The system of insight market size is projected to grow from USD 1.2 billion in 2019 to USD 3.4 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 22.2% during the forecast period. The increasing demand for smart devices and Internet of Things (IoT) and increase in the focus of analyzing huge amounts of data to derive real-time meaningful insights are expected to drive the system of insight market.
Some of the major system of insight vendors are 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), Radicalbit (Italy). These vendors have adopted various organic and inorganic strategies to sustain their positions and increase their market shares in the global system of insight market. Partnerships and new product launches have been the most dominating strategy adopted by the major players from 2017 to 2019, which have helped them to innovate their offerings and broaden their customer base.
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SAP (Germany) is a leading provider of system of insight solutions. SAP facilitates the Industry 4.0 strategy by integrating its business and manufacturing processes to enable efficient and high-quality production on shop floors. Customers that seek a managed service environment for Artificial Intelligence (AI)-based solutions can use SAP Leonardo to minimize complexities in system installation and maintenance. Organizations can leverage the benefits of SAP Leonardo to connect products, assets, fleets, infrastructures, markets, and people. The company is focusing on strengthening its position in the system of insight market by adopting organic growth strategies. For instance, in September 2017, SAP partnered with Deutsche Telekom, a leading telecommunications company, to include IoT solutions for real-time logistics. According to the partnership, both companies would work toward delivering a comprehensive and cost-effective solution. The solution would provide connectivity, business application software, device tracking and monitoring, and support services to its customers.
Oracle (US) is a leading technology company, which offers a platform called the Oracle Analytics Cloud in the system of insight market. The company offers advanced technologies, such as cloud, AI, and IoT. Oracle is investing in Research and Development (R&D) to enhance its portfolio offerings and develop new technologies and services. Moreover, the company is focusing on introducing new products and improved versions of its existing products and platforms. As a part of its organic growth strategy, in July 2019 Oracle partnered with JOANN Stores, a craft and fabric retailer based in the US. Through this partnership, Oracle would provide embedded data science and analytics solutions for helping JOANN Stores create more personalized and targeted offers for its customers.
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, and Region - Global Forecast to 2024
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