Insights-as-a-Service Global Market Report 2024

The insights-as-a-service market size has grown exponentially in recent years. It will grow from $4.88 billion in 2023 to $6.07 billion in 2024 at a compound annual growth rate (CAGR) of 24.3%. The growth in the historic period can be attributed to the increased adoption of edge computing, cross-platform integration, advanced analytics and machine learning, digital transformation, and the explosion of data.

The insights-as-a-service market size is expected to see exponential growth in the next few years. It will grow to $10.99 billion in 2028 at a compound annual growth rate (CAGR) of 16%. The anticipated growth in the forecast period can be linked to several factors, including a heightened focus on user experience, the increasing prevalence of hybrid and multi-cloud deployments, a focus on explainability in AI, integration with the Internet of Things (IoT), and an emphasis on data governance and compliance. Major trends expected during this period include AI-driven insights, augmented analytics, real-time and streaming analytics, the use of blockchain for data integrity, and automated data governance.

The growing volume of big data is expected to drive the growth of the insights-as-a-service market. Big data refers to exceptionally large and diverse collections of organized, fragmented, and semi-structured information. Businesses are generating massive amounts of data due to technological advancements, leading to the accumulation of large volumes of big data. Insights-as-a-service solutions enable enterprises to extract actionable insights, identify patterns, and make informed decisions from complex and extensive datasets. For example, a report by The Linux Foundation indicated that data growth for an average end-user organization reached 2,208 terabytes in 2022, marking a significant increase of 215.43% compared to 700 terabytes in 2021. This surge in big data is a key driver of the insights-as-a-service market.

Major companies in the insights-as-a-service market are concentrating on developing innovative solutions to enhance their market position. These solutions,such as Mytonomy Analytics Cloud Solutions, utilize data, statistics, simulation, and machine learning to predict and plan for future events or opportunities, offering actionable insights and solutions to data-related challenges. For example, Mytonomy Inc., a US-based healthcare cloud solution provider, launched Mytonomy Analytics Cloud, powered by Sisense, in November 2023. This healthcare cloud service integrates Sisense's HIPAA-compliant advanced analytics capabilities into Mytonomy's cloud, enabling healthcare practitioners to track, anticipate, and allocate resources effectively. The real-time predictive analytics and insights provided by Mytonomy Analytics Cloud aim to support health systems in optimizing staff productivity, streamlining procedures, and making data-driven decisions about patient outreach.

In August 2023, International Business Machines Corporation (IBM), a US-based technology corporation, acquired Apptio Inc. for $4.6 billion. This acquisition is expected to accelerate the evolution of IBM's IT automation capabilities, enabling corporate executives to derive greater business value from their technology investments. Apptio Inc., based in the US, provides insights-as-a-service and actionable financial information.

Major companies operating in the insights-as-a-service market report are Microsoft Corporation, Dell Inc., Deloitte Touche Tohmatsu Limited, Accenture Plc, International Business Machines Corporation, Oracle Corporation, Tata Consultancy Services, Nokia Corporation, Capgemini SE, NTT DATA Corporation, Infosys Limited, Wipro Limited, Concentrix Corporation, Juniper Networks Inc, Dynatrace Inc, GAVS Technologies, Civica, Tiger Analytics, Sisense Inc, Hitech BPO, Analytics Quotient, Good Data, ACTICO GmbH, Smartfocus, Zephyr Health, Sand Hill Group, Crediwatch.

North America was the largest region in the insights-as-a-service market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the insights-as-a-service market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the insights-as-a-service market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Insights-as-a-Service (IaaS) is a cloud-based solution that enables companies to derive actionable insights from analytics. It utilizes predictive analytics and business intelligence to extract insights from cloud-based data warehouses and address data-specific challenges.

The primary types of IaaS include predictive insights, descriptive insights, and prescriptive insights. Predictive insights involve using data, statistics, modeling, and machine learning to predict and plan for future events or opportunities. These solutions can be deployed in various types of cloud environments, such as public, private, and hybrid, and cater to different organizational sizes, including large enterprises, small enterprises, and medium enterprises. IaaS finds applications in several areas, including revenue cycle management, governance risk and compliance, branding and marketing management, customer analytics, strategy management, and supply chain management. It is utilized across various verticals, including banking, financial services, and insurance (BFSI), healthcare and life sciences, retail and consumer goods, energy and utilities, manufacturing, telecommunications and information technology, government, and the public sector.

The insights-as-a-service research report is one of a series of new reports that provides insights-as-a-service market statistics, including the insights-as-a-service industry's global market size, regional shares, competitors with an Insights-as-a-service market share, detailed insights-as-a-service market segments, market trends and opportunities, and any further data you may need to thrive in the insights-as-a-service industry. This insights-as-a-service market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The insights-as-a-service market consists of revenues earned by entities by providing services such as data integration, data storage and management, data analytics and visualization, predictive analytics, and real-time analytics. The market value includes the value of related goods sold by the service provider or included within the service offering. The insights-as-a-service market also includes sales of servers, storage systems, and networking equipment required to enable data processing, analytics, and machine learning. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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