Press release
Insight Engines Market Size, Emerging Trends, Growth Rate, Business Opportunities And Forecast To 2033
Insight Engines Market
Insight Engines Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.
The Market Size Is Expected To Reach $5.78 billion In 2028 At A CAGR Of 26.6% :
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.
The insight engines market size is expected to see exponential growth in the next few years. It will grow to $5.78 billion in 2028 at a compound annual growth rate (CAGR) of 26.6%. The growth in the forecast period can be attributed to increasing demand for advanced search and key capabilities, growing emphasis on risk management and compliance, adoption of machine learning and AI technologies, increasing focus on data-driven decision-making, rise of big data and IoT. Major trends in the forecast period include technological advancement, increasing focus on customer service, growing adoption in healthcare sector, increasing demand for natural language processing (NLP), growing importance of sustainability.
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Insight Engines Market Major Segments
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
Key Driver - Surging Data Volumes Fueling Growth In Insight Engines Market
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.
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Prominent Trend - Increasing Focus On Unveiling Advanced Solutions To Redefine Performance Analysis In The Insight Engines Market
Major companies operating in the insight engines market are developing advanced technologies and solutions, such as automated insight engines, to gain a competitive edge in the market. This platform allowing existing or synthesized information to be delivered proactively or interactively to digital workers, customers, or constituents at timely business moments. For instance, in January 2022, Atrium, a US-based consulting services company, launched automated insights engine, a tool that continuously evaluates sales performance, reveals the underlying causes from hundreds of KPIs (key performance indicators), and makes suggestions for the next course of action. This advanced tool is designed to immediately reveal the underlying reasons for a representative's high or low performance, enabling a manager to take appropriate action after fully understanding what is and is not working within their team. Its key features include continuous monitoring and analysis of hundreds of rep and team metrics, a strategy insights console that provides a single view of a rep or team's performance, insight alerts, and recommended actions.
Insight Engines Market 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
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Largest And Fastest Growing Region In The Market
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.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Insight Engines Market Report Structure
3. Insight Engines Market Trends And Strategies
4. Insight Engines Market - Macro Economic Scenario
5. Insight Engines Market Size And Growth
…..
27. Insight Engines Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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