Specialized insights-as-a-service vendors are expected to provide opportunities for the insights-as-a-service Market growth
Insights-as-a-Service (laaS) is a category of cloud service that offers unique data outcomes to various companies through predictive analytics and market intelligence. LaaS blends the theory of market intelligence with the philosophy of a cloud service provider and analytics. LaaS has diverse applications in numerous areas, including government & security, energy & infrastructure, healthcare, industrial manufacturing, etc. The concept behind insights-as-a-service is web-based services that complement the in-house IT infrastructure of every enterprise. Insights-as-a-service takes data and refines it with those kinds of workable performance. It focuses on delivering a physically pleasing and detailed data collection that helps to maximize activities and raise sales. This allows businesses to keep their data in separate silos and to search it manually or on-site.
The report also outlines the various characteristics of the global insights-as-a-service industry by assessing the market from value chain analysis. Moreover, the insights-as-a-service market report comprises various qualitative parts of the service analytics industry in market restraints, essential industry drivers, and opportunities. Furthermore, the report provides a complete assessment of the market through company profiling and the competitiveness of the local as well as global vendors.
The insights-as-a-service market has solid competition amongst the already well-known and new market players. Also, the insights-as-a-service industry players are pursuing potential markets to seize a competitive lead among the other industry players by forming mergers & acquisitions, agreements, acquiring other companies & new startups, establishing collaboration & partnerships, and growing their business existence.
Based on the type segment, the market is bifurcated descriptive insights, predictive insights prescriptive insights. The prescriptive insight market is expected to grow at the highest CAGR due to its potential to forecast events and offer ways to resolve them, followed by predictive insights. Large organizations have actively applied this strategy to maximize output and scheduling in the supply chain. The rising need for Insights-as-a-Service is increasing the need for these types widely.
Based on the industry vertical, the market is segmented into banking, financial services, and insurance, retail and eCommerce, government and public sector, healthcare, automotive and manufacturing, media, telecommunication, and IT, and others. The retail and eCommerce segment is expected to grow at the highest CAGR during the forecast period. This vertical is expected to expand exponentially in the provision of insight services as this market focuses on customer engagement. Improving customer service is an essential element in retaining competition, and would create an incentive for new companies in this field to develop faster.
The Asia-Pacific region is projected to accumulate the highest growth during the forecast years. However, the North American region held the highest market share in 2019 and it is projected to remain dominant during the forecast years 2018-2028. This is mainly due to the presence of a large number of insights as a service provider. Most enterprises are driving towards cloud computing to increase their efficiency and data & information storage capacity. Most of the world's largest main technology players are headquartered in this area, which makes North America the leading market for insights as a service.
The major players of the global Insights-as-a-Service Market are Oracle, Accenture Plc, IBM, Deloitte Touche Tohmatsu Limited, Capgemini, Dell EMC, and NTT Data. Moreover, the market comprises several other prominent players in the market that are Gooddata, Smart focus, and Zephyr Health. The Insights-as-a-Service Market consists of well established global as well as local players. Besides, the previously recognized market players are coming up with new and advanced strategic solutions and services to stay competitive in the global market.
Segment Overview of Global Insights-as-a-Service Market
Type Overview, 2018-2028 (USD Million)
- Descriptive Insights
- Predictive Insights
- Prescriptive Insights
Deployment Model Overview, 2018-2028 (USD Million)
- Public Cloud
- Private Cloud
- Hybrid Cloud
Enterprise Size Overview, 2018-2028 (USD Million)
- Small and Medium-Sized Enterprises
- Large Enterprises
Application Overview, 2018-2028 (USD Million)
- Revenue Cycle Management
- Governance, Risk, and Compliance Management
- Customer Life-Cycle Management
- Branding and Marketing Management
- Strategy Management
- Supply Chain Management
Industry Vertical Overview, 2018-2028 (USD Million)
- Banking, Financial Service, and Insurance
- Retail and Ecommerce
- Government and Public Sector
- Automotive and Manufacturing
- Media, Telecommunication, and IT
Regional Overview, 2018-2028 (USD Million)
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia-Pacific
- Middle East and Africa
- South Africa
- Rest of Middle East and Africa
- South America
- Rest of South America