Global Insight Engines Market Size, Share & Industry Trends Analysis Report By Technology, By Application, By Component (Solution and Services), By Deployment Type, By Organization Size, By Vertical, By Regional Outlook and Forecast, 2023 - 2029
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Get in-depth analysis of the COVID-19 impact on the Insight Engines Market
Market Report Description
The Global Insight Engines Market size is expected to reach $6.6 billion by 2029, rising at a market growth of 25.4% CAGR during the forecast period.
The use of insight engines for gathering useful information from vast quantities of complex and diverse data sources. It employs the principles of natural language processing, which enables businesses to communicate with customers and comprehend their needs. A wider variety of technologies are utilized by an insight engine to use all available data sources. These may be internal or external, organized or unorganized sources. It facilitates the delivery of consumer insights and enhances the quality and scope of the inquiry, allowing businesses to make better decisions.
Developing technologies, such as natural language processing and chatbots, are becoming an increasingly common occurrence in the modern workplace as a result of an increase in the prevalence of the use of these systems by organizations. In order to gather information, capture and consolidate existing knowledge, and find correlations between widely dispersed information, these systems use techniques from artificial intelligence. The end result is that they are able to deliver detailed insights.
Insight engines are those that use pertinent or suitable techniques to construct, evaluate, organize, and finally arrange data in a particular order. This makes it possible to transfer current or synthesized data in the context of digital employees, end-consumers, or stakeholders in a proactive or highly interactive manner at particular commerce moments.
Whether the data or information is structured or unstructured will have a significant impact on the quality and value of the data or information used to produce valuable insights, which is projected to propel the development of the insight engine market. Structured data consists of clearly defined data types that are organized or arranged into searchable fields whose patterns can be easily queried.
COVID-19 Impact Analysis
During COVID-19, insight engines gained momentum as one of the top knowledge discovery alternatives for enterprise search. The market has witnessed a significant increase in enterprise application-generated data. As a result, significantly more time was spent developing meaningful insights for business decision-making. To advertise their insight engine during the COVID-19 pandemic, major market vendors introduced cutting-edge products with industry-specific and post-pandemic search capabilities, which further aided the market to grow in the pandemic.
Market Growth Factors
Increasing use of insight engines in the BFSI industry
By scanning social media and using Natural Language Processing to analyze conversations about their services and strategy, banks and other financial institutions are also using insight engines to locate and parse customer sentiment. With the ability to access crucial and segregated data, financial services analysts may create reports with greater accuracy and provide customers and internal decision-makers with better guidance. Personalizing banking services with data enhance client engagement and boosts earnings. Thus, with the increasing dependency of the BFSI sector on insight engines, is expected to aiding the insight engines market’s growth with the rise in the sector.
Search engines' increasing understanding of context and complex query
By consulting experts to uncover solutions and evaluate novel ideas, expediting compliance, and enhancing customer service, businesses may profit from this search function. Insight engines are utilized by numerous company divisions, units, and departments. As it might offer a network of support to help users overcome obstacles, prepare and present data carefully suited to each user's demands, and satisfy the requirements of numerous departments, workers, and applications. Hence, with the engine's increasing capability to understand the context and complex query joined with other factors, the market is expected to grow in the projected period.
Market Restraining Factors
Problems with data quality and source verification
Inadequate source validation and poor data quality could result in substantial fines for data security violations and a loss of customers, market share, and revenue. Data source validation capabilities, better data quality, and the requirement for highly protected access control, all of which must be configured per the organization's laws and regulations, are prerequisites for using insight engines. Data silos result from the use of unstructured and structured data and the involvement of numerous stakeholders, such as data stewards, custodians, and security teams. As a result, problems with data address quality and validation may severely restrict the market's expansion for insight engines.
Based on component, the insight engines market is segmented into solution and services. The solution segment dominated the insight engines market with maximum revenue share in 2022. This is because these solutions provide comprehensive performance indicators, including ROI analysis reports. Their main objective is to provide information about customer interactions with websites and applications to identify effective content. The centralized interface of the platform provides simpler overviews and reports. The system integrates with other applications, such as CRMs and POS systems, to provide comprehensive consumer behavior overviews.
On the basis of application, the insight engines market is divided into search & discovery, customer management, knowledge management, risk & compliance management and other applications. The search & discovery segment procured a substantial revenue share in the insight engines market in 2022. This is due to its capability that enables users to locate, comprehend, and have confidence in the facts they need to make data-driven decisions. Numerous contemporary businesses are based on their ability to use data to make intelligent and timely decisions. Traditional enterprise search, however, has proven incapable of meeting the needs of the modern knowledge worker.
By technology, the insight engines market is classified into natural language processing and machine learning. The machine learning segment witnessed the largest revenue share in the insight engines market in 2022. This is due to the fact that using machine learning algorithms, data can be analyzed to identify trends, make predictions, and suggest recommendations. In addition, using machine learning algorithms such as collaborative filtering, clustering, and similarity calculation, insight engines can determine the relevance of search results and match them to search queries, which is further boosting the segment's expansion.
Deployment Type Outlook
Based on the deployment Type, the insight engines market is bifurcated into cloud and on-premises. The on-premises segment procured a prominent revenue share in the insight engines market in 2022. This is due to the fact that during an on-premise deployment, the solution is set up on the servers of a business and protected by a firewall. To use on-premise software, a company must have bought a license or a copy of the application. The software is licensed, and the complete instance is kept on-site at an enterprise, so there is often stronger security than with a cloud computing infrastructure.
Organization Size Outlook
On the basis of organization size, the insight engines market is classified into large enterprises and small and medium enterprises. The large enterprises segment dominated the insight engines market with maximum revenue share in 2022. The growth is attributed to the fact that large businesses are the majority of insight engines' users. Although most businesses are drowning with data, they long for insights. To find and analyze data for digital power efforts, insight engines, which mix machine learning and AI, have experienced tremendous development. These companies have substantial resources to invest in these treatments.
By vertical, the insight engines market is segmented into banking, financial services, & insurance, IT & ITeS, retail & ecommerce, healthcare & life sciences, telecom, manufacturing, government and other verticals. The IT & ITeS segment recorded a significant revenue share in the insight engines market in 2022. This is because building an insights engine for an IT & ITeS business has several benefits, ranging from organization to efficiency. With nsights engine, a project's success chances significantly increase. In addition, teams inside a company often operate more efficiently after using an insights engine because it is easier to access historical data and to more clearly see the steps to take to produce the desired results.
|Market size value in 2022||USD 1.4 Billion|
|Market size forecast in 2029||USD 6.6 Billion|
|Historical Period||2019 to 2021|
|Forecast Period||2023 to 2029|
|Revenue Growth Rate||CAGR of 25.4% from 2023 to 2029|
|Number of Pages||377|
|Number of Table||654|
|Report coverage||Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Competitive Landscape, Companies Strategic Developments, Company Profiling|
|Segments covered||Component, Technology, Application, Vertical, Organization size, Deployment Mode, Region|
|Country scope||US, Canada, Mexico, Germany, UK, France, Russia, Spain, Italy, China, Japan, India, South Korea, Singapore, Malaysia, Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria|
Region-wise, the insight engines market is analyzed across North America, Europe, Asia Pacific, and LAMEA. The North America region witnessed the largest revenue share in the insight engines market in 2022. This is due to the highest adoption of cutting-edge technologies like chatbots, voice recognition, and natural language processing, in the North America region. The market for insight engines in this area is expanding as a result of a number of causes. These include the development of the IoT, the exponential growth of big data, and the decreased cost of ownership of cloud-based platforms.
Free Valuable Insights: Global Insight Engines Market size to reach USD 6.6 Billion by 2029
KBV Cardinal Matrix - Insight Engines Market Competition Analysis
The major strategies followed by the market participants are Partnerships. Based on the Analysis presented in the Cardinal matrix; Microsoft Corporation is the forerunner in the Insight Engines Market. Companies such as IBM Corporation, SAP SE, and Oracle Corporation are some of the key innovators in Insight Engines Market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Microsoft Corporation, IBM Corporation, OpenText Corporation, SAP SE, Oracle Corporation, Elastic N.V., expert.ai S.p.A., Almawave S.p.A. (Almaviva S.p.A), Mindbreeze GmbH, and Squirro AG.
Recent Strategies Deployed in Insight Engines Market
» Partnerships, Collaborations and Agreements:
- Nov-2022: Squirro has partnered with Semantic Web Company to create a composite AI platform. The partnership places Squirro as a market leader in predictive AI.
- Oct-2022: Oracle has partnered with NVIDIA to integrate NVIDIA AI with Oracle Cloud Infrastructure. The combined capabilities of both companies will serve customers across various industries.
- May-2022: Oracle has partnered with Informatica to combine Informatica's governance and data integration with Oracle Cloud Infrastructure (OCI). The combined capabilities of the two companies will benefit the customers by simplifying moving to OCI and providing a common management platform across all the data structures.
- Apr-2022: Squirro has entered into a partnership with FPT software to offer end-to-end augmented intelligence solutions. The two companies will combine their capabilities to serve customers across various industries. FPT will integrate Squiro's solutions with its product portfolio. The partnership aids Squirro in strengthening its position and expanding across various markets globally.
- Feb-2022: Microsoft has partnered with Teradata to combine Teradata Vantage platform with Microsoft Azure. The partnership aims at enabling the different companies to take data-driven decisions quicker.
- Nov-2021: IBM has partnered with NeuReality. The main aim of the partnership is to develop AI interference platforms for delivering power consumption improvements and cost improvements ultimately creating an infrastructure that is more accessible and streamlined.
- Oct-2021: IBM has teamed up with Apptio, Inc. to enhance cloud technology decision-making. By combining the expertise of both companies, IBM will be able to design a better offering for their client.
» Product Launches and Product Expansions:
- Feb-2023: Microsoft has unveiled a new version of Bing. The new version features GPT 3.5 AI. The new Bing can search queries with the latest information. The updated version also features 'Chat' and 'Compose', Chat feature allows the users to summarize the context, and 'Compose' allows the users to generate the text based on the summary.
- Nov-2022: Squirro has launched the 'Allocators Insight' app. The app will be used to assign strategy data to users, The app features Squirro's insight engine. The app provides useful information regarding fluctuations in the market to users when making investment decisions. The app features machine learning and language processing to find the correct information across a large array of data. The app also features dashboards that facilitate automatic tracking of allocators that users wish to monitor.
- Feb-2022: OpenText unveils OpenText Insight Predict. Insight prediction displays the best paragraph in a document that facilitates greater efficiency. It also features a contextual diversity algorithm that removes the risk of missing relevant documents.
» Mergers and Acquisitions:
- Feb-2023: OpenText took over Micro Focus. The acquisition allows OpenText to integrate Micro Focus' offerings with its product portfolio thereby creating better offerings for customers.
- Oct-2022: Oracle buys Newmetrix to integrate their AI-powered construction safety suite with Oracle Aconex. The acquisition will aid Oracle in serving its construction customers better.
- Jul-2022: SAP took over Askdata, a startup focused on search-driven analytics. The acquisition aids SAP in providing AI-driven search solutions to its customers to help them make better decisions. Askdata acquisition allows SAP to address the needs of a larger array of consumers.
- Oct-2021: Elastic took over Optimize. The acquisition allows Elastic to serve its customers in better ways by improving the ability to detect reason in complex distributed environments. The acquisition also allows Elastic to unify the capabilities of both companies into a single search platform namely, Elastic search platform.
- Apr-2021: IBM acquires MyInvenio. The acquisition allows IBM to integrate MyInvenio's technology into its Cloud Pak platform. The acquisition serves as a builder of IBM's automation strategy.
- Mar-2021: SAP SE has acquired Signavio GmbH, a leader in the enterprise business process intelligence and process management space. The acquisition allows SAP to provide business transformation solutions to their customers including gap analysis, process design, and process change management. This acquisition also places SAP as a leading player in the market.
» Geographical Expansions:
- Apr-2023: Oracle has opened a second cloud region in Singapore due to increasing demand for its cloud infrastructure. The new facility offers the customers a choice to move their infrastructure for better performance. Customers will also be provided with a broad range of services to innovate with data analytics with AI.
Scope of the Study
Market Segments Covered in the Report:
- Machine Learning
- Nature Language Processing
- Customer Management
- Search & Discovery
- Knowledge Management
- Risk & Compliance Management
By Deployment Type
By Organization Size
- Large Enterprises
- Small & Medium Enterprises
- IT & ITeS
- Retail & Ecommerce
- Healthcare & Lifesciences
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Saudi Arabia
- South Africa
- Rest of LAMEA
Key Market Players
List of Companies Profiled in the Report:
- Microsoft Corporation
- IBM Corporation
- OpenText Corporation
- SAP SE
- Oracle Corporation
- Elastic N.V.
- expert.ai S.p.A.
- Almawave S.p.A. (Almaviva S.p.A)
- Mindbreeze GmbH
- Squirro AG
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North America Insight Engines Market Report 2023-2029
Europe Insight Engines Market Report 2023-2029
Asia Pacific Insight Engines Market Report 2023-2029