Dublin, April 28, 2023 (GLOBE NEWSWIRE) -- The "Global Insight Engines Market by Offering (Solutions, Services), Application (Search & Discovery, Knowledge Management, Risk & Compliance Management), Technology, Deployment Mode, Organization Size, Vertical, and Region - Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.
The global market for insight engines is projected to grow from USD 1.7 billion in 2023 to USD 5.6 billion by 2028, at a CAGR of 27.1% during the forecast period. The insight engine works with cognitive systems that employ NLP to interpret unstructured data from sources including documents, blogs, engineering reports, market research, and rich media such as videos.
The insights and relevance discovered from these data sets are further refined by machine learning techniques.
The large enterprises' segment is projected to hold the largest market share during the forecast period
By organization size, the market is divided into large enterprises and small & medium enterprises. Large Enterprises invest heavily in advance technologies with an intent to enhance their productivity and efficiency. With the rising volume of data extracting exact information is a challenging task for businesses. The insight engines offers intelligent search that assists in extracting valuable insights from the data that is present across all organizations. During the forecast period, the large enterprises is anticipated to hold the largest market share.
The search and discovery segment is projected to hold the largest market share during the forecast period
Insight engines are an evolution of search technologies that offer proactive and on-demand knowledge discovery and exploration with the use of semantic and machine learning technologies. To make sure that a wide range of information is easily discoverable, they often develop a new index by crawling, indexing, and mining both internal and external data sources as well as organised and unstructured content. During the forecast period the search and discovery segment in anticipated to hold the largest share.
Among technologies, the machine learning segment is anticipated to grow at a highest CAGR during the forecast period
For more intuitive, personalized, and pertinent digital experiences, insight engines integrate machine learning, rich usage analytics, and AI-powered search capabilities. Machine Learning technology is extensively use to analysis the user behaviour and creation of relevance models that automatically learn and advance as the data, content, and user activities develop and change. The technology helps in two ways: by enhancing the search engine's general capabilities, ensuring that the user sees appropriate results based on their search queries, and by understanding the intent behind the user's search queries. During the forecast period the machine learning segment is anticipated to grow at a highest CAGR.
North America to account for the largest market size during the forecast period
During the forecast period, North America is estimated to account for the largest size of the market for insight engines. The region has been extremely open toward adopting new and innovative technologies and is expected to provide market growth opportunities to insight engine vendors. The presence of a robust innovation ecosystem that is supported by strategic investments in advanced technologies across the region drives the growth of the market. The presence of various global players and rising application of insight engines across various business verticals are fueling the adoption of insight engines solution in this region.
Market Dynamics
Drivers
- Increasing Use of Structured Data
- Growing Adoption of Insight Engines Solutions in BFSI Sector
- Demand for Enhanced and More Effective Strategic Risk Management
- Growing Demand for Advanced Search and Natural Access to In-Depth Analysis
Restraints
- Data Quality and Source Validation Issues
Opportunities
- Growing Data Volumes and Sophisticated Algorithms Raising Adoption of AI Technologies for Data Insights
- Growing Adoption of Cutting-Edge Technologies to Offer Predictive Insights for Businesses
- Rising Adoption of Data-Driven Decision-Making to Enhance Customer Experience
Challenges
- Data Security and Privacy Concerns
- Lack of Trained and Skilled Personnel
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 281 |
| Forecast Period | 2023 - 2028 |
| Estimated Market Value (USD) in 2023 | $1.7 Billion |
| Forecasted Market Value (USD) by 2028 | $5.6 Billion |
| Compound Annual Growth Rate | 27.1% |
| Regions Covered | Global |
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview and Industry Trends
6 Insight Engines Market, by Offering
6.1 Introduction
6.2 Solutions
6.2.1 Enhanced Business Operations and Operational Effectiveness to Drive Demand for Solutions
6.3 Services
6.3.1 Consulting and Training
6.3.1.1 Growing Need from Organizations to Comply with Various Labor Laws and Regulations to Drive Demand
6.3.2 Deployment and Integration
6.3.2.1 Lack of Integral Requirements to Implement Insight Engines and Need for Proficient Solutions to Drive Demand
6.3.3 Support and Maintenance
6.3.3.1 Increasing Deployment of Insight Engines Solutions to Drive Demand for Support and Maintenance Services
7 Insight Engines Market, by Application
7.1 Introduction
7.2 Risk and Compliance Management
7.2.1 Need to Enhance Business Performance, Manage Risks, and Meet Regulatory Compliance Challenges to Drive Demand
7.3 Search and Discovery
7.3.1 Rising Need for Advanced Search and Access to In-Depth Insights to Drive Demand for Insight Engine Solutions
7.4 Customer Management
7.4.1 Increased Need for Understanding Customer Behavior and Smart Customer Support to Drive Demand
7.5 Knowledge Management
7.5.1 Rising Need to Gain Insights to Make Smart and Informed Decisions to Boost Market
7.6 Other Applications
8 Insight Engines Market, by Technology
8.1 Introduction
8.2 Technology: Market Drivers
8.3 Natural Language Processing
8.3.1 Need to Comprehend Human Voices and Evaluate Languages and Data Sets to Drive Demand
8.3.1.1 Semantic Analysis
8.3.1.2 Syntactic Analysis
8.4 Machine Learning
8.4.1 Rising Need to Analyze User Behavior and Identify Relevance in Search Results to Drive Demand
8.4.1.1 Graph Database
8.4.1.2 Collaborative Filtering
8.4.1.3 Clustering
9 Insight Engines Market, by Deployment Mode
9.1 Introduction
9.2 On-Premises
9.2.1 Reliability for High-Level Control and Security, Data Protection, and Analysis Improvement to Boost Demand
9.3 Cloud
9.3.1 Low Deployment Cost and Easy Upgradability and Accessibility to Drive Demand
10 Insight Engines Market, by Organization Size
10.1 Introduction
10.1.1 Organization Size: Market Drivers
10.2 Small and Medium-Sized Enterprises
10.2.1 Intense Competition to Improve Strategic Business Decisions to Drive Demand for Insight Engines Solutions
10.3 Large Enterprises
10.3.1 Intelligent Search for Extracting Valuable Insights to Drive Demand for Insight Engines Solutions
11 Insight Engines Market, by Vertical
11.1 Introduction
11.2 Banking, Financial Services, and Insurance
11.2.1 Need to Optimize Financial Data Reporting, Risk Assessments, and Fraud Detection to Drive Market
11.3 IT and ITeS
11.3.1 Requirements to Improve Efficiency, Facilitate Innovation, and Maintain Regulatory Compliance to Drive Market
11.4 Retail and e-Commerce
11.4.1 Need to Understand Target Markets, Detect Fraud and Theft, and Enhance Customer Experience to Boost Market
11.5 Healthcare and Life Sciences
11.5.1 Rising Focus on Improving Patient Management and Experience to Drive Demand for Insight Engine Solutions
11.6 Telecom
11.6.1 Need to Automate Network Operations and Maximize Network Profitability to Propel Market
11.7 Manufacturing
11.7.1 Ability to Predict Global Supply Chain Costs and Consumer Demand to Drive Market
11.8 Government
11.8.1 Requirement for Understanding Constituent Needs and Improving Customer Service to Boost Market
11.9 Other Verticals
12 Insight Engines Market, by Region
13 Competitive Landscape
14 Company Profiles
15 Adjacent and Related Markets
16 Appendix
Companies Mentioned
- Activeviam
- Almawave
- Attivio
- Bank of England
- Celonis
- Comintelli
- Coveo
- Dun & Bradstreet
- Elastic
- Elasticsearch
- Expert.AI
- Fletch
- Forwardlane
- Fosfor
- Goop
- IBM
- Intrafind
- Lucidworks
- Microsoft
- Mindbreeze
- O9 Solutions
- Omnisearch
- Opentext
- Oracle
- Pecan AI
- Plexus Law
- Prevedere
- Progress
- Raffle.AI
- Rampfy
- SAP
- Searchblox
- Sinequa
- Squirro
- Squiz
- Stravito
- Tecnotree
- Turing Labs
- University of North Dakota
- Upland Software
- Veritone
- Vodafoneziggo
- Xfind
For more information about this report visit https://www.researchandmarkets.com/r/fucug0
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