Market Trends of System of Insights Industry
This section covers the major market trends shaping the System of Insights Market according to our research experts:
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.
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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).
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