According to a new market research report "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" published by MarketsandMarkets™, the Insight Engines Market 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 key forces driving the insight engines market include the 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.
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The insight engines tools segment is expected to witness steady growth during the forecast period
The insight engines tools segment is expected to dominate the market from 2018 to 2023, with a larger market share than the services segment, as insight engines are cognitive-enabled platforms with the capabilities of Natural Language Processing (NLP), Machine Learning (ML), custom annotation, and relevance training. As the volume of data generated and collected by enterprises increased, organizations started using insight engine platforms to consider their enterprise data holistically, and improve their business processes. Insight engine works as a bridge between machine data and users, and enables communication in a user-friendly language by converting the machine language into human-friendly language. Furthermore, due to future saturation in the tools segment in developed economies, and variation in global government customer protection norms and regulations, the demand for professional services segment is expected to gain traction in the next 5 years.
The BFSI industry vertical is expected to have the largest market share during the forecast period
Among industry verticals, the Banking, Financial Services, and Insurance (BFSI) industry vertical is expected to have the largest market share during the forecast period. This industry vertical is experiencing massive transformation with increasing investments in data analysis. BFSI companies are focusing on customer experience management to accelerate customer acquisition, improve business loyalty, and enhance the customer retention ratio. The retail and eCommerce industry vertical is expected to grow at the highest CAGR during the forecast period, owing to an increased focus on reducing the customer churn rate.
North America is expected to hold the largest market size during the forecast period
North America is expected to hold the largest market size and continue to dominate the global insight engines market from 2018 to 2023, due to the notable adoption of insight engines solutions and the presence of a large number of analytics vendors in the US. Asia Pacific (APAC) offers significant growth opportunities, owing to growing technology expenditures in major countries, such as Australia, China, and India, and the demand for cost-effective analytical software and services among Small and Medium-sized Enterprises (SMEs).
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The global insight engines market is fragmented in nature, as no single vendor dominates the market. Major vendors offering insight engines tools 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 Systtèmes (France), Veritone (US), Smartlogic (US), BA Insight (US), ForwardLane (US), CognitiveScale (US), Comintelli (Sweden), ActiveViam (UK), Lattice Engines (US), and Prevedere (US).
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