The insight engines market is rapidly growing, owing to the growing 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. The global insight engines market size is estimated to be USD 735.2 Million in 2018 and projected to reach USD 2,197.4 Million by 2023, at a Compound Annual Growth Rate (CAGR) of 24.5% during the forecast period.
The global insight engines market is fragmented in nature, as no single vendor dominates the market. Major vendors that offer insight engines software and services include 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 Systèmes (France), Veritone (US), Smartlogic (US), BA Insight (US), ForwardLane (US), CognitiveScale (US), Comintelli (Sweden), ActiveViam (UK), Lattice Engines (US), and Prevedere (US).
The major players in the insight engines market have adopted various strategies to expand their global presence and enhance their market shares. They have adopted partnerships, collaborations, new product launches, and acquisitions to expand their product portfolios and gain a competitive edge in the market.
IBM has undertaken product launches as its major development strategy to gain a leading position in the market. As a part of its organic growth strategy, in July 2017, IBM unveiled its Watson-based service platform, built on IBM Cloud. This platform is expected to supplement human intelligence to offer the cognitive technology that helps users enhance their productivity. In April 2017, IBM partnered with Rocket Fuel, an ad technology company. This partnership is expected to enable Rocket Fuel to integrate IBM’s Watson Discovery platform with its Predictive Marketing platform. IBM Watson Discovery helps build cognitive and cloud-based exploration applications that generate insights from unstructured data.
Oracle, another major provider of insight engines solutions and services, has adopted a mix of organic and inorganic growth strategies to gain a strong foothold in the market. For instance, Oracle introduced advances to its Oracle Cloud Platform. These advancements have expanded Oracle’s Cloud Platform Autonomous Services, and have made the platform self-driving, self-securing, and self-repairing. The company is applying artificial intelligence and machine learning techniques to its cloud platform to achieve predictive insights.
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
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