Redding, California, June 13, 2023 (GLOBE NEWSWIRE) -- According to a new market research report titled, ‘Insight Engines Market by Component (Solutions, Services], Application, Organization Size, Deployment Mode, End-use Industry and Geography - Global Forecast to 2030,’ the global insight engines market is projected to reach $9.1 billion by 2030, at a CAGR of 25% from 2023 to 2030.
An insight engine called cognitive search or enterprise knowledge discovery and management is an enterprise platform that makes key enterprise insights accessible to users when needed. It combines search with machine learning capabilities to provide useful information and machine data. An insight engine aims to provide timely data that delivers actionable insights. These engines find, analyze, link, and extract information from different data sources. To realize rapid, resource-efficient access to corporate data, insight engines automatically combine all information from various corporate data sources such as specialist applications, intranet, cloud, and CRM systems into a knowledge base.
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The growth of this market is driven by the increasing need for data-driven decision-making for businesses, the growing demand for smart & timely recommendations for customers, and the increasing proliferation of insight engines in the BFSI sector. The growing demand for effective customer experience management & engagement and the increasing demand for cloud-based insight engines are expected to offer significant growth opportunities for the stakeholders in the insight engines market. The reliability & accuracy of results may restrain the market's growth to a certain extent. Furthermore, data security & privacy concerns are expected to pose challenges to the growth of the insight engines market.
The global insight engines market is segmented by component (solutions and services [consulting & training, deployment & integration, and support & maintenance]), application (workforce management, customer experience management, risk & compliance management, sales & marketing management, operation management, and other applications [search & discovery and knowledge management]), organization size (large and small and mid-sized enterprises), deployment mode (cloud-based and on-premise deployments), and end-use industry (IT & telecommunications, BFSI, healthcare & life sciences, retail & e-commerce, manufacturing, government & public sector, media & entertainment, and other end-use industries [automotive and oil & gas]). The study also evaluates industry competitors and analyzes the market at the regional and country levels.
Based on component, the global insight engines market is segmented into solutions and services. In 2023, the solutions segment is expected to account for the larger share of the global insight engines market. The large market share of this segment is attributed to the growing demand for insight engine tools to search, discover, and analyze both structured and unstructured data; the growing popularity of cloud-based insight engines; the increasing need for effective data presentation in businesses; and surge in demand for insight engines for retrieving information from multiple sources and extracting insights from this data. However, the services segment is projected to register the highest CAGR during the forecast period.
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Based on application, the global insight engines market is segmented into workforce management, customer experience management, risk & compliance management, sales & marketing management, operation management, and other applications. In 2023, the customer experience management segment is expected to account for the largest share of the global insight engines market. The large market share of this segment is attributed to the increasing need to deliver a better customer experience by assuring ease of use, quick intelligence, and a broad scope of searches through insight engines and increasing proliferation of predictive analytics solutions for better customer experience. This segment is also projected to register the highest CAGR during the forecast period.
Based on deployment mode, the global insight engines market is segmented into cloud-based deployment and on-premise deployment. In 2023, the cloud-based deployment segment is expected to account for the larger share of the global insight engines market. The large market share of this segment is attributed to the growing benefits offered by highly sophisticated cloud-based insight engines such as data security, privacy, reliability, and centralized storage systems, growing demand for secure cloud-based insight engine solutions, and increasing need to store and analyze and retrieve business insights through cloud platforms. Additionally, this segment is also expected to register the highest CAGR during the forecast period.
Based on end-use industry, the global insight engines market is segmented into IT & telecommunications, BFSI, healthcare & life sciences, retail & E-commerce, manufacturing, government & public sector, media & entertainment, and other end-use industries. In 2023, the BFSI segment is expected to account for the largest share of the global insight engines market. The large market share of this segment is attributed to the increasing deployment of insight engines to find and analyze customer sentiments, the rising need to compile accurate reports and provide better recommendations to customers and internal decision-makers with the ability to get essential data, and the increasing need to customize banking operations. Additionally, this segment is expected to register the highest CAGR during the forecast period. Insight engines can assist in risk management by analyzing large volumes of financial data, market trends, and regulatory information. By applying advanced analytics and machine learning algorithms, insight engines can help identify potential risks, fraud patterns, and anomalies in real-time, allowing financial institutions to take proactive measures and mitigate risks effectively.
Based on geography, the global insight engines market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2023, North America is expected to account for the largest share of the global insight engines market. This market's large share is attributed to well-established insight engines solution & service providers, growing adoption of emerging technologies such as natural language processing, voice recognition techniques, and virtual assistants & chatbots, and increasing deployments of insight engines across various large enterprises.
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However, Asia-Pacific is projected to register the highest CAGR during the forecast period. The high growth of this region is driven by the increasing adoption of insight engines in businesses across China, Japan, India, and South Korea, the growing presence of insight engines solution & service providers across the region, and the increasing adoption of machine and deep learning technologies to retrieve data and drive insights to enhance customer services. Moreover, the surge in the significance of AI technologies for data and predictive insights for businesses will boost the beneficial opportunities for the insight engines market growth.
The key players operating in the global insight engines market are Microsoft Corporation (U.S.), International Business Machines Corporation (U.S.), Oracle Corporation (U.S.), Google LLC (a subsidiary of Alphabet, Inc.) (U.S.), SAP SE (Germany), OpenText Corporation (Canada), Celonis SE (Germany), Upland Software, Inc. (U.S.), Progress Software Corporation (U.S.), Lucidworks, Inc. (U.S.), ServiceNow, Inc. (U.S.), Forwardlane, Inc. (U.S.), SearchBlox Software, Inc.(U.S.), Coveo Solutions Inc. (U.S.), and o9 solutions Inc. (U.S.).
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Scope of the Report:
Insight Engines Market, by Component
- Solutions
- Services
- Consulting & Training
- Deployment & Integration
- Support & Maintenance
Insight Engines Market, by Application
- Workforce Management
- Customer Experience Management
- Risk & Compliance Management
- Sales & Marketing Management
- Operation Management
- Other Applications (Search & Discovery and Knowledge Management)
Insight Engines Market, by Organization Size
- Large Enterprises
- Small & Mid-sized Enterprises
Insight Engines Market, by Deployment Mode
- Cloud-based Deployment
- On-premise Deployment
Insight Engines Market, by End-use Industry
- IT & Telecommunications
- BFSI
- Healthcare & Life Sciences
- Retail & E-commerce
- Manufacturing
- Government & Public Sector
- Media & Entertainment
- Other End-use Industries (Automotive and Oil & Gas)
Insight Engines Market, by Geography
- North America
-
- U.S.
- Canada
-
- Europe
-
- Germany
- U.K.
- France
- Italy
- Spain
- Rest of Europe
-
- Asia-Pacific
-
- China
- Japan
- India
- South Korea
- Rest of Asia-Pacific
-
- Latin America
- Middle East & Africa
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