According to the new research report titled “System of Insight Market Forecast to 2027 – COVID-19 Impact and Global Analysis,” published by The Insight Partners, the market is expected to reach US$ 4,914.52 million by 2027, registering a CAGR of 15.9% from 2020 to 2027.
Growing volume of big data and increasing need for analytics and digital transformation to gain a competitive edge in the market drive the global system of insight market. However, the lack of awareness in underdeveloped countries may hinder the market growth. Despite limitations, rising significance of cloud technology is expected to boost the adoption of analytics technology is among the major factor anticipated to bolster the growth of the system of insight market.
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Technologies, such as Artificial Intelligence (AI), are expected to bring new trends in the market. AI is the foundation of the next-gen of technologies, which provides the ability to learn from recorded data and experiences. It uses algorithms, patterns, and predictive insights. The technology optimizes customer experiences and transforms business processes.
The Organization for Economic Co-operation and Development aids governments by analyzing the socioeconomic impacts of AI technologies and engaging with all stakeholders in order to identify good practices for public policy. Several technologically advanced countries invest in AI to implement it in all the industries to obtain real-time information. As per the Bipartisan Policy Center, in 2018, prominent China-based AI companies, such as Baidu, Alibaba, and Tencent, collectively spent US$ 9.1 billion on R&D.
The COVID-19 pandemic has affected various industries across the globe, including the software industry, directly affecting IT and tech spending. The business shutdowns as well as cancellations and postponement of product launches across the globe have impacted the adoption of the system of insight market in 2020. However, while the market experienced fluctuations due to nationwide shutdowns in several countries and stay-at-home orders, the disruption has caused an increase in remote working. The software industry, which is considered a structural winner, has given greater digital capabilities to all industries.
Nevertheless, significant strategic initiatives by several industry players are observed in the market; for instance, in April 2020, Medallia Inc. launched the Medallia insights suite, which is a powerful combination of modern tools for insight leaders across agencies. The insight suite supports growing video communication and crowdsourcing adoption to drive growth and revenue at pace. Market players are highly inclined toward opting market strategies, such as mergers and acquisition, to maintain their position in the market.
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