The research report by The Insight Partners, titled, “System of Insight Market”, offers a comprehensive analysis of key growth drivers, key segments, development strategies, market opportunities, and competitive landscape. This study offers detailed insights for market players, investors, stakeholders, and new entrants to understand the industry dynamics and determine strategic steps to gain a competitive advantage.
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Impact of COVID-19 Pandemic on System of Insight Market
The COVID-19 pandemic has paralyzed numerous countries including developed as well as developing. The continuous surge in count of infected patients is threatening several industries across the globe. As of December 2020, the US, India, Brazil, Russia, and France, were some of the worst affected countries in terms of confirmed cases and reported deaths. However, while the market experienced fluctuations due to nationwide shutdowns in several countries and stay-at-home orders, the disruption has caused an acceleration in remote working. The software industry, which is considered a structural winner, has given greater digital capabilities to all industries.
Over the past few years, big data analytics has been a major research interest among practitioners and researchers. The private and public investment in the application of big data analytics has surged up to billion dollars around the world. A swift growth in data volume and its complexity due to rising mobile data traffic, cloud-computing traffic, and increasing development, adoption of technologies, such as Artificial Intelligence (AI) and IoT are propelling the big data analytics technology. This technology has an enormous potential to transform the business completely. Big data platforms enable effective analytics of huge structured and unstructured data sets. BFSI industry is one of the biggest industries that spend a significant amount on big data and analytics technology. The industry is one of the huge consumers of big data and analytics technologies. Potential regions such as North America and Europe are highly active in implementing these technologies; also, the governments of these regions are executing various projects to implement big data into various industries. For instance, the Big Data Europe Project of 2015–2017 received funding from the European Union’s Horizon 2020 research and innovation program. The project designed big data application prototypes in several sectors that can offer a huge amount of data-sets and can progress toward data-driven solution approaches. Big data analytics technology is one of the significant drivers in systems of insight, which seeks to gain actionable insights from structured and the massive data volume available in unstructured data from various sources such as the web and social media. The insight gained from big data analysis helps businesses enhance various areas such as customer retention, discovery of new markets, optimized customer service, employee retention, and improved customer loyalty. Thus, the increasing need for big data analytics is propelling the growth of system of insights worldwide.
The players operating in the system of insight market focus on strategies, such as mergers, acquisitions, and market initiatives, to maintain their positions in the market. A few developments by key players are listed below:
- In April 2020, Medallia Inc. launched the Medallia insights suite, which is a powerful combination of modern tools for insight leaders across agencies. The insight suite supports growing video communication and crowdsourcing adoption to drive growth and revenue at pace.
- In December 2020, PT. ALTO Network collaborated with INETCO Systems Limited to secure Indonesia’s national payment gateway. PT. ALTO Network has chosen the INETCO insight software to deliver high-quality performance and security monitoring. The ALTO fraud risk team relies on INETCO insight to identify and analyze transaction level payment fraud attacks in milliseconds to avoid major financial loss.
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