The insight engines market size 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 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 market growth in Asia Pacific (APAC) region is gaining momentum and is expected to grow at highest rate in coming years. Rising awareness of having in-depth insights and advance search, and focusing on improving overall customer service are important to maintain key competitive differentiation and revenue growth.
Adoption of connected devices is increasing in this region, which can be attributed to development and implementation of 3G and 4G networks.
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Insights Engines Market By Application
- Customer experience management
- Workforce management
- Operations management
- Sales and marketing optimization
- Risk and compliance management
Report segments insight engines market based on components, which are further segmented into tools and services. Under insight engines platform, tools segment includes modules like search engine, indexing, analysis, data governance, data security, AI algorithms, & reporting & visualization.
Services segment is further segmented into managed & professional. Professional services segment in report is further segmented into support & maintenance, consulting services, & deployment & integration.
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Insights engines market report covers retail and eCommerce; government; healthcare; energy and utilities; IT and telecom; manufacturing; media and entertainment; Banking, Financial Services, and Insurance (BFSI); and others (travel and hospitality, transportation and logistics, and education). The regions are segmented into North America, Europe, APAC, Middle East and Africa (MEA), and Latin America.
The break-up of the profiles of the primary participants is given below:
- By Company: Tier 1:22%, Tier 2: 30%, and Tier 3:48%
- By Designation: C-level:30%, Director level:45%, and Others:25%
- By Region: North America:45%, Europe:25%, APAC:22%,and MEA: 8%
Major vendors of 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 Systèmes (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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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.
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