New York, NY, July 26, 2023 (GLOBE NEWSWIRE) -- Polaris Market Research has published a new research report titled “Insights Engine Market Share, Size, Trends, Industry Analysis Report, By Component (Software, Services); By Deployment (Cloud, On-premise); By Enterprise Size; By Application; By Vertical; By Region, And Segment Forecasts, 2023 - 2032” in its research database.
“As per the latest research analysis, the global insights engine market size/share will be valued at roughly USD 1.55 Billion in 2022, and its revenue is projected to reach about USD 14.74 Billion By 2032. The market is forecasted to expand at a compound annual growth rate of approximately 25.3% between 2023 and 2032.”
What are Insights Engines? How Big is Insights Engine Market Size & Share?
- Overview
An insight engine, also known as cognitive search or business knowledge discovery and management, is a company platform that makes essential enterprise insights available to users when needed. It combines search and machine learning capabilities to deliver information to consumers and data to machines. An insight engine aims to give timely data that provides actionable insights.
Moreover, insights engine market demand is increasing as it drives industry growth by offering excellent value through personalized client experiences. Leveraging artificial intelligence, big data, and machine learning, these innovative platforms act as strategic resources for enterprises to provide outstanding digital experiences to their customers. Also, businesses use top-notch tools like Natural Language Question Answering (NLQA) and Natural Language Processing (NLP) to produce seamless human-like connections that make incredibly pleasant customer results.
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(The sample of this report is readily available on request. The report sample contains a brief introduction to the research report, a Table of Contents, a Graphical introduction of regional analysis, Top players in the market with their revenue analysis, and our research methodology.)
Our Sample Report Covers:
- 2032 Updated Report Introduction, Overview, and In-depth industry analysis.
- 110+ Pages Research Report (Inclusion of Updated Research).
- Provide Chapter-wise guidance on Requests.
- 2023 Updated Regional Analysis with Graphical Representation of Size, Share & Trends
- Includes Updated List of tables & figures.
- Updated Report Includes Top Market Players with their Business Strategy, Sales Volume, and Revenue Analysis.
Some of the Top Market Leaders Are:
- Elasticsearch
- International Business Machines Incorporation
- Mindbreeze
- Open Text Corporation
- Expert.AI
- Attivio
- Coveo
- Sinequa
- Squirro AG
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Prominent Growth Driving Factors
- Growing adoption of digital technologies: By providing actionable insights, insight engines play a crucial role in assisting organizations in maximizing the value of their data. They are useful resources for companies in various industries due to their integration of search and machine learning skills, and therefore, the insights engine market size is expanding quickly.
- Delivers timely and relevant data: By using advanced search algorithms and machine learning approaches, these platforms can examine and understand huge volumes of data from different sources such as databases, documents, websites, and unstructured information like graphics and videos. They can then extract significant patterns and trends from the data, and relationships, allowing users to make knowledgeable decisions and take proper actions.
- Improving decision-making capabilities: Insights engine market growth is expanding as it improves businesses' overall decision-making capacities by creating insights and distributing them to stakeholders at the right time. They enable customers to utilize the power of data to push their business ahead by synthesizing and delivering information in an easily understandable and usable style.
Top Findings of the Report
- The increased demand for data-driven decision-making for organizations and smart and quick suggestions for customers is driving the expansion of the insights engine industry.
- The insights engine market segmentation is mainly based on deployment, component, enterprise size, vertical, application, and region.
- North America dominated the market with a significant market share in 2022.
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Top Trends Influencing the Market
- Generates business predictions: Machine learning and deep learning are used by insight engines to provide business predictions and scenario developments. Firms can address various business difficulties by employing predictive analytics and getting insights into future patterns. Insight engines enable firms to make educated decisions and take proactive measures by leveraging these smart technologies.
- Personalized and proactive information: Insight engines use technology that continuously examines different work techniques to determine the significance of particular pieces of data. The frequency and context in which specific information is accessed are considered when determining its importance. This analysis aids in preparing data for the targeted use case, user, and department, enabling personalized and proactive information distribution, and raising the insights engine market demand.
Segmental Analysis
- Software Sector Accounts for the Highest Market Share
Increasing investments, the demand for quicker and more accurate insights, and developments in artificial intelligence and machine learning technologies drive sectors to dominate the market. The software market is anticipated to continue growing in the years to come as businesses continue to see the value of insight engines in maximizing the power of data.
Furthermore, the services segment is also anticipated to develop consistently during the study. It includes various services like implementation, deployment, support, and integration of the insight engines. Vendors offer these services either separately or in conjunction with their products.
- Customer Experience Sector Holds Significant Market Share
During the forecast period, the customer experience management segment is anticipated to account for a sizeable portion of the insights engine market share. This is because it has a big effect on raising the quality of the client experience.
Furthermore, insight engines use artificial intelligence approaches to glean useful insights from organized and unstructured data, enabling businesses to comprehend client needs, spot trends, and proactively resolve client issues. Companies may become more responsive and agile thanks to real-time insights, improving customer experience.
Insights Engine Market: Report Scope & Segments
| Report Attribute | Details |
| Revenue Forecast in 2032 | USD 14.74 Billion |
| Market size value in 2023 | USD 1.94 Billion |
| Expected CAGR Growth | 25.3% from 2023 – 2032 |
| Base Year | 2022 |
| Forecast Year | 2023 – 2032 |
| Top Market Players | Elasticsearch, International Business Machines Incorporation, Mindbreeze, Open Text Corporation, Expert.AI, Attivio, Coveo, Google, Sinequa, and Squirro AG |
| Segments Covered | By Component, By Deployment, By Enterprise Size, By Application, By Vertical, By Region |
| Customization Options | Customized purchase options are available to meet any research needs. Explore customized purchase options |
Geographical Overview
North America: The expansion of IoT, widespread adoption of cloud-based platforms across many industries, cost advantages of these platforms, and the region's substantial adoption of advanced technology are all factors contributing to its rise. The North American region's ability to use insight engines' capacities to analyze data, gain useful insights, and improve consumer experiences across many industries propels it to its current position.
Asia Pacific: Through the projected time, the insights engine market in Asia Pacific is predicted to experience the fastest growth. Leading firms in the area aggressively invest in growing their product lines and establishing alliances. The dominance of local players is shaped by China's technological prowess and regulatory environment while rising countries like India present possibilities for expansion.
Browse the Detail Report “Insights Engine Market Share, Size, Trends, Industry Analysis Report, By Component (Software, Services); By Deployment (Cloud, On-premise); By Enterprise Size; By Application; By Vertical; By Region, And Segment Forecasts, 2023 - 2032” with in-depth TOC: https://polarismarketresearch.com/industry-analysis/insights-engine-market
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Recent Developments
- IBM Watson AI insight engines and SAP formed a partnership in May 2023. Watson AI will be integrated with SAP's platforms and software as part of this agreement. With a specific focus on the manufacturing, retail, and utility industries, this cooperation aims to increase company efficiency and foster innovation by utilizing Watson AI's capabilities, like natural language processing (NLP) and predictive insights.
The Report Answers Questions Such As
- What is the market's current size and annual growth rate during the forecast period?
- Which are the key factors supporting the insights engine market growth?
- Who are the key vendors in the insights engine industry?
- Which segments hold the highest market share in the industry?
- What current trends influence the insights engine market during the projection period?
- Which region accounts for the largest insights engine market share?
Polaris Market Research has segmented the insights engine market report based on component, deployment, enterprise size, application, vertical, and region:
By Component Outlook
- Software
- Services
By Deployment Outlook
- Cloud
- On-Premises
By Enterprise Size Outlook
- Small & Medium Enterprises
- Large Enterprises
By Application Outlook
- Workforce Management
- Customer Experience Management
- Sales & Marketing Management
- Risk & Compliance Management
- Others
By Vertical Outlook
- BFSI
- IT & Telecom
- Retail & E-commerce
- Healthcare
- Manufacturing
- Government
- Others
By Region Outlook
- North America (U.S., Canada)
- Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia)
- Asia Pacific (Japan, China, India, Malaysia, Indonesia. South Korea)
- Latin America (Brazil, Mexico, Argentina)
- Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)
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