The global insight as a service market was valued to be $1160 million in the year 2016. It is further estimated to outstretch to $5080 billion by the year 2023. The global insights as a service market are anticipated to grow with the CAGR of 23.5% during the period 2016-2023. The major factors that are augmenting the growth of the market are increasing IOT market, increasing big data analytics market, increasing need for customer management, increasing market competition etc. However, data security & safety concern and difficulty in data integration are hindering the growth of the market. Except these petty challenges, insight as a service market is yet to explore its full potential across the globe.
Global insights as a service market are analyzed on the basis of the applications, deployment type, end-users, organization size, and type. On the basis of the applications, the global insights as a service market is further segmented into customer life cycle management, branding and marketing management, governance, risk and compliance management, revenue cycle management, strategy management and supply chain management. Customer life cycle management is anticipated to be the fastest growing segment during the forecast period. On the basis of the deployment type the global insights as a service market is divided into public cloud deployment type, private cloud deployment type and hybrid deployment type. Public cloud is estimated to accounts for the major share in the market owing to its high scalability, flexibility and reliability. On the basis of the end-user, the market is further bifurcated into banking, financial services and insurance, retail and consumer goods, healthcare and life science, energy and utilities, IT and telecommunication, manufacturing, government and public sector and others. Retail and consumer goods are estimated to be the fastest growing segment during the forecast period. On the basis of the organization size, the market is further divided into large enterprises and small & medium based enterprises. Small and medium enterprises are anticipated to be the fastest growing segment during the forecasted period. SMEs are heavily adopting insights as a service owing to various advantages of insight as a service such as immediate response, fast decision making, customer satisfaction etc. On the basis of the type, the market is further bifurcated into descriptive, predictive and prescriptive. Descriptive insights are estimated to be the leading and fastest growing segment during the forecast period due to high adoption rate of these services owing to its ability to analyze the past performance to provide key insights for future plans.
Key market players of insights as a service market are Capgemini, Accenture PLC , Oracle Corporation, Deloitte Touche Tohmatsu Limited , EMC Corporation (Acquired By Dell) , NTT Data Corporation, Good Data, Zephyr Health, Smartfocus, Microsoft Corporation, Tata Consultancy Services and Infosys etc. In order to survive in the market these players adopt different marketing strategies such as acquisition, merger, product launch, geographical expansion etc. For example: In 2016, IBM announces the acquisition of the weather company with the sole purpose of expanding the user base.