Insights-as-a-Service Market

[127 Pages Report] The Insights-as-a-Service market size is estimated to grow from USD 1.16 billion in 2016 to USD 3.33 billion by 2021, at an estimated Compound Annual Growth Rate (CAGR) of 23.5%. The Insights-as-a-Service report aims at estimating the market size and future growth potential of the market across different segments, such as type, application, deployment model, organization size, industry vertical, and region. The primary objectives of the report is to provide a detailed analysis of the major factors influencing the growth of this market (drivers, restraints, opportunities, industry specific challenges, and burning issues) and analyze the opportunities in the market for stakeholders and details of a competitive landscape for market leaders.

Market Dynamics

Drivers

• Increasing market competition
• Increased need for customer management
• Emergence of IoT
• Rising big data

Restraints

• Data security concern

Opportunities

• Specialized insights-as-a-service vendors

Challenges

• Difficulty in integrating the data
• Less skilled professionals

Increased need for customer management drives the global insights-as-a-service market

Customer management is emerging as a popular business strategy that encompasses all marketing activities directed towards establishing, developing, and maintaining customer relationships. It enables various industries to identify and target their most profitable customers. The effective customer management involves advance marketing strategies that depend on the understanding of various needs of customers at different phases. Cloud-based Customer Relationship Management (CRM) draws the relationship between perception & satisfaction, commitment & loyalty that underline the significance in various industries. Competition and globalizations are forcing the companies to focus strongly on CRM to be productive and profitable. Better customer response will help organizations to understand their requirement and come up with satisfied products and solutions. This has led to the increasing need for insights-as-a-service as it helps to collect data, refine & predict data, and eventually derive useful insights through it. Moreover, this can also help companies to improve customer experience in real-time and gain full visibility into customer cycle.  

The following are the major objectives of the study.

• To describe and forecast the global insights-as-a-service market on the basis of type, application, industry vertical, deployment model, organization size, and region
• To forecast the market size of market segments with respect to five main regions, namely, North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA), and Latin America
• To provide detailed information regarding major factors influencing market growth (drivers, restraints, opportunities, and challenges)
• To strategically analyze micromarkets with respect to individual growth trends, prospects, and contributions to the overall market
• To analyze opportunities in the market for stakeholders and provide strategic profiles of the key players in the market to comprehensively analyze the core competencies1 and to draw competitive landscape for the market
• To track and analyze competitive developments such as mergers and acquisitions, new product developments, and Research and Development (R&D) activities in the market 

During this research study, major players operating in the insights-as-a-service market in various regions have been identified, and their offerings, regional presence, and distribution channels have been analyzed through in-depth discussions. Top-down and bottom-up approaches have been used to determine the overall market size. Sizes of the other individual markets have been estimated using the percentage splits obtained through secondary sources such as Hoovers, Bloomberg BusinessWeek, and Factiva, along with primary respondents. The entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews with industry experts such as CEOs, VPs, directors, and marketing executives for key insights (both qualitative and quantitative) pertaining to the market. The figure below shows the breakdown of the primaries on the basis of the company type, designation, and region considered during the research study.

To know about the assumptions considered for the study, download the pdf brochure

The Insights-as-a-Service market comprises number of intermediaries involved in the ecosystem of this market space. It starts with service providers such as Oracle, Accenture Plc, IBM, Deloitte Touche Tohmatsu Limited, Capgemini, Dell EMC, NTT Data, GoodData, SmartFocus, and Zephyr Health. Other stakeholders of the Insights-as-a-Service include cloud vendors, cloud brokers, and analytics solution providers, Independent Software Vendors (ISVs), platform providers, consultancy firms/advisory firms, and training & education service providers.

Target Audience

• Consultancy firms/advisory firms
• Training and education service providers
• Cloud vendors
• Analytics solution providers
• Service providers
• Platform providers

 “The research study answers several questions for the stakeholders, primarily which market segments to focus in during the next two to five years for prioritizing the efforts and investments”.

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Scope of the Report

The research report categorizes the Insights-as-a-Service market to forecast the revenues and analyze the trends in each of the following sub-markets:

By Type

• Predictive Insights
• Descriptive Insights
• Prescriptive Insights

By Application

• Revenue Cycle Management
• Governance, Risk, and Compliance
• Branding and Marketing Management
• Customer Life Cycle Management
• Strategy Management
• Supply Chain Management
• Others

By Industry Vertical

• BFSI
• Healthcare and Life Sciences
• Retail and Consumer Goods
• Energy and Utilities
• Manufacturing
• Telecommunication and IT
• Government and Public Sector
• Others

By Deployment Type

• Public Cloud
• Private Cloud
• Hybrid Cloud

By Organization Size

• Small and Medium Enterprise (SME)
• Large enterprise

By Region

• North America
• Europe
• Middle East and Africa (MEA)
• Asia-Pacific (APAC)
• Latin America

Available Customizations

With the given market data, MarketsandMarkets offers customizations as per the company’s specific needs. The following customization options are available for the report:

Vendor Comparison Analysis

• Vendor comparison analysis provides information about major players that offer insights-as-a-service solutions and outlines the findings and analysis on how well each insights-as-a-service market vendor performs within our criteria.

Geographic Analysis

• Further breakdown of the European Insights-as-a-Service market
• Further breakdown of the APAC Insights-as-a-Service market
• Further breakdown of the MEA Insights-as-a-Service market
• Further breakdown of the Latin American Insights-as-a-Service market  

Company Information

• Detailed analysis and profiling of additional market players

The Insights-as-a-Service market is expected to grow from USD 1.16 billion in 2016 to USD 3.33 billion by 2021, at a Compound Annual Growth Rate (CAGR) of 23.5% during the forecast period. The major drivers of this market include better business with new revenue streams, increasing focus on cloud deployment model, and rising need for understanding customer behavior to focus on marketing and sales activities.

Insights-as-a-service is defined as a type of cloud service, which is involved in providing useful information through raw data. It not only helps in providing insights to business corporations but also provides concrete steps required to leverage these insights for achieving business goals. The value of the data was much higher than the last few years and it can be weighed with the amount of efforts taken to analyze it and in converting it into actionable data. But the shift from data to insights became more prominent due to its effectiveness at penetrating new markets, developing new technology enabled revenue cycles and more efficient in their operations.

 The Insights-as-a-Service market report has been broadly classified into types. Prescriptive insight market is expected to grow at the highest CAGR due to its ability to forecast the events as well as to provide solutions to tackle them, followed by predictive insights. large companies successfully implementing this approach to optimize production and scheduling in supply chain. The growing demand of Insights-as-a-Service is increasing the demand of these types widely.

The retail and consumer goods vertical has the highest growing CAGR during the forecast period. This vertical is expected to grow rapidly in the insights services adoption as this industry focus on customer experience. Enhancement in customer experience is an important factor to maintain competitiveness, which will provide emerging players in this sector an opportunity to grow faster.

APAC is expected to be growing at a higher rate in the near future owing to large investments being made in the data insights services in this region to make better customer experiences and streamline the business operations. Industry verticals across the region are fast maturing in their aptitudes to leverage the Insights-as-a-Service technology. Data driven industries such as BFSI, retail & consumer goods, media & communications, and services (including Internet companies) are leading in high adoption and capitalization of their data assets.

Insights-as-a-service applications streamlines and standardize BI processes and allows end users to make confident decisions

Revenue Cycle Management

Revenue Cycle Management (RCM) is the financial process used by healthcare and life sciences system, BFSI sector and by other industry verticals as well. RCM consolidates financial data and patient care chapters to provide insights into organization’s account receivables. RCM application in Insights-as-a- Service market provides advanced analytics with actionable plan that helps in effective business planning and accurate forecasting. Organizations across the globe are adopting RCM application to identify anomalies in the revenue cycle, reduce bad debt & understand its root causes, guide business strategy by identifying service line profitability, and to help improve customer onboarding.

Governance, Risk, and Compliance Management

Predictive, adaptive, and integrated Governance, Risk, and Compliance (GRC) management application within Insights-as-a-Service ecosystem maintains end-users’ current risk and compliance processes while improving overall efficiency and performance. Data integration & aggregation and actionable insights using advanced analytics are the two vital components of GRC application platform. Data integration and aggregation empowers the GRC platform with risk and compliance information from across the industry by automatically importing key data points and enables businesses to extend across unlimited entry points in a fully informed GRC environment. While actionable insights component maps a path towards opportunity with deep insights for enterprise-wide risk and compliance initiatives. Insights-as-a-Service also helps GRC management application in risk assessment & adjustment.

Customer lifecycle management

Customer lifecycle management focuses on elevating the customer’s experience with the brand from product/service evaluation such as purchasing, using, and maintaining loyalty to subscription renewal/upgrade. Business mode of operations and market competition has shifted overall economy from product-centric to customer-centric. Companies considering Insight-as-a-Service for customer lifecycle management stand a far greater chance of retaining them. With the growing demand for customer life cycle management in organizations, Insights-as-a- Service extract actionable insights from available data and embed it back into the organizational process.

Branding and marketing management

Branding and marketing management helps organizations in delivering the right customer acquisition, growth, retention & profitability initiatives and rate brands and channels across digital, social, and traditional media, to maximize Return on Marketing Investment (ROMI). Leveraging big data technology experience, Insight-as-a-Service offer comprehensive, integrated, and technology-enabled insights and embed it back on BI architecture to provide meaningful and actionable insights when it comes to branding and marketing management. Companies across the globe are implementing Insights-as-a-Service within their business function for market intelligence, branding management, loyalty management, and campaign analytics.

Strategy Management

With the increasing number of competitions among the enterprises, many enterprises are using big data and analytics to generate business intelligence with the help of analytical tools based on latest technologies to match the specific needs. Insights-as-a-Service offers an ever-increasing demand for information and analysis about the products and services of the enterprises. Large enterprises are focusing on data driven strategies because it generates high competitive differentiation among the enterprise about the products pricing and services. Enterprises are identifying, collecting, and managing multiple sources of data using advanced analytical models for predicting and optimizing the enterprise results. The Insights-as-a-Service helps to provides most critical business decisions such as deployment of the right technology architecture and capabilities through data and analytics. In addition, the Insights-as-a- Service market offers services that are reliable, accurate, and relevant to the enterprise and the market demand.

Supply Chain Management

The increasing number of competitions and globalization created challenges for the enterprises in terms of suppliers, manufacturing units, and distributions of the products. The strong growth of business opportunities and growing product variance specifically tailored for the scattered customers has generated complexities in supply chain. This complexity need to be monitored closely for the enhanced performance of supply chain management. These issues can be solved with the insights derived from the embedded analytics in the supply chain management. The Insights-as-a-Service provides optimization in supply chain functions and minimizes the gaps to help manage market pressures and offers financial performance to the enterprises. Insights-as-a-Service helps enterprises to make real-time business decisions to increase supply chain responsiveness and optimize cost.

The need for better business revenue cycle management and customer life cycle management are the driving factors in the market. Permission issues regarding data usage and privacy concern are some of the major restraints and challenges in the market. The key vendors in the Insights-as-a-Service market are IBM, Capgemini, Accenture Plc, Deloitte Touche Tohmatsu Limited and Oracle Corporation. These players have adopted various strategies, such as new product developments, acquisitions, and partnerships, to serve the Insights-as-a-Service market. Continuous technology innovation is an area of focus for these players in order to maintain its competitive position in the market and promote customer satisfaction.

Critical questions the report answers:

• Where will all these developments take the industry in the mid to long term?
• What are the upcoming industry applications for insights-as-a-service?

To speak to our analyst for a discussion on the above findings, click Speak to Analyst