The market for insight engines is estimated 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. With the implementation of an insights engine, businesses tend to have a more efficient workflow, this is due to easy access to prior information and to better visualize the process to follow to achieve the desired results. It combines search and machine learning capabilities to deliver data for machines and information for users. It enbales businesses to provide timely data that delivers actionable insights.
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IT and ITeS segment to account for higher CAGR during the forecast period
The market for insight engines is bifurcated into BFSI, IT and ITeS, Retali and eCommerce, Healthcare and Life Sciences, Manufacturing, Government, Telecom, and Other verticals. Organisations are primarily concentrating on the optimum use of data because of the rise in computational capabilities brought by the Al engine. To support the rising company landscape, better decision-making is now necessary due to the growing market competitiveness. When it comes to developing business plans based on consumer behaviour and shifting market trends, insight engines have been found to be helpful for a variety of industry verticals. During the forecast period, the IT and ITeS segment is anticipated to grow at a highest CAGR.
Machine Learning to hold largest market share during the forecast period
The market for insight engines is bifurcated based on technology into machine learning and natural language processing. The insight engines market incorporates artificial intelligence technology and have the potential to disturpt the way businesses search for data. Insights engines intended to bring modern knowledge discovery approaches to companies’ private data using the latest technological advances. During the forecast period, the machine learning segment is expected to hold the largest market share.
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Unique Features in the Insight Engines Market:
By leveraging sophisticated natural language processing (NLP) techniques, insight engines enable people to search and analyse data using everyday language instead of complex queries or computer languages.
By examining the context of user searches, past interactions, and pertinent data sources, insight engines offer contextual knowledge by delivering more precise and pertinent answers that are catered to the user’s intent and context.
By expanding and refining user queries based on semantic linkages, synonyms, and related concepts, insight engines enable users to find pertinent insights and conduct more efficient data exploration.
More sophisticated and individualised insights and recommendations are made possible by insight engines’ integration with machine learning and artificial intelligence (AI) algorithms, which analyse data patterns, spot trends, and formulate recommendations in response to user queries and interactions.
With the help of insight engines and federated search capabilities, users may search and retrieve data in an integrated way from many structured and unstructured data sources and repositories without having to switch between separate systems or user interfaces.
Major Highlights of the Insight Engines Market:
The market for insight engines is expanding significantly due to the growing need for insights based on data in a variety of industries. In order to make more informed decisions and obtain a competitive advantage, organisations are looking for solutions that will enable them to glean useful insights from massive amounts of data.
Within insight engines, there is a trend towards the convergence of analytics and search capabilities. These platforms let users to explore, analyse, and visualise data in real-time to find hidden patterns, trends, and correlations. They also offer sophisticated search functionality coupled with analytics capabilities.
Advanced Natural Language Processing (NLP) techniques are used by insight engines to comprehend and interpret natural language user inquiries. This opens up data exploration and analysis to a wider range of people by allowing them to engage with the data using natural language.
By providing contextual understanding of user preferences and queries, insight engines are able to provide recommendations and search results that are specific to the user’s purpose and context. More pertinent and focused insights are made possible as a result, improving the user experience.
AI and machine learning algorithms can be integrated with insight engines to automate data processing chores, find patterns, and produce forecast insights. As a result, businesses can take use of advanced analytics capabilities without needing a high level of data science experience.
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Top Companies in the Insight Engines Market:
Key players operating 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). These AI vendors in project management have adopted various organic and inorganic strategies to sustain their positions and increase their market shares in the global market.
Elastic is one of the leading platforms for search-powered solutions, enabling businesses, employees, and customers to locate what they need more quickly while preventing cyberattacks and keeping applications functioning smoothly. The company improves customer and employee search experiences, maintains mission-critical applications’ efficient operation, and guards against cyber threats with solutions in enterprise search, observability, and security. Elastic, which is delivered wherever data resides in one cloud, across several clouds, or on-premises, enables more than 17,000 customers, including Netflix, Uber, Slack, and Microsoft, as well as more than 50% of the Fortune 500, to achieve new heights of success at scale and on a single platform. It has a geographical presence in the Americas, Europe, the Middle East & Africa, and the Asia Pacific.
Coveo designs intelligent enterprise search and predictive insights platform that helps businesses unlock search power to optimize performance. Its platform enables businesses to fully utilize the value of their intellectual property and equip their employees with unified and secure knowledge access. It securely connects and unifies information from across on-premise and cloud applications. It automatically suggests relevant information, experts, products, and services to customers as they self-serve and employees as they work. It also personalizes every digital experience for customers, partners, dealers, and employees. It combines unified search, analytics, and machine learning to deliver relevant information and recommendations across every business interaction, making websites, eCommerce, contact centers, and intranets effortless and efficient. Coveo partners with the biggest enterprise technology players in the world and has more than 1,500 activations in mid-to-large-sized global organizations across various industries.
OpenText is a market leader in information management, assisting businesses with the secure collection, control, and international exchange of information. For clients ranging from small and medium-sized businesses to the largest and most organizations, OpenText provides solutions to digital business challenges. It enables tackling the most complex digital transformation programs with confidence. It empowers its customers to organize, integrate, and safeguard data and content as it flows through business processes inside and outside their organization with the world’s most comprehensive and integrated information management platform. In August 2022, the company acquired a UK-based software company named Micro Focus. With this acquisition, OpenText intended to help enterprise professionals to secure their operations, gain more insight into their information, and better manage an increasingly hybrid and complex digital fabric with a new generation of tools, including cybersecurity, digital operations management, applications automation, and advanced analytics and AI.
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