloud-based and insights-as-a-service offerings are expected to increase wing to stringent government rules and regulations to promote start-ups in developed as well as developing countries.
Thus the emergence of new vendors and increasing investment in cloud based offerings by key players is expected to fuel the demand for insights-as-s-service solutions.
The large enterprises' segment is expected to contribute a maximum revenue share of 71.6% in the global demand for insights-as-s-Service in 2022.
IaaS provides the most effective path for the company to capture insights it ultimately increases the returns on all investments. In addition, up-front cost of IaaS is lower as compared to traditional methods of data analysis.
Thus owing to lower up-front cost and high ROI of insights-as-a-service solutions fuels the demand for insights-as-s-service in the large enterprise's segment.
The BFSI segment accounts for the largest consumption of insights-as-a-service and is expected to expand at a CAGR of around 19.6%. The BFSI segment held a 19.7% share of the total market share of insights-as-a-service in 2022.
There are many key vendors across the globe that offers insights-as-a-service solutions to clients and it helps to increase their ROI and customer lifecycle management. In recent years, along with such key vendors the emergence of new vendors in insights-as-a-service solutions has been increased and it’s been one of the driving factors for the BFSI segment.
Many key cloud-based service suppliers are inclined at investing heavily in innovation, research, and development practices to uncover increased applications of insights-as-a-service. With the use of technology, players are also focusing on ensuring safety, quality, and customer satisfaction for captivating an increased customer base.
| Attribute | Details |
|---|---|
| Market Value in 2023 | USD 3,493.2 million |
| Market Value in 2033 | USD 29,911 million |
| Market CAGR 2023 to 2033 | 23.5% |
| Forecast Period | 2023 to 2033 |
| Historical Data Available for | 2018 to 2022 |
| Market Analysis | USD Million for Value |
| Key regions covered | north america; latin america; europe; east asia; south asia; oceania; middle east & africa |
| Key countries covered | united states, canada, germany, united kingdom, france, italy, spain, india, indonesia, singapore, thailand, china, japan, south korea, australia, new zealand, gcc countries, south africa, israel |
| Key market segments covered | solution, application, enterprise size, industry, region |
| Key companies profiled | capgemini; gooddata; gavs technologies; oracle corporation; ibm corporation; accenture; crediwatch; civica; analytics wise; deloitte; thinkbridge software; totango; 9lenses; jbara; actico gmbh |
| Customization & Pricing | Available upon request |
The market is valued at USD 3,493.2 million in 2023.
Civica, Analytics Wise, Deloitte are the prominent industry players.
The market is forecast to register a CAGR of 23.5% through 2033.
The market is forecast to capture a 27% CAGR in Germany through 2033.
The customer analytics segment accounted for a market share of around 27.1% in 2022.
1. Executive Summary 2. Market Overview 3. Market Background 4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033 5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Solution 5.1. Services 5.1.1. Consulting & Advisory 5.1.2. Implementation & Integration 5.1.3. Support & Maintenance 5.2. Platform (SaaS-based) 6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Application 6.1. Branding & Marketing Management 6.2. Supply Chain Analytics 6.3. Competition Benchmarking 6.4. Governance, Risk & Compliance 6.5. Customer Analytics 6.6. Others 7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Enterprise Size 7.1. Small & Medium Enterprises (SMEs) 7.2. Large Enterprises 8. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Industry 8.1. BFSI 8.2. Retail & CPG 8.3. IT & Telecom 8.4. Media & Entertainment 8.5. Education 8.6. Healthcare and Life Sciences 8.7. Government 8.8. Manufacturing 8.9. Others 9. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region 9.1. North America 9.2. Latin America 9.3. Europe 9.4. South Asia 9.5. East Asia 9.6. Oceania 9.7. MEA 10. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 11. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 12. Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 13. South Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 14. East Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 15. Oceania Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 16. MEA Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 17. Key Countries Market Analysis 18. Market Structure Analysis 19. Competition Analysis 19.1. Capgemini 19.2. GoodData 19.3. GAVS Technologies 19.4. Oracle Corporation 19.5. IBM Corporation 19.6. Accenture 19.7. Crediwatch 19.8. Civica 19.9. Analytics Wise 19.10. Deloitte 19.11. thinkbridge Software 19.12. Totango 19.13. 9Lenses 19.14. JBara 19.15. ACTICO GmbH 20. Assumptions & Acronyms Used 21. Research Methodology
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Insights-As-A-Service Market
