What Has Been the Progress and Growth of the Insight Engines Market in Recent Years?
The insight engines market has seen considerable growth due to a variety of factors.
• The market size of insight engines has seen an immense expansion in the past few years. Its growth will see it rising from $2.25 billion in 2024 to $2.85 billion in 2025 with a compound annual growth rate (CAGR) of 26.8%.
The remarkable growth in the historic period is credited to the rising utilization of structured data, increasing embracement in the BFSI sector, growth in retail and e-commerce sectors, advanced search features, and improved strategic risk management.
What Is The Expected Growth In The Insight Engines Market Size Evolve over the Forecast Period?
The insight engines market is expected to maintain its strong growth trajectory in upcoming years.
• An exponential surge is anticipated in the size of the insight engines market in the coming years. It's predicted to reach $7.35 billion in 2029 with a compound annual growth rate (CAGR) of 26.7%.
This expected growth within the forecast period could be due to multiple factors such as increasing needs for advanced search and key capabilities, more focus on risk management and compliance, greater adoption of AI and machine learning technologies, data-driven decision-making becoming more prominent, and the rise of big data along with IoT. Predominant trends in the forecasted period include technological progression, enhanced emphasis on customer service, rising implementation in the healthcare field, growing demand for natural language processing (NLP), and a surge in the importance of sustainability.
What Main Forces Are Fueling Expansion In The Insight Engines Market?
The surge in data volume is anticipated to spearhead the expansion of the insight engines market in the future. When referring to the volume of data, we're talking about the magnitude of data that's generated, processed, stored, and transferred within a system or an organization. Companies from various sectors depend on data analysis to gain valuable insights for data-centric decision-making processes, leading to practices that gather data. Insight engines play a pivotal role in handling this surge of data by autonomously deriving insights from existing databases, thereby providing a thorough understanding of a company's data and equipping decision-makers with actionable insights. For instance, a report by the US-based non-profit consortium, The Linux Foundation, revealed in December 2022 that the data growth for an average end-user organization escalated to a staggering 2,208 TB in 2022. This signifies an increase of 215.43%, or triple the 700 TB recorded in 2021. As a result, the surge in data volume is fueling the development of the insight engines market.
What Are The Primary Segments In The Global Insight Engines Market?
The insight engines market covered in this report is segmented –
1) By Component: Solutions, Services
2) By Deployment Mode: Cloud, On-Premises
3) By Technology: Natural Language Processing, Machine Learning
4) By Application: Search And Discovery, Customer Management, Knowledge Management, Risk And compliance Management, Other Applications
5) By Vertical: Banking, Financial Services, And Insurance, Information Technology (IT) And Information Technology Enabled Service (ITES), Retail And E-commerce, Healthcare And Life Sciences, Telecom, Manufacturing, Government
Subsegments:
1) By Solutions: Search And discovery Solutions, Data Integration And Management Solutions, Analytics And Reporting Tools, Natural Language Processing (NLP) Solutions, Machine Learning Models
2) By Services: Consulting Services, Implementation And Integration Services, Support And Maintenance Services, Training And Education Services, Custom Development Services
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What Emerging Trends Are Influencing The Growth Of The Insight Engines Market?
Leading players in the insight engines market are focusing on the development of groundbreaking technologies and solutions, for instance, automated insight engines, to secure a competitive advantage. This platform proactively or interactively delivers existing or synthesized data to digital workers, customers, or constituents at crucial business junctures. As an example, in January 2022, Atrium, an American consultancy services company, unveiled an automated insights engine. This tool persistently monitors sales performance, identifies the root causes from numerous KPIs, and offers advice for future steps. This sophisticated tool is specifically devised to swiftly uncover the underlying reasons for a representative's soaring or plummeting performance, thereby enabling the manager to act accordingly after thoroughly understanding the successful and unsuccessful aspects within their squad. The primary functionalities of the tool comprise continuous scrutiny and analysis of myriad representative and team metrics, a strategy insights console that offers a consolidated view of representative or team's achievements, insight alerts, and suggested actions.
Who Are the Key Players In The Insight Engines Market?
Major companies operating in the insight engines market report are:
• Google LLC
• Microsoft Corporation
• International Business Machines Corporation
• Oracle Corporation
• Hewlett Packard Enterprise Co
• Dassault Systems SA
• EPAM Systems Inc.
• o9 solutions Inc.
• OpenText Corporation
• Micro Focus International PLC
• ServiceNow Inc.
• IHS Markit Ltd.
• Celonis SE
• Veritone Inc.
• Coveo Solutions Inc.
• LucidWorks Inc.
• Expert System SpA
• ActiveViam
• Lattice Engines Inc.
• CognitiveScale
• Attivio Inc.
• Smartlogic Semaphore Ltd.
• Mindbreeze GmbH
• Squirro
• BA Insight
• Insight Engines Inc.
• IntraFind Inc.
• Comintelli AB
• Prevedere Inc.
• Forwardlane Inc.
• Progress Software Corporation
What Is The Most Dominant Region In The Insight Engines Market?
North America was the largest region in the insight engines market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the insight engines market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
