Insight engines market size is projected to grow at a CAGR of 24.5% during the forecast period
The global insight engines market size is expected to grow from USD 735.2 million in 2018 to USD 2,197.4 million by 2023, at a Compound Annual Growth Rate (CAGR) of 24.5% during the forecast period. The need for advanced search and access for in-depth insights is one of the key factors fueling the growth of this market. The rising significance of Artificial Intelligence (AI) technology for data insights, and predictive insights for businesses are expected to fuel the growth of insight engines. As a result, it would provide growth opportunities for the market. However, integrating insight engines tools with the existing system using the right approach, and validating data quality and data source are the major restraining factors that limit the growth of the insight engines market.
Tools segment is expected to hold the largest market size during the forecast period
Organizations are looking forward to adopting robust enterprise solutions to make their business processes agile and improve their workforce collaborations. However, due to inadequate infrastructure, big data is becoming a challenge for them. Moreover, discovering and providing the right information at the right time, and understanding customers’ requirements are the other challenges faced by organizations. To deal with these issues, insight engines play a key role. The insight engine is developed using AI-based intelligent analysis technology, and provides an enterprise search option. It uses Natural Language Processing (NLP), Machine Learning (ML), custom annotation, and relevance training. As the volume of data generated and collected by enterprises increased, organizations started using insight engine platforms to consider their enterprise data holistically, and improve their business processes. Insight engine works as a bridge between machine data and users, and enables communication in a user-friendly language by converting the machine language into human-friendly language. Moreover, the proliferation of data, amounting to big data, has forced IT companies, such as IBM, Microsoft, Coveo, and Mindbreeze, to develop and design insight engine platforms to help knowledge workers in information searching.
APAC is projected to grow at the highest rate during the forecast period
The insight engines market growth in the Asia Pacific (APAC) region is gaining momentum and is expected to grow at the highest rate in the coming years. The rising awareness of having in-depth insights and advance search, and focusing on improving overall customer service are important to maintain key competitive differentiation and revenue growth. The adoption of connected devices is increasing in this region, which can be attributed to the development and implementation of 3G and 4G networks. Furthermore, advanced network connectivity has led to a rise in the number of smartphone users. According to the Cisco VNI analysis, APAC is expected to account for 47% of the global mobile traffic by 2021. Similarly, the regional share of smart devices and connections would reach 81% by 2021. Moreover, many of the telecom companies are actively working on 5G trials, and it is expected to be implemented by 2020. Therefore, these changes have resulted in the generation of massive amounts of data, which would enhance the adoption of insight engine solutions in the near future. In addition, major economies in APAC, such as India, Singapore, Malaysia, Japan, South Korea, and Australia, are adopting the cloud technology.
In the process of determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews were conducted with key people.
The break-up of the profiles of the primary participants is given below:
- By Company: Tier 1: 22%, Tier 2: 30%, and Tier 3: 48%
- By Designation: C-level: 30%, Director level: 45%, and Others: 25%
- By Region: North America: 45%, Europe: 25%, APAC: 22%, and MEA: 8%
The report segments the insight engines market based on components, which are further segmented into tools and services. Under insight engines platform, the tools segment includes modules such as search engine, indexing, analysis, data governance, data security, AI algorithms, and reporting and visualization. The services segment is further segmented into managed and professional. The professional services segment in the report is further segmented into support and maintenance, consulting services, and deployment and integration. Based on deployment types, the market is segmented into on-premises and cloud. Under organization size, it is segmented into Small and Medium-sized Enterprises (SMEs) and large enterprises. Furthermore, under industry verticals, the report covers retail and eCommerce; government; healthcare; energy and utilities; IT and telecom; manufacturing; media and entertainment; Banking, Financial Services, and Insurance (BFSI); and others (travel and hospitality, transportation and logistics, and education). The regions are segmented into North America, Europe, APAC, Middle East and Africa (MEA), and Latin America.
Reasons To Buy the report
The report will help the leaders/new entrants in this market in the following ways:
- This report segments the insight engines market comprehensively and provides the closest approximations of the revenue numbers for the overall market and subsegments across different industry verticals and regions.
- The report helps stakeholders understand the pulse of the market and provides them with information on the key market drivers, restraints, challenges, and opportunities.
- This report will help stakeholders better understand the competitors and gain more insights to enhance their position in the business.
- The competitive landscape section includes new product launches/developments; partnerships and collaborations; mergers and acquisitions; and expansions.