ID: MRFR/ICT/8617-HCR | February 2021 | Region: Global | 100 pages
Global System of Insight Market is expected to reach USD 5.6 Billion by 2026, growing at a 26% CAGR during the forecast period, 2020–2026.
System of insight technology integrates data in the systems of engagement and systems of records to discover new relationships and patterns by analyzing the historical data, assessing the real-time data sets, applying the business rules, predicting outcomes, and offering the next best action plan. System of insight are analysis systems that simplify the gathering, mining, organizing, transforming, consuming, and analyzing varied data sets with statistical modeling tools to detect patterns, report incidents, predict outcomes with a high degree of assurance, apply business rules and policies, and offer actionable insight. The technology leverages behavior-driven insights for system of insight and applies advanced analytics to operational environments to generate customer interaction data for immediate deployment through systems of engagement.
The rising need among enterprises to gain real time business insights for obtaining a competitive position in the market and the need for analytics among enterprises to analyze rising volumes of business data are the factors driving the growth of the global system of insight market. The market seeks opportunities from the growing adoption of cloud-based solutions and services. However, a lack of skilled technical expertise is the challenge faced by the market. Also, data security and privacy concerns are expected to hamper the market growth during the forecast period.
System of insight technology for the government-industry verticals help in predicting and preventing crime and fraud. The system of insight can assimilate various data sources including structured and unstructured data to offer real-time alerts based on the newly obtained patterns, variables, and event correlations for providing improved situational awareness. The discovered patterns help to predict risks and identify potential repeat offenders. Based on the risks identified, the government department can proactively deploy resources for preventing crime.
The Prominent Players active in the Global Market for System of Insight are IBM Corporation (US), SAP SE (Germany), Radicalbit (Italy), Oracle Corporation (US), Correlata (Israel), INETCO Systems Ltd (Canada), SAS Institute (US), TIBCO Software (US), Splunk (US), GoodData Corporation (US), Striim (US), Plutora, Inc. (US), NGDATA (Belgium), CoolaData (US), Signals Analytics (US), and Medallia Inc. (US).
Global System of Insight Market, 2018–2026 (USD Billion)
Source: MRFR Analysis
Global System of Insight Market has been segmented based on Component, Deployment, Application, Vertical, and Region.
By Component, the global market has been segmented into solution and services. The services segment has been further classified as a managed service and professional service.
By Deployment, the global market has been segmented into on-premise and on-cloud.
By Application, the market has been bifurcated into customer analytics, operations management, workforce management, sales, and marketing management, risk and compliance management, and others.
By Vertical, the global market has been segmented into BFSI, IT & telecom, retail & e-commerce, government, manufacturing, healthcare, and others.
By Region, the system of insight market has been segmented into North America, Europe, Asia-Pacific, the Middle East & Africa, and South America.
Market Research Future (MRFR) study has covered the following countries in the regional analysis of the system of insight market: the US, Canada, and Mexico in North America, Germany, the UK, France, and Italy in Europe, China, Japan, India, and South Korea in Asia-Pacific, Saudi Arabia, the UAE, and South Africa in the Middle East & Africa, and Brazil, Argentina, and Colombia in South America.
North America currently dominates the system of insight market and has a significant market share owing to the presence of the majority of key players in the market making it a highly competitive market. These players have been increasingly focusing on research and development to enhance solution capabilities. Furthermore, the region is also an early adopter of advanced technology such as AI and analytics. Enterprises across the region have been increasingly adopting the AI and analytics technologies to obtain business insights to help them obtain a competitive advantage in the market which is expected to drive the market growth.
Asia-Pacific is projected to be the fastest-growing regional market during the forecast period. Rising adoption of digitalization strategies and growing demand for cloud-based is likely to drive the market growth. The region possesses a large number of technically skilled workforce and has a presence of SMEs focused on developing advanced technology solutions based on AI, ML, and analytics which is driving the market growth in the region. Europe is also expected to have a considerable share in the market owing to the increasing adoption of advanced technologies such as automation, IoT, and AI, resulting in generating vast data sets that need to be analyzed, thereby driving the market growth in the region. The Middle East & Africa and South America markets are projected to witness a steady growth rate during the study period owing to the government initiatives in the region focusing on adopting advanced digital technologies.
Frequently Asked Questions (FAQ) :
The system insight market valuation would be USD 5.6 billion by 2026.
The system insight market CAGR would be 26% during the forecast period of 2020 to 2026.
The system insight market players are Radicalbit (Italy), IBM Corporation (US), SAP SE (Germany), INETCO Systems Ltd (Canada), SAS Institute (US), Oracle Corporation (US), Correlata (Israel), GoodData Corporation (US), TIBCO Software (US), Splunk (US), Signals Analytics (US), NGDATA (Belgium), CoolaData (US), Striim (US), Plutora, Inc. (US), and Medallia Inc. (US).
Deployment types included in the system insight market report are on-premise and on-cloud.
Applications reviewed in the system insight market are risk and compliance management, operations management, customer analytics, sales and marketing management, workforce management, and others.