Insight Engines Market: Drivers, Demand, and Key Insights 2024-2033

Overview and Scope

Insight engines are specialized search tools that employ advanced technologies, such as artificial intelligence and machine learning to retrieve and analyze relevant information within large datasets. It utilizes relevance techniques to characterize, find, compile, and evaluate data so that preexisting or combined information can be proactively or interactively provided to constituents, clients, or digital workers at appropriate business times.

Sizing and Forecast

The insight engines market size has grown exponentially in recent years. It will grow from $1.77 billion in 2023 to $2.25 billion in 2024 at a compound annual growth rate (CAGR) of 26.8%. The growth in the historic period can be attributed to increasing use of structured data, growing adoption in BFSI sector, retail and e-commerce sector growth, advanced search capabilities, enhanced strategic risk management.

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Segmentation & Regional Insights

The insight engines market covered in this report is segmented –

1) By Component: Solutions, Services

2) By Deployment Mode: Cloud, On-Premises

3) By Technology: Natural Language Processing, Machine Learning

4) By Application: Search And Discovery, Customer Management, Knowledge Management, Risk And compliance Management, Other Applications

5) By Vertical: Banking, Financial Services, And Insurance, Information Technology (IT) And Information Technology Enabled Service (ITES), Retail And E-commerce, Healthcare And Life Sciences, Telecom, Manufacturing, Government

North America was the largest region in the insight engines market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the insight engines market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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Major Driver Impacting Market Growth

The rising volume of data is expected to propel the growth of the insight engines market going forward. The volume of data refers to the amount or size of data that is generated, processed, stored, and transmitted within a system or organization. The businesses across industries rely on data analysis for insights for data-driven decision making, leading to data collection practices. Insight engines are used in managing the surge of data by automatically generating insights from existing databases, providing a comprehensive understanding of an organization’s data, and empowering decision-makers with actionable insights. For instance, in February 2021, according to the Korea Data Center Council (KDCC), a South Korea-based non-profit organization, the overall capacity of colocation data centers information technology (IT) load reached 430 megawatt (MW) at the end of 2020, accounting for 11% of the total Asia-Pacific IT load. Further, the total commercial data center IT load in Korea is expected to expand by 700 MW between 2021 and 2023, accounting for 15% of overall Asia-Pacific capacity. Therefore, the rising volume of data is driving the growth of the insight engine market.

Key Industry Players

Major companies operating in the insight engines market report are Google LLC, Microsoft Corporation, International Business Machines Corporation, Oracle Corporation, Hewlett Packard Enterprise Co, Dassault Systems SA, EPAM Systems Inc., o9 solutions Inc., OpenText Corporation, Micro Focus International PLC, ServiceNow Inc., IHS Markit Ltd., Celonis SE, Veritone Inc., Coveo Solutions Inc., LucidWorks Inc., Expert System SpA, ActiveViam, Lattice Engines Inc., CognitiveScale, Attivio Inc., Smartlogic Semaphore Ltd., Mindbreeze GmbH, Squirro, BA Insight, Insight Engines Inc., IntraFind Inc., Comintelli AB, Prevedere Inc., Forwardlane Inc., Progress Software Corporation

The insight engines market report table of contents includes: