Market Trends of Insight as a Service Application Industry
BFSI Expected to Have Significant Growth
- BFSI sector is expected to have significant growth for this market. Due to new digital technologies, rapid changes in customer expectations, and emerging agile competitors, it is increasingly becoming difficult for banks to attract, retain, and upsell today’s digitally empowered customers.
- Customer intelligence and analytics for banking enables retail banks to create exceptional customer experiences that drive loyalty, differentiation, and growth. Banks can attract and acquire new customers, retain and sell more to current customers, and market segments, and drive operational costs down.
- For instance, TCS’s Customer Intelligence & Insights (CI&I) for Banking helps retail banks transition from product-centric to customer-centric enterprises, while running leaner and smarter. IT Company Mindtree is focused on helping banks and financial institutions to better engage with customers and users.
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Asia-Pacific Expected to Have Significant Growth
- Asia-Pacific is expected to witness significant growth over the forecast period and is anticipated to lead the Insight as a service application market over the forecast period. Increasing internet penetration coupled with developing technology in various economies, including China, India, and South Korea, can be attributed to high growth in this region.
- This region is expected to grow at a higher rate in the near future due to large investments being made in the data insights services to make better customer experiences and streamline the business operations. Various Industry verticals across the region are fast maturing in their aptitudes to leverage Insights-as-a-Service technology. Data-driven industries belonging to this region such as BFSI, retail & consumer goods, media & communications, and services (including Internet companies) are leading in high adoption and capitalization of their data assets.
- Countries such as Japan, China, and India are advancing due to the improving economy, which will support the growth of the regional market. Furthermore, spurting industrialization across the region is acting as a critical driving force driving the growth of the market in the area. There is a rise in ICT expenditure by the government in this region, further leading to more opportunity for the market.
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