Report Ocean is a comprehensive analysis of the “Insights-as-a-Service Market” that includes both qualitative and quantitative data. The report covers various regions and provides insights into major industry changes, challenges faced by businesses and competitors, and potential new opportunities in the market. It also includes a SWOT analysis, Porter’s Five Forces model, and a value chain review to help readers understand the industry’s position in the market and the stakeholder positions.
Global Insights-as-a-Service Market Thrives: Surges to USD 4.11 Billion in 2022, Poised for Impressive 23.5% CAGR Growth Through 2030
Refreshed Content:
The Insights-as-a-Service market, valued at approximately USD 4.11 billion in 2022, is set to experience robust growth with a projected CAGR of over 23.5% during the forecast period of 2023-2030. Insights-as-a-Service involves delivering data-driven insights and analytics as a service to businesses, utilizing advanced data analytics techniques such as machine learning, artificial intelligence, and big data analytics. The market expansion is attributed to the rapid growth of the Internet of Things (IoT) industry and the increased adoption of cloud platforms. These services offer businesses meaningful insights derived from the analysis of large volumes of data, enhancing decision-making processes. The significance of Insights-as-a-Service has progressively increased during the forecast period.
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Market Dynamics:
According to the Statista, the global market for industrial Internet of Things was sized at over USD 263 billion in 2021. The market is expected to grow in size in the coming years, reaching some USD 1.11 trillion by 2028. Furthermore, the global market for enterprise Internet of things is expected to grow to USD 483 billion in size by the end of 2027. The technology reached USD 201 billion in market revenue in 2022, and forecasts to grow up to USD 238 billion by 2023. Another important factor drives the Insights-as-a-Service market is increasing adoption of Cloud platforms. As cloud platforms offer the flexibility to scale resources up or down based on demand.
This is crucial for Insights-as-a-Service, as data analysis often requires significant computational power. With cloud platforms, businesses can easily allocate additional computing resources when needed, enabling them to process large datasets and deliver insights efficiently. In addition, as per Statista, in 2022, Amazon Web Services was the most popular vendor in the cloud infrastructure services market, held around 32% of the total market share, followed by Microsoft Azure with a market share of 23%, and Google Cloud with a market share of 10%. In the fourth quarter of 2022, these three cloud vendors account for 65% of total global spending. Moreover, rising digitization and rapid urbanization is anticipated to create a lucrative growth opportunity for the market over the forecast period. However, growing concerns regarding data security and technical complexity stifles market growth throughout the forecast period of 2023-2030.
Key Regions:
In 2022, North America dominated the market, driven by growing demand from large enterprises and big data companies. Asia Pacific is expected to witness significant growth during the forecast period, supported by substantial investments in data-driven industries such as BFSI, retail & consumer goods, and media & communications.
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Major Market Players:
Key players in this market include Deloitte Touche Tohmatsu Limited, Capgemini SE, NTT DATA Corporation, Oracle Corporation, Accenture plc, Microsoft Corporation, Tata Consultancy Services Limited (TCS), Wipro Limited, Concentrix Corporation, and Mastercard Incorporated.
Recent Developments News:
- In February 2023, Microsoft announced the release of “Azure Operator Nexus,” its next-generation hybrid cloud platform for communication service providers. This platform enables the execution of carrier-grade workloads both on-premises and in Azure, contributing to enhanced business outcomes.
Objective of the Study:
The study aims to define market sizes of different segments & countries in recent years and forecast values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.
The report provides detailed information about crucial aspects such as driving factors, challenges, potential opportunities in micro markets, competitive landscape analysis, and product offerings of key players. The detailed segments and sub-segments of the market are explained below:
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
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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
- U.S.
- Canada
- Europe
- UK
- Germany
- France
- Spain
- Italy
- ROE
- Asia Pacific
- China
- India
- Japan
- Australia
- South Korea
- RoAPAC
- Latin America
- Brazil
- Mexico
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
Report Scope:
- Historical Data: 2020 – 2021
- Base Year for Estimation: 2022
- Forecast Period: 2023-2030
- Report Coverage: Revenue Forecast, Company Ranking, Competitive Landscape, Growth Factors, and Trends
- Segments Covered: Type, Application, Industry Vertical, Deployment Type, Organization Size, Region
- Regional Scope: North America; Europe; Asia Pacific; Latin America; Middle East & Africa
- Customization Scope: Free report customization (equivalent up to 8 analyst’s working hours) with purchase. Addition or alteration to country, regional & segment scope*
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Key Questions Answered by the Report:
- What are the driving factors for market growth?
- What challenges and limitations does the market face?
- What emerging opportunities exist in the market?
- What potential threats and risks could impact the market?
- What is the current market size and growth rate?
- What are the market segments and their sizes?
- Which regions are projected to experience the highest growth and market share?
- What variables affect different geographical areas?
- Who are the major players in the market and their rankings?
- What recent partnerships, launches, expansions, or acquisitions have occurred among the companies profiled?
- What are the comprehensive profiles of the top market players, including business overview, insights, product benchmarking, and SWOT analysis?
- What is the present market outlook, considering recent changes and growth possibilities?
- What are the drivers, obstacles, and restrictions in both developing and emerging regions?
- How does the market analysis utilize Porter’s five forces analysis?
- How does the Value Chain provide insights into market dynamics?
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