The South America system of insight market is expected to grow from US$ 111.71 million in 2019 to US$ 303.01 million by 2027; it is estimated to grow at a CAGR of 13.5% from 2020 to 2027. Vigorous digital transformation in South America countries has enabled the automation of operations, mitigating human errors, and enhancing business productivity. Rising adoption of mobile devices and cloud services is one of the significant factors supporting digital transformation. Industries are swiftly transforming with advancements in cloud computing, mobile technology, social media, analytics, and other technologies. The rate of adoption of these technologies has increased in the past few years and is likely to continue to grow in the coming years. Many companies are working remotely amid the COVID-19 pandemic, and people are highly reliant on online services enabled with internet and cloud technologies. The demand for cloud infrastructure is on rise to enhance the efficiency of the virtual operations in South America. Advanced technologies have also triggered the shift from the legacy approach to the modern approach. The businesses today, demand an accurate and real-time response from Big Data analysis for the purpose of creating new products and to optimize the existing ones for gaining a competitive edge. Systems of insight solutions and services help derive insights from the huge data volumes generated from customer interactions and automated processes, and further offer the ability to apply analytics and rules on real-time data to gain the required insight. Thus, increasing investments in digitalization are propelling the digital transformation of industries, thus fueling the system of insight market growth in South America.
In South America, the Brazil has witnessed an unprecedented rise in number of COVID-19 cases, which has led to the discontinuation of the IT software development activities.The downfall of the media and technology development sector has negatively impacted the demand for system of insight during the early months of 2020.
Moreover, decline in overall telecommunication activities has led to the discontinuation of the system of insight projects. Similar trend has been witnessed in other South American countries, i.e., Argentina, Colombia and Peru. However, the countries are likely to overcome these adversities with the economic activities regaining their pace, especially in the beginning of 2021.
Based on application, the South America system of insight market is segmented into customer analytics, workforce management, operations management, sales & marketing management, risk & compliance management, and other applications.The customer analytics segment led the system of insight market based on application in 2019.
Customer analytics solutions offer businesses with effective information about customers’ behavior while interacting.This helps them understand customer buying behavior and further helps them provide personalized customer experience.
The advent of technologies—such as AI and ML and business process automation helps in simplifying the marketing operations. The customer analytics solutions are mainly implemented in the retail sector for enhancing communications and marketing operations. by Having accurate knowledge about buyers’ buying preferences helps retailers in optimizing customer experience. Rise in the customer data obtained through various sources is empowering the integration of system of insight in customer analytics solutions for catering into various business and customer requirements.
The South America system of insight market size has been derived using both primary and secondary sources.To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market.
The process also serves the purpose of obtaining overview and forecast for the South America system of insight market with respect to all the segments pertaining to the region.Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic.
The participants typically involved in this process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers—along with external consultants such as valuation experts, research analysts, and key opinion leaders—specializing in the South America system of insight market. A few of the key companies operating in the market in this region are Inetco System Limited; Medallia Inc.; Oracle Corporation; SAP SE; Signal Analytics, Inc.; SAS Institute Inc.; and Tibco Software Inc.
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