Press release
Insight Engines Market Size Projected To Reach $7.35 Billion By 2034 With A Cagr Of 26.7%
Insight Engines
What Is the Projected Growth of the Insight Engines Market?
The size of the insight engines market has seen a significant expansion in the recent past. The market is projected to swell from $2.25 billion in 2024 to $2.85 billion in 2025, reflecting a compound annual growth rate (CAGR) of 26.8%. The profound growth during the historic period has been propelled by a rise in the utilisation of structured data, increased acceptance in the BFSI sector, expansion in the retail and e-commerce sectors, improved search capabilities, and better strategic risk management.
The market size for insight engines is predicted to experience explosive growth in the coming years, slated to reach a significant total of $7.35 billion in 2029 with an impressive compound annual growth rate (CAGR) of 26.7%. This robust growth anticipated over the forecast period can be ascribed to factors such as the surging need for enhanced search and key capabilities, a heightened focus on risk management and compliance, the widespread adoption of machine learning and AI technologies, an intensifying reliance on data-guided decision-making, and the emergence of big data and IoT. Several trends are expected to steer the sector throughout the forecast period, including technological developments, an increasing emphasis on customer service, a rising uptake in the healthcare sector, increased demand for natural language processing (NLP), and an amplifying significance of sustainability.
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What Are the Different Insight Engines Market 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
Subsegments:
1) By Solutions: Search And discovery Solutions, Data Integration And Management Solutions, Analytics And Reporting Tools, Natural Language Processing (NLP) Solutions, Machine Learning Models
2) By Services: Consulting Services, Implementation And Integration Services, Support And Maintenance Services, Training And Education Services, Custom Development Services
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What Are the Primary Drivers Shaping the Insight Engines Market?
The growth of the insight engines market is anticipated to be driven by the escalating amount of data. The term 'volume of data' pertains to the quantity or bulk of data that is created, dealt with, preserved, and conveyed within a system or establishment. Enterprises across various sectors rely on data analysis for obtaining insights that guide their decision-making processes, thereby bolstering data collection practices. Insight engines aid in handling the influx of data by autonomously delivering insights from pre-existing databases, offering an extensive comprehension of an organization's data, and equipping decision-makers with practical insights. For example, a study conducted by The Linux Foundation, an American non-profit consortium, revealed that the data growth for your average end-user organization reached a substantial 2,208 TB in 2022. This marks an uptick of 215.43%, which is three times the 700 TB recorded in 2021. Consequently, the expanding volume of data is fueling the growth of the insight engine market.
Which Companies Are Leading in the Insight Engines Market?
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
What Trends Are Expected to Dominate the Insight Engines Market in the Next 5 Years?
Leading businesses in the insight engines market are innovating with progressive technologies and solutions, such as automated insight engines, in order to maintain a competitive advantage. This platform permits information, whether existing or synthesized, to be proactively or interactively served to digital workers, clients, or constituents at opportune business moments. For example, at the start of 2022, Atrium, an American consulting services company, introduced an automated insights engine, which constantly assesses sales performance. This tool uncovers the root causes from numerous key performance indicators (KPIs) and proposes the successive course of action. The sophisticated tool aims to promptly disclose the fundamental reasons for a representative's superior or inferior performance, allowing a manager to make informed decisions after gaining comprehensive understanding of the efficacies within their team. Integral features of the tool include continuous scrutiny and study of copious rep and team metrics, a strategy insights console offering a unified perspective of a rep or team's performance, alert notifications for insights, and advised steps to be taken next.
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What Are the Top Revenue-Generating Geographies in the Insight Engines Market?
North America was the largest region in the insight engines market in 2024. 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.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Insight Engines Market?
2. What is the CAGR expected in the Insight Engines Market?
3. What Are the Key Innovations Transforming the Insight Engines Industry?
4. Which Region Is Leading the Insight Engines Market?
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