According to The Insight Partners’ latest market study on “System of Insight Market Forecast to 2027 – COVID-19 Impact and Global Analysis – by component, application, and industry,” the market was valued at US$ 1,537.86 million in 2019 and it is projected to reach US$ 4,914.52 million by 2027; it is expected to grow at a CAGR of 15.9% from 2020 to 2027.
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.
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Market Size Value in – US$ 1,537.86 Million in 2019
Market Size Value by – US$ 4,914.52 Million by 2027
Growth rate – CAGR of 15.9% from 2020-2027
Forecast Period – 2020-2027
Base Year – 2020
No. of Pages – 173
No. Tables – 83
No. of Charts & Figures – 88
Historical data available – Yes
Segments covered – Component , Application , and Industry
Regional scope – North America; Europe; Asia Pacific; Latin America; MEA
Country scope – US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina
Report coverage – Revenue forecast, company ranking, competitive landscape, growth factors, and trends
Application-Based Market Insights
Based on application, the system of insight market is segmented into customer analytics, workforce management, operations management, sales & marketing management, risk & compliance management, and others. The customer analytics segment holds the largest market share in 2019. The operations management segment is anticipated to grow at the highest CAGR during the forecast period.
Industry-Based Market Insights
Based on the industry, the market is segmented into BFSI, IT & telecom, manufacturing, retail & e-commerce, government & defense, healthcare & life sciences, and others. The BFSI segment held the largest market share in 2019, and it is anticipated to grow at the highest CAGR during the forecast period.
Rising Significance of Cloud Technology Fuels Growth of System of Insight Market
APAC is considered the fastest-growing region, with China and India being the fastest-growing economies in the world in terms of GDP and technology adoption. Additionally, Japan is the most technologically advanced country in the region, allowing the development of the software and technology industry. Besides, growing economies of Southeast Asia, such as Vietnam, Malaysia, and Indonesia, are experiencing a growth in BFSI and retail sectors, which would demand for system of insight solutions and services. Governments across the region are investing in advanced technologies as they are used in almost all industrial applications. In India, disruptive technologies, such as social media, cloud computing, and data analytics, provide new opportunities for growth across verticals. Also, in 2020, the social, mobility, analytics, cloud market grew by US$ 225 billion. Thus, owing to rising focus on various crucial technologies in the region, the system of insight market in APAC is expected to expand rapidly during the forecast period.
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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