Insight Engines Market by Offering (Solutions and Services), Application (Search and Discovery, Knowledge Management, and Risk and Compliance Management), Technology, Deployment Mode, Organization Size, Vertical and Region - Global Forecast to 2028
Insight Engines Market - Analysis, Industry Size & Forecast
The market for Insight Engines size is projected to expand at a CAGR of 27.1% during the forecast period to reach USD 5.6 billion by 2028, size was valued USD 1.7 billion in 2023. 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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Insight Engines Market Dynamics
Driver: Growing adoption of insight engines solutions in BFSI sector
Businesses in the BFSI sector are continually looking for methods to improve, speed up, and simplify banking for customers. The ability of advanced analytics to gain insights into operations and customers will be used by this sector. It will enable the BFSI sector to know historical performances which would further help them in making better business decisions. The BFSI sector uses insight engines to find and evaluate client sentiment by looking at social media and utilizing natural language processing to analyze talks regarding their facilities and service plans. Financial analysts will gather significant information to create accurate reports and improve their recommendations to clients and internal decision-makers. Insightful data utilization in banking has been proved to boost customer loyalty and profit margins, supporting the sector's growth as well. For instance, companies such as Morgan Stanley had deployed the Lucidworks Fusion platform, to implemented machine learning algorithms to optimize content development through personalized solutions with an intent to comprehend the requirements of its clients and drive actionable insights..
Restraint: Issues related with quality of data and its source validation
Poor data quality and inappropriate source validation could lead to a loss of revenue, clients, market share, and most significantly could result in severe penalties for data security violations. The scope of insight engines relies on better data quality and data source validation capabilities, and the need for highly secured access control, which needs to be set in line with the company's policies and regulations. The usage of unstructured and structured data as well as the participation of many stakeholders, including data stewards, custodians, and security teams, results in data silos, which can make it difficult to preserve the integrity of data sources and validate them. Data quality in different data silos is a matter of concern for all verticals. Redundancy of earlier technologies is another concern for enterprises due to the constantly evolving nature of data management systems, which accounts for the growth of data and IoT devices. Data frequently gets lost or distorted during the transition from legacy systems to new technologies because of the loss of linked data addresses. As a result, issues with data address quality and validation could seriously limit the growth of the insight engines market.
Opportunity: Growing adoption of cutting-edge technologies to offer predictive insights for businesses
The rising significance of predictive analytics can be gauged by the fact that most organizations today implement the latest technologies with predictive capabilities. Insight engine platforms are being used by businesses to collect, organize, and analyse consumer data in order to make predictions and business decisions that are more focused on the needs of the customer. Predictive analytics can be utilized in insight engines, which in turn can be used by marketing campaigns to determine consumer responses and purchases, as well as promote and cross-sell opportunities, by utilizing historical data, statistical algorithms, and real-time learning. Businesses have discovered that by integrating predictive analytics capabilities into their current processes, they may use the outcomes in conjunction with predictive models to estimate inventory and manage resources. Insight engine platforms, when used in conjunction with predictive models, can assist businesses in making crucial business decisions by analysing historical and current website data to forecast outcomes and improve customer and employee search experiences. This improves both customer experience and performance. Owing to such factors, the demand for predictive analytics among businesses is expected to be a huge future opportunity factor for the growth of the insight engines market.
Challenge: Shortage of trained and experienced workforce
The shortage of qualified workers with the necessary abilities is one of the main obstacles to the expansion of the insight engines market. Because of this, businesses occasionally cannot entirely depend on insight engine tools that produce errors. Therefore, if the outcomes of these tools are not adequately evaluated and confirmed, it could be harmful for the companies. In fact, problems with data governance and consistency can arise from such incorrectly checked data. To support the development of a culture of data-driven decision-making, business expertise is also necessary in addition to the relevant training. As a result, a large portion of business customers are anticipated to find the analytics capabilities gap to be one of their biggest obstacles. Additionally, because the concept of insight engines is still in its infancy, there is a shortage of experienced workers, which makes it difficult for suppliers to offer the best solutions..
By application search and discovery to register at the highest CAGR among applications during the forecast period
By application, the insight engines market is segmented into search and discovery, knowledge management, customer management, risk and compliance management, and other applications. Search and discovery segment to register at the highest CAGR among applications during the forecast period. Search & discovery is a capability that enables users to find, understand, and trust the information they need to make data-driven decisions. Data search & discovery is the foundational pillar of data culture. Many modern businesses are founded on their ability to use data to make smart and informed decisions in real time. But traditional enterprise search has proved ineffective in meeting the demands of the modern knowledge worker. People need the most accurate, relevant, and contextual information delivered to them, so enterprises have benefited from the rise of insight engines.
North America to account for the largest market size during the forecast period
North America is expected to have the largest market share in the insight engine market. The major countries covered in North America are the US and Canada. The North American region, the primary adopter of insight engine technology, is the major revenue-generating region in the global insight engines market. North America secures the major share of the global insight engines market owing to the highest adoption of emerging technologies, such as natural language processing, voice recognition techniques, and chatbots. There are various factors that are contributing to the growth of the insight engines market in this region. These factors include rapidly growing big data, IoT evolution, and lower cost of ownership of cloud-based platforms. These factors are also responsible for the adoption of insight engine solutions across the region. Moreover, various industry verticals, such as IT and ITeS, telecom, healthcare, media and entertainment, retail, and transportation, are adopting insight engine tools to resolve customers’ queries quickly.
Key Market Players
The insight engines market vendors have implemented various types of organic and inorganic growth strategies, such as new product launches, product upgradations, partnerships and agreements, business expansions, and mergers and acquisitions to strengthen their offerings in the 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)
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Report Metrics |
Details |
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Market size value in 2023 |
USD 1.7 billion |
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Revenue forecast for 2028 |
USD 5.6 billion |
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Growth Rate |
27.1% CAGR |
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Market size available for years |
2018–2028 |
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Base year considered |
2023 |
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Forecast period |
2023–2028 |
|
Forecast units |
USD Billion |
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Segments covered |
Offering, Application, Technology, Deployment Mode, Organization Size, Vertical, and Region |
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Geographies covered |
North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America |
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Companies covered |
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) |
This research report categorizes the insight engines market based on offering, application, technology, deployment mode, organization size, vertical, and region.
By Component:
- Solutions
-
Services
- Consulting and training
- Deployment & integration
- Support & maintenance services
By Application:
- Search and Discovery
- Customer Management
- Knowledge Management
- Risk and Compliance Management
- Other Applications
By Technology:
-
Natural Language Processing
- Semantic Analysis
- Syntactic Analysis
-
Machine Learning
- Graph Database
- Collaborative Filtering
- Clustering
By Deployment Mode:
- Cloud
- On-premises
By Organization Size:
- Large enterprises
- SMEs
By Vertical:
- Banking, financial services, and insurance
- IT & ITeS
- Retail & eCommerce
- Healthcare & life sciences
- Telecom
- Manufacturing
- Government
- Other Verticals
By Region:
-
North America
- US
- Canada
-
Europe
- UK
- Germany
- France
- Italy
- Spain
- Rest of Europe
-
Asia Pacific
- China
- Japan
- India
- South Korea
- Rest of Asia Pacific
-
Middle East & Africa
- UAE
- Saudi Arabia
- Israel
- South Africa
- Rest of the Middle East & Africa
-
Latin America
- Brazil
- Mexico
- Argentina
- Rest of Latin America
Recent Developments:
- In November 2021, IBM announced the enhancement of IBM Watson discovery. With this new enhancement would help business users in industries to enhance customer care and accelerate business processes by uncovering insights and synthesizing information from complex documents.
- In October 2022, Elastic announced the new feature and enhancement of the elastic observability solution, which enables customers to obtain more thorough and hassle-free insight across all applications, services, and infrastructure layers.
- In May 2022, Elastic partnered with Microsoft, which would facilitate the use of Elastic Cloud on Azure to find, observe, and safeguard applications, data, and infrastructure more easily.
- In February 2022, Mindbreeze partnered with BLUE Consult GmbH in the field of intelligent knowledge management. With Mindbreeze InSpire solution, BLUE Consult GmbH wAS able to make the most crucial aspects of its customer’s information, facts, and knowledge available swiftly and easily.
Frequently Asked Questions (FAQ):
What is insight engine?
An insight engine, is also called cognitive search or enterprise knowledge discovery and management, is an enterprise platform that makes key enterprise insights accessible to the users when they need themneeded. It combines search with machine learning capabilities to provide information for users and data for machinesusers with information and machine data. The goal of an insight engine is to provide timely data that delivers actionable insights..
Which countries are considered in the European region?
The European insight engines market covers the UK, Germany, France, Italy, Spain, and the rest of Europe.
Which are key verticals adopting insight engines solutions and services?
Key verticals adopting insight engines solutions and services include IT and ITeS, retail and eCommerce, healthcare and life sciences, manufacturing, government, telecom, and other verticals (media & entertainment, education, transportation and logistics, and energy and utilities)..
Which are the key drivers supporting the market growth for insight engines?
The key drivers supporting the market growth include increasing use of structured data, growing adoption of insight engine solution in BFSI sector, demand for enhanced and more effective strategic risk management and growing demand for demand advanced search and natural access for in-depth analysis.
Who are the key vendors 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).
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The research study for the insight engines market involved extensive secondary sources, directories, journals, and paid databases. Primary sources were mainly industry experts from the core and related industries, preferred insight engine providers, third-party service providers, consulting service providers, end users, and other commercial enterprises. In-depth interviews were conducted with various primary respondents, including key industry participants and subject matter experts, to obtain and verify critical qualitative and quantitative information and assess the market’s prospects.
Secondary Research
In the secondary research process, various sources were referred to for identifying and collecting information for this study. Secondary sources included annual reports, press releases, investor presentations of companies, white papers, journals, certified publications, and articles from recognized authors, directories, and databases. The data was also collected from other secondary sources, such as journals, government websites, blogs, and vendors' websites. Additionally, insight engines spending on various countries was extracted from the respective sources. Secondary research was mainly used to obtain key information related to the industry’s value chain and supply chain to identify key players based on solutions, services, market classification, and segmentation according to offerings of major players, industry trends related to solutions, services, deployment modes, technology, applications, verticals, and regions, and key developments from both market and technology-oriented perspectives.
Primary Research
In the primary research process, various primary sources from both supply and demand sides were interviewed to obtain qualitative and quantitative information on the market. The primary sources from the supply side included various industry experts, including Chief Experience Officers (CXOs), Vice Presidents (VPs), directors from business development, marketing, and insight engines expertise, related key executives from insight engines solution vendors, SIs, professional service providers, and industry associations, and key opinion leaders.
Primary interviews were conducted to gather insights, such as market statistics, revenue data collected from solutions and services, market breakups, market size estimations, market forecasts, and data triangulation. Primary research also helped understand various trends related to technologies, applications, deployments, and regions. Stakeholders from the demand side, such as Chief Information Officers (CIOs), Chief Technology Officers (CTOs), Chief Strategy Officers (CSOs), and end users using insight engines solutions, were interviewed. Interviews were done to understand the buyer’s perspective on suppliers, products, service providers, and their current usage of insight engines solutions and services, which would impact the overall insight engines market.
The following is the breakup of primary profiles:
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Insight Engines Market Size Estimation
For making market estimates and forecasting for insight engines and the other dependent submarkets, top-down and bottom-up approaches were used. The bottom-up procedure was used to arrive at the overall market size of the global market for insight engines, using the revenue from the key companies and their offerings in the market. With data triangulation and validation through primary interviews, the exact value of the overall parent market size was determined and confirmed using this study. The overall market size was then used in the top-down procedure to estimate the size of other individual markets via percentage splits of the market segments.
In the top-down approach, an exhaustive list of all the vendors offering solutions and services in the insight engines market was prepared. The revenue contribution of the market vendors was estimated through annual reports, press releases, funding, investor presentations, paid databases, and primary interviews. Each vendor's offerings were evaluated based on the breadth of solutions and services, deployment modes, applications, and verticals. The aggregate of all the companies’ revenue was extrapolated to reach the overall market size. Each subsegment was studied and analyzed for its global market size and regional penetration. The markets were triangulated through both primary and secondary research. The primary procedure included extensive interviews for key insights from industry leaders, such as CIOs, CEOs, VPs, directors, and marketing executives. The market numbers were further triangulated with the existing MarketsandMarkets’ repository for validation.
In the bottom-up approach, the adoption rate of insight engines solutions and services among different end users in key countries with respect to their regions contributing the most to the market share was identified. For cross-validation, the adoption of insight engines solutions and services among industries, along with different use cases with respect to their regions, was identified and extrapolated. Weightage was given to use cases identified in different regions for the market size calculation.
All the possible parameters that affect the market covered in the research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The data is consolidated and added with detailed inputs and analysis from MarketsandMarkets.
- The pricing trend is assumed to vary over time.
- All the forecasts are made with the standard assumption that the accepted currency is USD.
- For the conversion of various currencies to USD, average historical exchange rates are used according to the year specified. For all the historical and current exchange rates required for calculations and currency conversions, the US Internal Revenue Service’s website is used.
- All the forecasts are made under the standard assumption that the globally accepted currency, USD, remains constant during the next five years.
- Vendor-side analysis: The market size estimates of associated solutions and services are factored in from the vendor side by assuming an average of licensing and subscription-based models of leading and innovative vendors.
- Demand/end-user analysis: End users operating in verticals across regions are analyzed in terms of market spending on insight engines based on some of the key use cases. These factors for the insight engines industry per region are separately analyzed, and the average spending was extrapolated with an approximation based on assumed weightage. This factor is derived by averaging various market influencers, including recent developments, regulations, mergers and acquisitions, enterprise/SME adoption, startup ecosystem, IT spending, technology propensity and maturity, use cases, and the estimated number of organizations per region.
Data Triangulation
After arriving at the overall market size using the market size estimation processes as explained above, the market was split into several segments and subsegments. To complete the overall market engineering process and arrive at the exact statistics of each market segment and subsegment, data triangulation and market breakup procedures were employed, wherever applicable. The overall market size was then used in the top-down procedure to estimate the size of other individual markets via percentage splits of the market segmentation.
Insight Engines Market Definition
An insight engine, also called cognitive search or enterprise knowledge discovery and management, is an enterprise platform that makes key enterprise insights accessible to users when needed. It combines search with machine learning capabilities to provide users with information and machine data.
According to Coveo, an insight engine combines keyword search, data connectors, UI components, and machine learning to provide customers and employees alike with more relevant information and personalized experiences.
Key Stakeholders
- Insight Engines Vendors
- Insight Engines Service Vendors
- Support and Maintenance Service Providers
- System Integrators (SIs)/Migration Service Providers
- Value-added Resellers (VARs) And Distributors
- Distributors And Value-added Resellers (VARs)
- System Integrators (SIs)
- Independent Software Vendors (ISV)
- Third-party Providers
- Technology Providers
Report Objectives
- To define, describe, and predict the insight engines market by offering, deployment mode, technology, application, organization size, vertical, and region
- To provide detailed information related to major factors (drivers, restraints, opportunities, and industry-specific challenges) influencing the market growth
- To analyze the micro markets with respect to individual growth trends, prospects, and their contribution to the total market
- To analyze the opportunities in the market for stakeholders by identifying the high-growth segments of the insight engines market
- To analyze opportunities in the market and provide details of the competitive landscape for stakeholders and market leaders
- To forecast the market size of segments for five main regions: North America, Europe, Asia Pacific, Middle East & Africa, and Latin America
- To profile key players and comprehensively analyze their market rankings and core competencies
- To analyze competitive developments, such as partnerships, new product launches, and mergers and acquisitions, in the insight engines market
- To analyze the impact of recession across all regions in the insight engines market
Available Customizations
With the given market data, MarketsandMarkets offers customizations as per the company’s specific needs. The following customization options are available for the report:
Product Analysis
- Product matrix provides a detailed comparison of the product portfolio of each company
Geographic Analysis
- Further breakup of the North American market for insinght engines market
- Further breakup of the European market for insight engines market
- Further breakup of the Asia Pacific market for insight engines market
- Further breakup of the Latin American market for insight engines market
- Further breakup of the Middle East & Africa market for insight engines market
Company Information
- Detailed analysis and profiling of additional market players (up to five)
Generating Response ...
Growth opportunities and latent adjacency in Insight Engines Market