System of Insights Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The system of insights market is expected to register a growth at a CAGR of 19.73% over the forecast period (2021 - 2026). The demand for business intelligence has been on the rise, in recent years, with enterprises and organizations looking to enhance productivity and increase sales by adopting automated solutions.

Key Highlights

• The system insights have witnessed a tremendous rise in its adoption across various industries around the world. Additionally, predictive and prescriptive analytics is growing business analytics trends among BI professional owing to the Big Data becoming the focus of analytics processes that are being leveraged not just by the big enterprises, but also small and medium-sized businesses alike.
• These solutions are becoming prevalent as enterprises continue to create new data at a rapid rate. For instance, the amount of data generated worldwide is increasing hugely. According to Seagate Technology PLC, the volume of data created worldwide is expected to increase to 47 zettabytes and 163 zettabytes in 2020 and 2025, respectively, from 12 zettabytes in 2015.
• The rising usage of the cloud has supported the data generated across various verticals. By 2020, the accumulated volume of Big Data is expected to increase from 4.4 zettabytes to roughly 44 zettabytes or 44 trillion GB. Moreover, the number of IoT connected devices is expected to rise over 50 billion devices by 2020, creating terabytes of data that need to be managed, stored, and analyzed.
• Software companies are currently increasing their focus on in-demand technologies and re-exploring innovative ways to serve their clients as the COVID-19 crisis is creating challenges across multiple industries and is leading to a reduction in technology spending. The data science teams are being called into action to crunch massive data available and build the best business spending models on trusted data for decision-makers to prepare contingency plans quickly. This is the place where enterprises are using AI, ML, and natural language processing to mine massive data and build predictive or prescriptive models.

Key Market Trends

Retail and e-Commerce Segment to Grow Significantly

• Owing to the rising demand for consumer goods and growth in e-commerce, the retail sector is witnessing significant growth in its sales. This has given rise to the data generated in the industry, with the implementation of big data solutions. Further, increasing competition in the industry has encouraged players to ensure efficient working across various stages in the delivery.
• According to the Booz Allen report, a significant portion of the retailers loses over one-third of the money invested in trade promotions, mainly due to the inability of decision-makers to measure ROI, trade promotion effectiveness, and profitably optimize spend by leveraging data. Predictive and prescriptive analytics can harness large amounts of real-time unstructured and structured data from several markets and consumer touchpoints and transform it into actionable recommendations to help run the right trade promotions.
• Moreover, Customer Identification and Retention, Inventory Planning and Risk Mitigation, Personalized Customer Service are some of the applications in the retail industry, that generate a significant amounts of data and require advanced predictive and prescriptive analytics to excel. US-based Prism Skylabs offers solutions for retail outlets that use the data from their existing surveillance cameras and use predictive analytics to enhance merchandising, store design, and inventory management.

Asia-Pacific Region is Expected to Witness a Fastest Growth

• According to recent data from the Indian Ministry of Micro, Small and Medium Enterprises, India has 50 million MSMEs, which makes it among the world’s largest MSMEs. Given the fact that government and MSMEs are relying on scalable IT systems & solutions, it is understandable that they shift their processes along with sensitive information on to the cloud.
• Yatra Online, Inc., one of India's leading online travel companies, and Chrome River Technologies, Inc. a leading provider of expense management and supplier invoice processing software, made an agreement to deliver streamlined, integrated expense automation solutions for companies based out of India.
• Asia-pacific is also a hub for manufacturing. The region is one of the biggest exporters of products and services. Also, the BFSI sector is also growing in the region. Hence growth in these sectors will thrive the market for streaming analytics too. Chubb, world’s largest publicly traded property, and casualty insurance company, has established a small commercial division in the Asia Pacific dedicated to the risk management needs of Small, Medium Enterprises (SMEs).

Competitive Landscape

The system of insights market is fragmented with the presence of many established players and continuous emerging companies offering similar solutions in the market. For gain in the market share, new entrants have been pitching new areas of applications, whereas the established players, along with new developments, have been actively making strategic mergers and acquisitions. Some of the recent developments are mentioned below.

• February 2020 - IBM Corporation has announced to partner with US-based digital entertainment, e-commerce, and media solutions provider - BUCKiTDREAM. This partnership is aimed at providing its products with IBM Watson's marketing for improved personalization brand engagement experienced for its customers. As part of this agreement, IBM will be analyzing customer data patterns, to get actionable insights to drive commerce conversions.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support