Oct 31, 2024

Posted on Microsoft (US), IBM (US), OpenText (Canada), SAP (Germany), Oracle (US), Elastic (US), Expert.ai (Italy), Almawave (Italy), Mindbreeze (Austria), Squirro (Switzerland), Sinequa (France), Coveo (Canada), Lucidworks (US), SearchBlox (US), Attivio (US), o9 Solutions (US), Celonis (US), Squiz (Australia), IntraFind (Germany), Fletch (US), Veritone (US), Progress (US). Insight Engines Market by Offering (Solutions and Services), Application (Search and Discovery, Knowledge Management, and Risk and Compliance Management), Technology, Deployment Mode, Organization Size, Vertical and Region – Global Forecast to 2028. The insight engines market is projected to expand from USD 1.7 billion in 2023 to USD 5.6 billion by 2028, with a CAGR of 27.1% over the forecast period. Insight engines streamline business workflows by providing easy access to historical data and helping visualize steps to achieve desired outcomes. By integrating search functionality with machine learning, insight engines deliver valuable data for machines and insightful information for users, enabling businesses to provide timely, actionable insights. IT and ITeS segment to account for higher CAGR during the forecast period The market for insight engines is bifurcated into BFSI, IT and ITeS, Retali and eCommerce, Healthcare and Life Sciences, Manufacturing, Government, Telecom, and Other verticals. Organisations are primarily concentrating on the optimum use of data because of the rise in computational capabilities brought  by the Al engine. To support the rising company landscape, better decision-making is now necessary due to the growing market competitiveness. When it comes to developing business plans based on consumer behaviour and shifting market trends, insight engines have been found to be helpful for a variety of industry verticals. During the forecast period, the IT and ITeS segment is anticipated to grow at a highest CAGR. Machine Learning to hold largest market share during the forecast period The market for insight engines is bifurcated based on technology into machine learning and natural language processing. The insight engines market incorporates artificial intelligence technology and have the potential to disturpt the way businesses search for data. Insights engines intended  to bring modern knowledge discovery approaches to companies’ private data using the latest technological advances. During the forecast period, the machine learning segment is expected to hold the largest market share. Asia Pacific to exhibit the highest CAGR during the forecast period The CAGR of Asia Pacific is estimated to be highest during the forecast period. The market demand insight engines is estimated to expand due to the rising demand for relevant and more personalized search experiences. The increasing investments among startups and the adoption of advanced technologies among verticals would drive the demand for insight engines solutions across the region. Unique Features in the Insight Engines Market Insight engines incorporate advanced Natural Language Processing (NLP) techniques, allowing users to interact with data in a more intuitive manner. By understanding and interpreting human language, these engines enable users to pose queries in natural language and receive relevant insights without needing to understand complex query languages or data structures. A key feature of insight engines is the integration of machine learning algorithms, which analyze historical data patterns to uncover trends and provide predictive insights. By continuously learning from user interactions and data inputs, these engines can improve their accuracy and relevance over time, enabling organizations to make informed decisions based on dynamic data landscapes. Insight engines can seamlessly integrate data from various sources, including databases, cloud services, and enterprise applications. This capability allows organizations to aggregate and analyze diverse data sets, providing a comprehensive view of operations and market conditions. Many insight engines feature real-time data processing capabilities, enabling organizations to access and analyze data as it becomes available. This immediacy is critical for businesses that require timely insights to respond to changing market conditions, customer behavior, or operational challenges. Insight engines often come equipped with user-friendly dashboards and visualization tools that present data in intuitive formats. These visualizations help users quickly comprehend complex information, identify patterns, and derive actionable insights. Major Highlights of the Insight Engines Market The insight engines market is witnessing substantial growth, with increasing investments from organizations looking to leverage data for competitive advantage. As businesses recognize the importance of data-driven decision-making, the demand for insight engines is rising. A key highlight of the insight engines market is the growing emphasis on data-driven decision-making across industries. Organizations are increasingly relying on insights derived from vast amounts of data to inform strategic planning, optimize operations, and enhance customer experiences. The integration of AI and machine learning technologies is transforming the capabilities of insight engines. These technologies enhance the engines’ ability to analyze complex datasets, identify patterns, and generate predictive insights. Insight engines are increasingly being utilized to enhance customer experience by providing organizations with a better understanding of customer behaviors and preferences. By analyzing customer data, these engines help businesses tailor their products and services to meet customer needs, leading to higher satisfaction and loyalty. The trend toward cloud-based solutions is a major highlight in the insight engines market. Cloud deployment offers scalability, flexibility, and cost-effectiveness, making it easier for organizations to implement and manage insight engines. Top Companies in the Insight Engines Market Major vendors in the global insight engines market are Microsoft (US), IBM (US), OpenText (Canada), SAP (Germany), Oracle (US), Elastic (US), Expert.ai (Italy), Almawave (Italy), Mindbreeze (Austria), Squirro (Switzerland), Sinequa (France), Coveo (Canada), Lucidworks (US), SearchBlox (US), Attivio (US), o9 Solutions (US),  Celonis (US), Squiz (Australia), IntraFind (Germany), Fletch (US), Veritone (US), Progress (US), Upland Software (US), ForwardLane (US), Tecnotree (Finland), Comintelli (Sweden), Activeviam (US), Dun & Bradstreet (US), Prevedere (US), Stravito (Sweden), xFind (Israel), Turing Labs (US), Rampfy (Brazil), Raffle.ai (Denmark), Pecan AI (Israel), Omnisearch (Canada), and Fosfor (India). Elastic (US) is one of the leading platforms for search-powered solutions, enabling businesses, employees, and customers to locate what they need more quickly while preventing cyberattacks and keeping applications functioning smoothly. The company improves customer and employee search experiences, maintains mission-critical applications’ efficient operation, and guards against cyber threats with solutions in enterprise search, observability, and security. Elastic, which is delivered wherever data resides in one cloud, across several clouds, or on-premises, enables more than 17,000 customers, including Netflix, Uber, Slack, and Microsoft, as well as more than 50% of the Fortune 500, to achieve new heights of success at scale and on a single platform. It has a geographical presence in the Americas, Europe, the Middle East & Africa, and the Asia Pacific. Coveo (Canada) designs intelligent enterprise search and predictive insights platform that helps businesses unlock search power to optimize performance. Its platform enables businesses to fully utilize the value of their intellectual property and equip their employees with unified and secure knowledge access. It securely connects and unifies information from across on-premise and cloud applications. It automatically suggests relevant information, experts, products, and services to customers as they self-serve and employees as they work. It also personalizes every digital experience for customers, partners, dealers, and employees. It combines unified search, analytics, and machine learning to deliver relevant information and recommendations across every business interaction, making websites, eCommerce, contact centers, and intranets effortless and efficient. Coveo partners with the biggest enterprise technology players in the world and has more than 1,500 activations in mid-to-large-sized global organizations across various industries. OpenText (Canada) is a market leader in information management, assisting businesses with the secure collection, control, and international exchange of information. For clients ranging from small and medium-sized businesses to the largest and most organizations, OpenText provides solutions to digital business challenges. It enables tackling the most complex digital transformation programs with confidence. It empowers its customers to organize, integrate, and safeguard data and content as it flows through business processes inside and outside their organization with the world’s most comprehensive and integrated information management platform. In August 2022, the company acquired a UK-based software company named Micro Focus. With this acquisition, OpenText intended to help enterprise professionals to secure their operations, gain more insight into their information, and better manage an increasingly hybrid and complex digital fabric with a new generation of tools, including cybersecurity, digital operations management, applications automation, and advanced analytics and AI. Media Contact