Insights Engine Market is to grow at 19.7% During the Forecast Period 2017 to 2027

Insights Engine Market Expected to be Worth US$ 860 Mn by 2027 and register a strong growth of 19.7% in its CAGR. An Insights Engine is a platform that uses relevance ways to discover, organize, and analyse data to enable current or synthesized knowledge to be delivered proactively or interactively.

Insights engine solutions help companies create a fact-based understanding of customer demands by providing the essential ability to interact with content and extract insights without changing it at the source.

By 2027, according to Future Market Insights' Insights Engine Market: Global Industry Analysis (2012-2016) and Opportunity Assessment (2017-2027), the market would have grown to more than US$ 860 million.

Vertical - Focus on IT & Telecom and Retail & Consumer Goods in Insights Engine Market

IT & Telecom and Retail & Consumer Goods are the verticals in the insights engine market to watch out for. Vendors of retail and consumer goods are implementing insights engine platforms to better understand client wants and anticipate search terms for more relevant search results. To be able to determine client usage patterns, insights engine platforms are also being explored and implemented in a number of IT and telecom businesses. Utilizing insights engine platforms makes it feasible to maximise client revenue. At the end of the forecast period, the retail and consumer goods vertical is somewhat larger than the IT & Telecom vertical.

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Component - Services Component to Grow Rapidly in Insights Engine Market

In the insights engine market in 2017, the software component is around three times larger than the services. However, the services segment is expected to see an exponential CAGR of 20.6% between 2017 and 2027, making it a profitable opportunity that cannot be passed up in the insights engine market. It is imperative that almost all vendors give timely software updates to their insights engine platforms. The update does, however, occasionally cause problems with the client's potential legacy systems. The problems, which are frequently tied to functionality and customisation, may limit the market for insights engines' expansion.

Deployment - SaaS Tails On-Premise Deployment in Insights Engine Market

On-premise deployment is considerably larger than SaaS deployment segment in the insights engine market and is likely to retain its pole position through the next decade. The on-premise deployment segment is poised to have a value of just under half a billion in the insights engine market by end 2027. The market attractiveness index of the on-premise deployment segment is 5.0 and companies would be advised to focus their attention on this highly lucrative segment in the insights engine market.

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Region - North America Highly Influential in the Insights Engine Market

North America had the largest contribution in 2017 and is projected to gain a massive 610 BPS by the end of the forecast, at the expense of all other regions in the global insights engine market. North American enterprises are seeking to harness the potential of machine learning and AI capabilities for customer feedback, sales support, and marketing activities and companies in the insights engine market now offer their products at a highly competitive price. This allows businesses there to opt for updated search solutions, growing the overall insights engine market.

Competition Dashboard in the Insights Engine Market

The companies profiled in the report are Funnelback, IntraFind Inc., Coveo Solutions Inc., Sinequa, Microsoft Corporation, Attivio, Mindbreeze GmbH, Dassault Systèmes, Smartlogic, IBM Corporation, Microfocus, Lucidworks, Expert System, IHS Markit Ltd, and Market Logic.

Takeaways

Insights engine platform vendors would do well to expand their business in North America by entering into agreements with small and medium-scale enterprises. Insights engine platforms could further enter into partnerships with cloud service providers and launch new solutions as online shopping is on the verge of a boom.

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Insights Engine Market Taxonomy

Vertical:

IT and Telecom
BFSI
Retail and Consumer Goods
Healthcare & Life Sciences
Manufacturing
Media & Entertainment
Transportation & Logistics
Travel & Hospitality
Others

Component:

Software
Services

Deployment:

On-premise
SaaS

Region:

North America
Latin America
Western Europe
Eastern Europe
APEJ
Japan
MEA

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About FMI

Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.

This release was published on openPR.