Insight Engines Market by Component (Tools and Services), Application (Customer Experience Management, Sales & Marketing Optimization), Insight Type, Deployment Type, Organization Size, Industry Vertical, and Region - Global Forecast to 2023
[175 Pages Report] The insight engines market expected to grow from $640.2 Million in 2017 and to reach $2,197.4 Million by 2023, at a Compound Annual Growth Rate (CAGR) of 24.5% during the forecast period. The base year considered for this report is 2017, and the market forecast period is 20182023. The major growth drivers of the market include rising need for sustaining improved strategic risk management, evolving regulations and compliance deadlines for business data security, and the need for advanced search and access for in-depth analysis.
Objectives of the Insight Engines Market Study
The main objective of the report is to define, describe, and forecast the global insight engines market by component (tools and services), application, deployment type, insight type, organization size, industry vertical, and region. The report provides detailed information regarding the major factors (drivers, restraints, opportunities, and industry-specific challenges) influencing the growth of the market. The report aims to strategically analyze micromarkets with respect to individual growth trends, prospects, and contributions to the total market. The report attempts to forecast the market size with respect to 5 main regions, namely, North America, Europe, Asia Pacific (APAC), Middle East and Africa (MEA), and Latin America. The report strategically profiles key players and comprehensively analyzes their core competencies. It also tracks and analyzes competitive developments, such as partnerships, collaborations, and agreements; mergers and acquisitions; new product launches and new product developments; and Research and Development (R&D) activities in the market.
Research Methodology
The research methodology used to estimate and forecast the insight engines market begins with capturing data on key vendor revenues through secondary research, which includes directories and databases (D&B Hoovers, Bloomberg Businessweek, and Factiva). Vendor offerings have also been taken into consideration to determine the market segmentation. The bottom-up procedure was employed to arrive at the overall market size of the global market that was derived from the revenue of the key players in the market. After arriving at the overall market size, the total market was split into several segments and subsegments, which were then verified through primary research by conducting extensive interviews with key people, such as Chief Executive Officers (CEOs), Vice Presidents (VPs), directors, and executives. The data triangulation and market breakdown procedures were employed to complete the overall market engineering process and arrive at the exact statistics for all segments and subsegments. The breakdown of profiles of primary participants is depicted in the figure below:
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The insight engines ecosystem comprises vendors, such as IBM (US), Microsoft (US), Oracle (US), Coveo (Canada), Sinequa (France), Celonis (Germany), Funnelback (Australia), IntraFind (Germany), Lucidworks (US), Insight Engines (US), Mindbreeze (Austria), Squirro (Switzerland), HPE (US), Expert System (Italy), Dassault Systθmes (France), Veritone (US), Smartlogic (US), BA Insight (US), ForwardLane (US), CognitiveScale (US), Comintelli (Sweden), ActiveViam (UK), Lattice Engines (US), and Prevedere (US). Other stakeholders of the insight engines market include research organizations, network and system integrators, insight engines managed service providers, Business Intelligence (BI) solution providers, marketing analytics executives, third-party providers, and technology providers. These vendors have adopted different types of organic and inorganic growth strategies, such as new product launches, partnerships and collaborations, expansions, and acquisitions, to expand their offerings in the market.
Key Target Audience for Insight Engines Market:
- Investors and venture capitalists
- Value-added Resellers (VARs)
- Small and Medium-sized Enterprises (SMEs) and large enterprises
- Third-party providers
- Consultants/consultancies/advisory firms
- Professional service providers
- Software and application developers
- Government agencies
The study answers several questions for the stakeholders, primarily which market segments to focus on in the next 25 years for prioritizing efforts and investments.
Scope of the Insight Engines Market Report
|
Report Metric |
Details |
|
Market size available for years |
20182023 |
|
Base year considered |
2017 |
|
Forecast period |
20182023 |
|
Forecast units |
Billion (USD) |
|
Segments covered |
Component (tools and services), Application, deployment type, insight type, organization size, industry vertical and region |
|
Geographies covered |
North America, Europe, APAC, Latin America, and MEA |
|
Companies covered |
IBM (US), Microsoft (US), Oracle (US), Coveo (Canada), Sinequa (France), Celonis (Germany), Funnelback (Australia), IntraFind (Germany), Lucidworks (US), Insight Engines (US), Mindbreeze (Austria), Squirro (Switzerland), HPE (US), Expert System (Italy), Dassault Systθmes (France), Veritone (US), Smartlogic (US), BA Insight (US), ForwardLane (US), CognitiveScale (US), Comintelli (Sweden), ActiveViam (UK), Lattice Engines (US), and Prevedere (US) |
The research report categorizes the insight engines market to forecast the revenues and analyze trends in each of the following subsegments:
Insight Engines Market By Component
- Tools
- Services
- Managed services
- Professional services
- Consulting services
- Support and maintenance
- Deployment and integration
Insight Engines Market By Application
- Customer experience management
- Workforce management
- Operations management
- Sales and marketing optimization
- Risk and compliance management
- Others (business process and product management, and network efficiency management)
Insight Engines Market By Insight Type
- Predictive insights
- Prescriptive insights
- Descriptive insights
Insight Engines Market By Deployment Type
- On-premises
- Cloud
Insight Engines Market By Organization Size
- SMEs
- Large enterprises
Market By Industry Vertical
- Banking, Financial Services, and Insurance (BFSI)
- Retail and eCommerce
- Manufacturing
- Government
- Healthcare
- Energy and utilities
- IT and telecom
- Media and entertainment
- Others (education, transportation and logistics, and travel and hospitality)
Insight Engines Market By Region
- North America
- Europe
- APAC
- MEA
- Latin America
The insight engines market is expected to grow from USD 735.2 Million in 2018 to USD 2,197.4 Million by 2023, at a Compound Annual Growth Rate (CAGR) of 24.5% during the forecast period. The insight engines market is gaining traction, owing to an increased need for sustaining improved strategic risk management, evolving regulations and compliance deadlines for business data security, and the need for advanced search and access for in-depth insights. Other major factors, such as rising significance of Artificial Intelligence (AI) technology for data analysis, and predictive insights for businesses, are expected to drive the global market in the future.
Various organizations operating in different industry verticals have been developing an interest in in-depth analysis of customer data for making informed decisions by deploying the insight engines component. The report provides detailed insights into the global insight engines market. It is segmented by component, application, deployment type, insight type, organization size, industry vertical, and region. By component, the market is divided into tools and services. The tools segment would be witnessing the larger market share as compared to the services segment, and would see maturation in the future due to its higher adoption. As a result, the professional services segment is expected to gain traction in the next 5 years.
Among applications, the Customer Experience Management segment is expected to dominate the market during the forecast period. Insight engines empower organizations to use historical and real-time customer data to identify patterns and trends, devise retention strategies, and reduce the customer churn rate. This would help companies enhance their customer experience. The cloud deployment type is expected to grow at a higher CAGR during the forecast period. Cloud-based solutions are gaining a firm hold in the market due to various benefits, such as cost control, resource pooling, and less implementation time.
Insight engines solutions witness an increasing demand across industry verticals, such as Banking, Financial Services, and Insurance (BFSI); retail and eCommerce; IT and telecom; and healthcare. With the largest market size, the BFSI industry vertical is expected to dominate the market during the forecast period, due to the growing importance of insight engines to enhance the customer satisfaction, increase the retention rate, and reduce the customer churn rate. The media and entertainment industry vertical is expected to grow at the highest CAGR during the forecast period, due to the growing application of insight engines to gather market intelligence, enhance business processes and risk management, and improve CEM.
The large enterprises segment is expected to dominate the market in terms of market size, as large enterprises are keenly focusing on CEM to improve customer loyalty. However, the Small and Medium-sized Enterprises (SMEs) segment is expected to grow at a higher CAGR, owing to the easy availability and scalability of cloud-based deployments.
The report covers all the major aspects of the insight engines market and provides an in-depth analysis across North America, Europe, Asia Pacific (APAC), Middle East and Africa (MEA), and Latin America. North America is expected to hold the largest market share and dominate the market from 2018 to 2023, due to the presence of a large number of solution vendors in the US. The rapid growth of the market in the APAC region is due to various factors, such as the expansion of local enterprises, and government initiatives that are focused on advancements in new technologies. Investments by tech giants are also fueling the growth of the market across the region.
Integration of insight engines tools with existing systems, and the selection of the right approach to quantify Return on Investment (RoI) would limit the market growth during the forecast period.
Available Customizations
With the given market data, MarketsandMarkets offers customizations as per the companys specific needs. The following customization options are available for the report:
Product Analysis
- Product matrix gives a detailed comparison of the product portfolio of each company
Geographic Analysis
- Further breakdown of the North American insight engines market
- Further breakdown of the European market
- Further breakdown of the APAC market
- Further breakdown of the Latin American market
- Further breakdown of the MEA market
Company Information
- Detailed analysis and profiling of additional market players (up to 5).
To speak to our analyst for a discussion on the above findings, click Speak to Analyst
Table of Contents
1 Introduction (Page No. - 17)
1.1 Objectives of the Study
1.2 Market Definition
1.3 Market Scope
1.4 Years Considered for the Study
1.5 Currency
1.6 Stakeholders
2 Research Methodology (Page No. - 20)
2.1 Research Data
2.1.1 Secondary Data
2.1.2 Primary Data
2.1.2.1 Breakdown of Primaries
2.1.2.2 Key Industry Insights
2.2 Market Size Estimation
2.3 Research Assumptions
2.4 Limitations
3 Executive Summary (Page No. - 27)
4 Premium Insights (Page No. - 33)
4.1 Attractive Market Opportunities in the Insight Engines Market
4.2 Market Share Across Various Regions
4.3 Market By Industry Vertical and Region
5 Insight Engines Market Overview (Page No. - 36)
5.1 Market Overview
5.1.1 Introduction
5.1.2 Drivers
5.1.2.1 Need for Sustaining Improved Strategic Risk Management
5.1.2.2 Evolving Regulations and Compliance Deadlines for Business Data Security
5.1.2.3 Need for Advanced Search and Natural Access for In-Depth Analysis
5.1.3 Restraints
5.1.3.1 Data Quality and Data Sources Validation Issues
5.1.4 Opportunities
5.1.4.1 Rising Significance of AI Technologies for Data Insights
5.1.4.2 Predictive Insights for Businesses
5.1.5 Challenges
5.1.5.1 Data Security and Privacy Concerns
5.1.5.2 Lack of Trained and Skilled Personnel
5.2 Technology Building Blocks
5.2.1 Machine Learning
5.2.2 Natural Language Processing
5.3 Features/Functionalities
5.3.1 Emotion Detection
5.3.2 Speech-To-Text Transcription
5.3.3 Phonetic Indexing
5.4 Insight Engines: Use Cases
5.4.1 Use Case #1: Providing Access to Information Across Locations
5.4.2 Use Case #2: Improving Search Experience
5.4.3 Use Case #3: Enhancing Customer Experience
6 Insight Engines Market, By Component (Page No. - 43)
6.1 Introduction
6.2 Tools
6.3 Services
6.4 Managed Services
6.5 Professional Services
6.5.1 Consulting Services
6.5.2 Support and Maintenance
6.5.3 Deployment and Integration
7 Insight Engines Market By Application (Page No. - 52)
7.1 Introduction
7.2 Customer Experience Management
7.3 Workforce Management
7.4 Operations Management
7.5 Sales and Marketing Management
7.6 Risk and Compliance Management
7.7 Others
8 Insight Engines Market By Insight Type (Page No. - 60)
8.1 Introduction
8.2 Predictive Insights
8.3 Prescriptive Insights
8.4 Descriptitve Insights
9 Insight Engines Market By Deployment Type (Page No. - 65)
9.1 Introduction
9.2 Cloud
9.3 On-Premises
10 Insight Engines Market, By Organization Size (Page No. - 69)
10.1 Introduction
10.2 Small and Medium-Sized Enterprises
10.3 Large Enterprises
11 Insight Engines Market By Vertical (Page No. - 73)
11.1 Introduction
11.2 Banking, Financial Services, and Insurance
11.3 Telecom and IT
11.4 Retail and Ecommerce
11.5 Healthcare
11.6 Manufacturing
11.7 Government
11.8 Media and Entertainment
11.9 Others
12 Insight Engines Market, By Region (Page No. - 81)
12.1 Introduction
12.2 North America
12.2.1 By Application
12.2.2 By Insight Type
12.2.3 By Component
12.2.4 By Service
12.2.5 By Deployment Type
12.2.6 By Organization Size
12.2.7 By Industry Vertical
12.3 Europe
12.3.1 By Application
12.3.2 By Insight Type
12.3.3 By Component
12.3.4 By Service
12.3.5 By Deployment Type
12.3.6 By Organization Size
12.3.7 By Industry Vertical
12.4 Asia Pacific
12.4.1 By Application
12.4.2 By Insight Type
12.4.3 By Component
12.4.4 By Service
12.4.5 By Deployment Type
12.4.6 By Organization Size
12.4.7 By Industry Vertical
12.5 Middle East and Africa
12.5.1 By Application
12.5.2 By Insight Type
12.5.3 By Component
12.5.4 By Service
12.5.5 By Deployment Type
12.5.6 By Organization Size
12.5.7 By Industry Vertical
12.6 Latin America
12.6.1 By Application
12.6.2 By Insight Type
12.6.3 By Component
12.6.4 By Service
12.6.5 By Deployment Type
12.6.6 By Organization Size
12.6.7 By Industry Vertical
13 Competitive Landscape (Page No. - 108)
13.1 Overview
13.2 Prominent Players in the Insight Engines Market
13.3 Competitive Scenario
13.3.1 New Product Launches and Product Upgradations
13.3.2 Partnerships, Collaborations, and Agreements
13.3.3 Mergers and Acquisitions
13.3.4 Business Expansions
14 Company Profiles (Page No. - 117)
(Business Overview, Products Offered, Solutions Offered, Software Offered, Recent Developments, SWOT Analysis & MnM View)*
14.1 IBM
14.2 Microsoft
14.3 Oracle
14.4 Attivio
14.5 Sinequa
14.6 Coveo
14.7 Celonis
14.8 Funnelback
14.9 Intrafind
14.10 Lucidworks
14.11 Insight Engines
14.12 Mindbreeze
14.13 Squirro
14.14 HPE
14.15 Expert System
14.16 Dassault Systθmes
14.17 Veritone
14.18 Smartlogic
14.19 Ba Insight
14.20 Forwardlane
14.21 Cognitivescale
14.22 Comintelli
14.23 Activeviam
14.24 Lattice Engines
14.25 Prevedere
*Details on Business Overview, Products Offered, Solutions Offered, Software Offered, Recent Developments, SWOT Analysis & MnM View Might Not Be Captured in Case of Unlisted Companies.
15 Appendix (Page No. - 165)
15.1 Key Insights of Industry Experts
15.2 Discussion Guide
15.3 Introducing RT: Real-Time Market Intelligence
15.4 Knowledge Store: Marketsandmarkets Subscription Portal
15.5 Available Customization
15.6 Related Reports
15.7 Author Details
List of Tables (83 Tables)
Table 1 Insight Engines Market Size and Growth, 20182023 (USD Million, Y-O-Y %)
Table 2 Market Size By Component, 20182023 (USD Million)
Table 3 Tools: Market Size, By Region, 20182023 (USD Million)
Table 4 Services: Market Size, By Region, 20162023 (USD Million)
Table 5 Services: Insight Engine Market Size, By Type, 20182023 (USD Million)
Table 6 Managed Services: Insight Engines Market Size, By Region, 20182023 (USD Million)
Table 7 Professional Services: Market Size, By Region, 20182023 (USD Million)
Table 8 Professional Services: Insight Engine Market Size, By Type, 20182023 (USD Million)
Table 9 Consulting Services: Market Size, By Region, 20182023 (USD Million)
Table 10 Support and Maintenance: Market Size, By Region, 20182023 (USD Million)
Table 11 Deployment and Integration: Market Size, By Region, 20182023 (USD Million)
Table 12 Insight Engines Market Size, By Application, 20182023 (USD Million)
Table 13 Customer Experience Management: Market Size By Region, 20182023 (USD Million)
Table 14 Workforce Management: Market Size By Region, 20182023 (USD Million)
Table 15 Operations Management: Market Size By Region, 20182023 (USD Million)
Table 16 Sales and Marketing Management: Market Size By Region, 20182023 (USD Million)
Table 17 Risk and Compliance Management: Market Size By Region, 20182023 (USD Million)
Table 18 Others: Market Size By Region, 20182023 (USD Million)
Table 19 Insight Engines Market Size, By Insight Type, 20182023 (USD Million)
Table 20 Predictive Insight: Market Size By Region, 20182023 (USD Million)
Table 21 Prescriptive Insight: Market Size By Region, 20182023 (USD Million)
Table 22 Descriptive Insight: Market Size By Region, 20182023 (USD Million)
Table 23 Insight Engines Market Size, By Deployment Type, 20182023 (USD Million)
Table 24 Cloud: Market Size By Region, 20182023 (USD Million)
Table 25 On-Premises: Market Size By Region, 20182023 (USD Million)
Table 26 Insight Engines Market Size, By Organization Size, 20182023 (USD Million)
Table 27 Small and Medium-Sized Enterprises: Market Size By Region, 20182023 (USD Million)
Table 28 Large Enterprises: Market Size By Region, 20182023 (USD Million)
Table 29 Insight Engines Market Size, By Industry Vertical, 20162023 (USD Million)
Table 30 Banking, Financial Services, and Insurance: Market Size By Region, 20162023 (USD Million)
Table 31 Telecom and IT: Market Size By Region, 20162023 (USD Million)
Table 32 Retail and Ecommerce: Market Size By Region, 20162023 (USD Million)
Table 33 Healthcare: Market Size By Region, 20162026 (USD Million)
Table 34 Manufacturing: Market Size By Region, 20162023 (USD Million)
Table 35 Government: Market Size By Region, 20162023 (USD Million)
Table 36 Media and Entertainment: Market Size By Region, 20152022 (USD Million)
Table 37 Others: Market Size By Region, 20162023 (USD Million)
Table 38 Insight Engines Market Size, By Region, 20162023 (USD Million)
Table 39 North America: Market Size By Application, 20162023 (USD Million)
Table 40 North America: Market Size By Insight Type, 20162023 (USD Million)
Table 41 North America: Market Size By Component, 20162023 (USD Million)
Table 42 North America: Market Size By Service, 20162023 (USD Million)
Table 43 North America: Market Size By Professional Service, 20162023 (USD Million)
Table 44 North America: Market Size By Deployment Type, 20162023 (USD Million)
Table 45 North America: Market Size By Organization Size, 20162023 (USD Million)
Table 46 North America: Market Size By Industry Vertical, 20162023 (USD Million)
Table 47 Europe: Insight Engines Market Size, By Application, 20162023 (USD Million)
Table 48 Europe: Market Size By Insight Type, 20162023 (USD Million)
Table 49 Europe: Market Size By Component, 20162023 (USD Million)
Table 50 Europe: Market Size By Service, 20162023 (USD Million)
Table 51 Europe: Market Size By Professional Service, 20162023 (USD Million)
Table 52 Europe: Market Size By Deployment Type, 20162023 (USD Million)
Table 53 Europe: Market Size By Organization Size, 20162023 (USD Million)
Table 54 Europe:Market Size By Industry Vertical, 20162023 (USD Million)
Table 55 Asia Pacific: Insight Engines Market Size, By Application, 20162023 (USD Million)
Table 56 Asia Pacific: Market Size By Insight Type, 20162023 (USD Million)
Table 57 Asia Pacific: Market Size By Component, 20162023 (USD Million)
Table 58 Asia Pacific: Market Size By Service, 20162023 (USD Million)
Table 59 Asia Pacific: Market Size By Professional Service, 20162023 (USD Million)
Table 60 Asia Pacific: Market Size By Deployment Type, 20162023 (USD Million)
Table 61 Asia Pacific: Market Size By Organization Size, 20162023 (USD Million)
Table 62 Asia Pacific: Market Size By Industry Vertical, 20162023 (USD Million)
Table 63 Middle East and Africa: Insight Engines Market Size, By Application, 20162023 (USD Million)
Table 64 Middle East and Africa: Market Size By Insight Type, 20162023 (USD Million)
Table 65 Middle East and Africa: Market Size By Component, 20162023 (USD Million)
Table 66 Middle East and Africa: Market Size By Service, 20162023 (USD Million)
Table 67 Middle East and Africa: Insight Engines Market Size By Professional Service, 20162023 (USD Million)
Table 68 Middle East and Africa: Market Size By Deployment Type, 20162023 (USD Million)
Table 69 Middle East and Africa: Market Size By Organization Size, 20162023 (USD Million)
Table 70 Middle East and Africa: Market Size By Industry Vertical, 20162023 (USD Million)
Table 71 Latin America: Market Size, By Application, 20162023 (USD Million)
Table 72 Latin America: Market Size By Insight Type, 20162023 (USD Million)
Table 73 Latin America: Market Size By Component, 20162023 (USD Million)
Table 74 Latin America: Market Size By Service, 20162023 (USD Million)
Table 75 Latin America: Insight Engines Market Size By Professional Service, 20162023 (USD Million)
Table 76 Latin America: Market Size By Deployment Type, 20162023 (USD Million)
Table 77 Latin America: Market Size By Organization Size, 20162023 (USD Million)
Table 78 Latin America: Market Size By Industry Vertical, 20162023 (USD Million)
Table 79 Prominent Players in the Insight Engines Market
Table 80 New Product Launches and Product Upgradations, 20152017
Table 81 Partnerships, Collaborations, and Agreements, 20142017
Table 82 Mergers and Acquisitions, 20142017
Table 83 Business Expansions, 20142017
List of Figures (41 Figures)
Figure 1 Insight Engines Market Segmentation
Figure 2 Market Research Design
Figure 3 Data Triangulation
Figure 4 Insight Engines Market Size Estimation Methodology: Bottom-Up Approach
Figure 5 Market Size Estimation Methodology: Top-Down Approach
Figure 6 Insight Engines Market: Assumptions
Figure 7 Market is Expected to Witness A High Growth During the Forecast Period
Figure 8 Market By Component (2018 vs 2023)
Figure 9 Insight Engines Market By Application (20182023)
Figure 10 Market By Deployment Model (20182023)
Figure 11 Insight Engines Market By Organization Size (20182023)
Figure 12 Market By Industry Vertical (2018 vs 2023)
Figure 13 Increasing Need to Meet Customers Demand and Improve the User Experience are Expected to Be the Major Factors Contributing to the Growth of the Insight Engines Market
Figure 14 North America is Estimated to Have the Largest Market Share in 2018
Figure 15 Banking, Financial Services, and Insurance Industry Vertical and North American Region are Estimated to Have the Largest Market Shares in 2018
Figure 16 Insight Engines Market: Drivers, Restraints, Opportunities, and Challenges
Figure 17 Service Segment is Expected to Grow at A Higher CAGR During the Forecast Period
Figure 18 Managed Services Segment is Expected to Grow at A Higher CAGR During the Forecast Period
Figure 19 Support and Maintenance Services Segment is Expected to Grow at the Highest CAGR During the Forecast Period
Figure 20 Risk and Complaince Management is Expected to Grow at the Highest CAGR During the Forecast Period
Figure 21 Prescriptive Insights Type is Expected to Grow at the Highest CAGR During the Forecast Period
Figure 22 Cloud Deployment Type is Expected to Grow at A Higher CAGR During the Forecast Period
Figure 23 Small and Medium-Sized Enterprises Segment is Expected to Grow at A Higher CAGR During the Forecast Period
Figure 24 Media and Entertainment Industry Vertical is Expected to Grow at the Highest CAGR During the Forecast Period
Figure 25 Asia Pacific is Expected to Grow at the Highest CAGR During the Forecast Period
Figure 26 North America: Market Snapshot
Figure 27 Asia Pacific: Market Snapshot
Figure 28 Key Developments of the Leading Players in the Insight Engines Market, 20142017
Figure 29 IBM: Company Snapshot
Figure 30 IBM: SWOT Analysis
Figure 31 Microsoft: Company Snapshot
Figure 32 Microsoft: SWOT Analysis
Figure 33 Oracle: Company Snapshot
Figure 34 Oracle: SWOT Analysis
Figure 35 Attvio: SWOT Analysis
Figure 36 Sinequa: SWOT Analysis
Figure 37 Coveo: SWOT Analysis
Figure 38 HPE: Company Snapshot
Figure 39 Expert System: Company Snapshot
Figure 40 Dassault Systθmes: Company Snapshot
Figure 41 Veritone: Company Snapshot
Growth opportunities and latent adjacency in Insight Engines Market