Dublin, Oct. 12, 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 Insight Engines Market is poised for remarkable growth, with projections indicating an ascent from USD 1.7 billion in 2023 to a staggering USD 5.6 billion by 2028. This translates to an impressive Compound Annual Growth Rate (CAGR) of 27.1% during the forecast period. These engines operate alongside cognitive systems that employ Natural Language Processing (NLP) to decipher unstructured data from diverse sources such as documents, blogs, engineering reports, market research, and rich media like videos. The insights and relevance extracted from these data sets are further enhanced using machine learning techniques.
Dominance of Large Enterprises
In terms of organization size, the market is categorized into large enterprises and small & medium enterprises. Large enterprises are projected to take the lead during the forecast period. These enterprises make substantial investments in advanced technologies to elevate their productivity and efficiency. In the face of surging data volumes, extracting precise information presents a formidable challenge for businesses. Insight engines provide intelligent search capabilities that aid in extracting valuable insights from data dispersed across organizations, making them particularly attractive to large enterprises.
Search and Discovery Segment Leads the Way
Insight engines epitomize the evolution of search technologies, delivering proactive and on-demand knowledge discovery. They construct new indices by crawling, indexing, and mining both internal and external data sources, whether structured or unstructured. During the forecast period, the search and discovery segment is expected to spearhead the market.
Machine Learning Drives Growth
Among the various technologies, machine learning is anticipated to register the highest CAGR during the forecast period. Insight engines seamlessly integrate machine learning, rich usage analytics, and AI-powered search capabilities to offer more intuitive and personalized digital experiences. Machine learning technology scrutinizes user behavior and constructs relevant models that adapt and evolve with changes in data, content, and user activities.
North America Takes Center Stage
Throughout the forecast period, North America is poised to claim the lion's share of the Insight Engines Market. The region has demonstrated remarkable receptivity to the adoption of innovative technologies and is poised to provide growth opportunities for insight engine vendors. The presence of a robust innovation ecosystem, underpinned by strategic investments in advanced technologies, fuels market expansion in North America. The region's landscape also features numerous global players, contributing to the escalating adoption of insight engine solutions across diverse business verticals.
Competitive Landscape
Key players in the Insight Engines Market include 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).
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:
Premium Insights
- Rising Demand to Embrace AI-Powered Search Experience Across BFSI and Retail and e-Commerce Sectors to Drive Market Growth
- Market to Witness Minor Decline in Y-O-Y Growth in 2023
- Search and Discovery Segment to Grow at Highest CAGR During Forecast Period
- Machine Learning and IT and ITeS Segments to Hold Largest Market Shares in North America in 2023
- North America to Hold Largest Market Share in 2023
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
Case Study Analysis
- Healthcare and Life Sciences
- Coveo Enabled Life Extension to Provide Relevant and Personalized Experience to Customers
- Banking, Financial Services, and Insurance
- Bank of England Intended to Drive Innovation with Squirro Cognitive Search
- Plexus Law Selected Expert.AI to Deliver Better User Experience with Improved Accuracy
- Retail and e-Commerce
- Lucidworks Enabled Goop to Streamline Its Merchandising Control Over Its Search Engine
- Telecom
- Comintelli Provided Vodafoneziggo Central Place Where Knowledge and Insights Can be Shared Easily Across Departments
- Energy & Utility
- Mindbreeze Helped Leading Energy Companies Reduce Ticket Processing Time and Save Countless Hours
- Education
- Squiz Enabled the University of North Dakota to Deliver Relevant Information for Each Query
For more information about this report visit https://www.researchandmarkets.com/r/1bhlj5
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
Attachment
