Pune, India, March 09, 2021 (GLOBE NEWSWIRE) -- Market Analysis
Market Research Future (MRFR) projects the global system of insight market to reach USD 5.6 billion at a 26% CAGR from 2020–2026 (forecast period).
System of insight technology combines data in the systems of engagement and systems of records to find new relationships and patterns by analyzing the historical data, evaluating real-time data sets, applying business rules, foretelling outcomes, and offering the next best action plan. System of insight is an analysis system that simplifies gathering, mining, organizing, transforming, consuming, and analyzing a variety of data sets with statistical modeling tools to detect patterns, report incidents, predict outcomes with a high level of assurance, apply business rules and policies, and provide actionable insights. The technology leverages behavior-driven insights for system of insight and applies advanced analytics to the operational environment to generate customer interaction data for immediate deployment across systems of engagement.
The growing need among enterprises to obtain real-time business insights in order to gain a competitive market position and the need for business analytics to analyze rising volumes of business data are factors pushing the growth of the global system of insight market. The market is seeking opportunities from the increasing adoption of cloud-based solutions and services. However, the lack of qualified technical expertise is a challenge facing the industry. Data security and privacy issues are also expected to impede the growth of the market during the forecast period.
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COVID-19 Impact on the Global System of Insight Market
The COVID-19 pandemic has impacted numerous industries across the globe, including the software industry, directly impacting IT and tech spending. Business shutdowns, as well as cancelations and postponement of product launches around the globe, have had an impact on the adoption of the system of insight in 2020. However, while the market has witnessed fluctuations due to nationwide shutdowns in many countries and stay-at-home orders, the disruption has led to a rise in remote work. The software industry, which is considered a structural winner, has provided greater digital capabilities to all industries.
Market Segmentation
The global system of insight industry has been segmented based on component, deployment, application, and vertical.
By component, the global system of insight market has been segmented into solutions and services. The services segment has been further segregated into managed service and professional service.
By deployment, the global system of insight market has been segmented into on-premise and on-cloud.
By application, the global system of insight market has been segmented into customer analytics, risk and compliance management, operations management, workforce management, sales, and marketing management, and others.
By vertical, the global system of insight market has been segmented into BFSI, IT & telecom, retail & e-commerce, government, manufacturing, healthcare, and others. System of insight technology for the government-industry verticals helps in predicting and preventing crime and fraud. The system of insight can assimilate a variety of data sources, including structured and unstructured data, to provide real-time alerts based on newly acquired patterns, variables, and event correlations to provide improved situational awareness. The patterns identified help to predict risks and recognize possible repeat offenders. Based on identified risks, the government department can use resources to prevent crime.
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Regional Analysis
By region, the global system of insight (SoI) market has been segmented into North America, Europe, Asia-Pacific, the Middle East & Africa, and South America.
North America to dominate the global market
North America currently dominates the global system of insight market and has a large market share due to the involvement of the majority of main players in the market, making it an extremely competitive market. These players have increasingly focused on research and development in order to improve their solution capabilities. In addition, the region is also an early adopter of emerging technologies such as AI and analytics. Enterprises across the region have increasingly embraced AI and analytics technologies to gain business insights to help them gain a competitive edge in the industry, which is expected to drive market growth.
The Asia Pacific is predicted to be the fastest regional market in the forecast period. The growing adoption of digitalization strategies and increasing demand for cloud-based solutions is likely to drive market growth. The region has a large number of technically skilled employees, and a presence of small and medium-sized enterprises focused on developing advanced technology solutions based on AI, ML, and analytics which propel market growth in the region.
Europe is expected to have a significant market share due to the increasing adoption of advanced technologies like automation, IoT, and AI, resulting in the generation of vast data sets that need to be assessed, thus driving market growth in the region.
The Middle East & Africa, and South America markets are projected to see steady growth during the study period as a result of government initiatives in the region focusing on the adoption of advanced digital technologies.
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Competitive Landscape
With the participation of a number of international and regional players, the global system of insight market is relatively fragmented and competitive. Market players are deeply engaged in technological development, global expansion, and mergers & acquisitions to secure their market position.
Notable Players of The Global System of Insight Market Are:
- IBM Corporation (US)
- TIBCO Software (US)
- Radicalbit (Italy)
- Oracle Corporation (US)
- Splunk (US)
- Correlata (Israel)
- INETCO Systems Ltd (Canada)
- SAS Institute (US)
- GoodData Corporation (US)
- NGDATA (Belgium)
- Striim (US)
- Plutora, Inc. (US)
- SAP SE (Germany)
- CoolaData (US)
- Signals Analytics (US)
- Medallia Inc. (US).
Industry News
IBM collaborated with BUCKiTDREAM, a US-based provider of digital entertainment, eCommerce, and media and entertainment solutions, to provide with Watson marketing for enhanced personalized brand engagement experiences for its customers. As per the collaboration, IBM would analyze customer data patterns and thus provide actionable insights for greater discovery and personalization to drive commerce conversions.
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