System of Insight Market Set to Reach $3.4 Billion by 2024, Rising at a CAGR of 22.2%

/EIN News/ -- Dublin, Nov. 08, 2019 (GLOBE NEWSWIRE) -- The "System of Insight Market by Component (Solutions and Services), Applications (Customer Analytics, Operations Management, Sales and Marketing Management, Risk and Compliance Management), Deployment Model, Vertical, & Region - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.

The global system of insight market size is expected to grow from USD 1,250 million in 2019 to USD 3,400 million by 2024, at a CAGR of 22.2% during the forecast period.

The report includes the study of the key players offering a system of insight solutions. The major vendors include IBM (US), Oracle (US), SAS Institute (US), SAP (Germany), TIBCO Software (US), GoodData (US), Plutora (US), NGDATA (Belgium), CoolaData (US), Striim (US), Signals Analytics (US), Streamlio (US), INETCO (Canada), Correleta (US), and Radicalbit (Italy). It includes an in-depth competitive analysis of the key players in the system of insight market, along with their company profiles, business overviews, product offerings, recent developments, and market strategies.

The global system of insight market size to grow at a Compound Annual Growth Rate (CAGR) of 22.2% during the forecast period

The major factors expected to drive the growth of the system of insight market include increasing demand for Internet of Things (IoT) and smart devices driving the adoption of a system of insight solutions and a growing focus on analyzing a huge amount of data from multiple sources to gain real-time insights. The lack of integration with legacy architecture and intensifying market competition are expected to restrain the adoption of a system of insight solutions in the emerging economies, which in turn, may restrain the market from growing.

Operations management to grow at the highest CAGR during the forecast period

The system of insight market by applications has been segmented into customer analytics, sales and marketing management, operations management, risk and compliance management, and workforce management. The operations management segment is expected to grow at the highest CAGR, as it is extensively used in manufacturing, Information Technology (IT) and telecommunications, and the transportation verticals.

Banking, Financial Services and Insurance to hold the largest market during the forecast period with the increasing competition, the enterprises in the BFSI vertical are constantly focusing on transforming their business operations to enhance profit margins and increase customer base. Hence, these organizations are rapidly moving toward digitalization to stay ahead in the BFSI vertical. With rapid digitalization, a large volume of the transaction data is generated on a daily basis.

System of insight is used to reduce exposure to money laundering and terrorist activities. The systems of insight solutions can effectively monitor customer transactions on a daily basis and using customers' historical information and account profile can provide an enterprise-wide picture of money laundering and other adverse activities. In this vertical, advanced technologies, such as analytics and Machine Learning (ML) can help organizations to unlock the potential of the moving data to formulate various competitive strategies.

Asia-Pacific to grow at the highest CAGR during the forecast period

APAC is expected to grow at the highest CAGR during the forecast period. The large base of manufacturing companies and increasing demand for connected devices in major APAC countries, such as China, South Korea, India, Australia, and Japan, and growing government regulations are expected to drive the growth of the market in APAC. The increase in the data streams across verticals, the digital India initiative, and increase in the use of Artificial Intelligence (AI) technology are additional factors contributing to the growth of the system of insight market in APAC.

China, Japan, and India are among the key countries considered for the system of insight market analysis in this region. Additionally, the rapid expansion of local players as well as global enterprises in APAC is also one of the important factors that is influencing the growth of the system of insight market

Key Topics Covered

1 Introduction

2 Research Methodology

3 Executive Summary

4 Premium Insights
4.1 Attractive Market Opportunities in the System of Insight Market
4.2 Market Top 3 Verticals
4.3 Market By Region
4.4 Market in North America, By Application and Deployment Mode

5 Market Overview and Industry Trends
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Increasing Volume of Big Data and Growing Need of Analytics
5.2.1.2 Increasing Focus on Real-Time Insights to Gain A Competitive Edge in the Market
5.2.2 Restraints
5.2.2.1 Lack of Integration With Legacy Architecture
5.2.2.2 Increasing Market Competition
5.2.3 Opportunities
5.2.3.1 Increasing Adoption of Cloud Solutions
5.2.4 Challenges
5.2.4.1 Security Issues Related to Big Data Platforms
5.2.4.2 Lack of Skilled Experts
5.3 Regulatory Implications
5.3.1 General Data Protection Regulation
5.3.2 Health Insurance Portability and Accountability Act
5.3.3 Payment Card Industry Data Security Standard
5.3.4 SOC 2 Type 2 Compliance
5.3.5 ISO/IEC 27001
5.3.6 The Gramm-Leach-Bliley Act
5.4 Use Cases

6 System of Insight Market By Component
6.1 Introduction
6.2 Solution
6.2.1 Need for Analyzing Real-Time Business Data to Drive the Adoption of System of Insight Solutions
6.3 Services
6.3.1 Professional Services
6.3.1.1 Need for Improving Business Performance to Drive the Growth of Professional Services
6.3.2 Managed Services
6.3.2.1 Need for Monitoring and Maintaining Software Operations and Reducing Overhead Costs to Drive the Demand for Managed Services

7 System of Insight Market By Application
7.1 Introduction
7.2 Customer Analytics
7.2.1 Need for Real-Time Insights Into Customer Interactions to Drive the Adoption of the Customer Analytics Solution
7.3 Sales and Marketing Management
7.3.1 Need to Enhance Brand Reputation to Maintain A Competitive Edge Driving the Adoption of Sales and Marketing Management Application
7.4 Operations Management
7.4.1 Need to View and Monitor Real-Time Performance and Maintain the Availability of Critical Assets to Drive the Growth of the Operations Management Segment
7.5 Workforce Management
7.5.1 Need to Optimize Workforce and Maximize Productivity to Drive the Growth of the Workforce Management Segment
7.6 Risk and Compliance Management
7.6.1 Increasing Need for Mitigating Risks and Complying With Regulations to Spur the Demand for Risk and Compliance Management
7.7 Others

8 System of Insight Market By Deployment Model
8.1 Introduction
8.2 Cloud
8.2.1 Mobility and Low Setup Costs to Boost the Adoption of the Cloud Deployment Model
8.3 On-Premises
8.3.1 Data Privacy and Security Advantages to Boost the Growth of the On-Premises Deployment Model

9 System of Insight Market By Vertical
9.1 Introduction
9.2 Banking, Financial Services, and Insurance
9.2.1 Focus on Compliance With Regulations and Financial Standards to Increase the Demand for the System of Insight Solutions in the Banking, Financial Services, and Insurance Vertical
9.3 Retail and eCommerce
9.3.1 Growing Need for Building Customer-Centric Strategy to Drive the Adoption of the System of Insight Solutions in the Retail and eCommerce Vertical
9.4 Healthcare and Life Sciences
9.4.1 Drug Discovery, Patient Care, and Insurance Fraud Detection Applications to Drive the Adoption of the System of Insight Market in the Healthcare and Life Sciences Vertical
9.5 Government and Defense
9.5.1 Need to Improve Reliability and Efficiency of Processes to Drive the Adoption of System of Insight Solutions in the Government and Defense Vertical
9.6 Telecommunications and IT
9.6.1 Reduced Churn Rate, Improved Services, and Enhanced Customer Loyalty With the System of Insight Solutions to Drive the Market Growth
9.7 Manufacturing
9.7.1 Manufacturing Companies to Adopt the System of Insight Solutions to Understand and Identify Early Warning Signals and Reduce the Overall Cost
9.8 Others

10 System of Insight Market By Region
10.1 Introduction
10.2 North America
10.2.1 US
10.2.1.1 Increase in the Adoption of AI, ML, and Analytics By Enterprises to Boost the Market in the US
10.2.2 Canada
10.2.2.1 Focus of Government and Enterprises on Investing and Research on New Technologies to Drive System of Insight Adoption in Canada
10.3 Europe
10.3.1 UK
10.3.1.1 Increase in the Adoption of AI and IoT to Drive the Opportunities for System of Insight Market in the UK
10.3.2 France
10.3.2.1 Growing Need to Analyze the Huge Amount of Data Generated From Various Devices to Boost the Adoption of System of Insight Solutions
10.3.3 Germany
10.3.3.1 Industry 4.0 and Smart Factories to Drive the System of Insight Adoption in Germany
10.3.4 Rest of Europe
10.4 Asia Pacific
10.4.1 China
10.4.1.1 Growing Initiatives Supporting Digitalization to Boost the Adoption of System of Insight Solutions
10.4.2 Japan
10.4.2.1 Technological Advancements to Boost the Growth of the System of Insight Market in Japan
10.4.3 India
10.4.3.1 Changing Technological Landscape and Government Initiatives to Create Growth Potential for System of Insight in India
10.4.4 Rest of Asia Pacific
10.5 Middle East and Africa
10.5.1 Middle East
10.5.1.1 Demand for Connected Devices and Rise in Adoption of AI and Real-Time Analytics to Boost the Market in the Middle East
10.5.2 Africa
10.5.2.1 Increasing Adoption of Advanced Digital Technologies to Provide Opportunities for System of Insight Solutions
10.6 Latin America
10.6.1 Brazil
10.6.1.1 Various Government Initiatives to Accelerate the Growth of Systems of Insight Market in the Coming Years
10.6.2 Mexico
10.6.2.1 Growing Steps Toward the Revolution of Various Technologies May Create Demand for System of Insight Solutions Mexico
10.6.3 Rest of Latin America

Companies Mentioned

• Cooladata
• Correlata
• Gooddata
• IBM
• Inetco
• Ngdata
• Oracle
• Plutora
• Radicalbit
• SAP
• SAS Institute
• Signals Analytics
• Streamlio
• Striim
• Tibco Software

For more information about this report visit https://www.researchandmarkets.com/r/resrxi

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