PUBLISHER: Orion Market Research | PRODUCT CODE: 1159214
PUBLISHER: Orion Market Research | PRODUCT CODE: 1159214
Global Insight Engines Market Size, Share & Trends Analysis Report by Insight Type (Predictive insights Prescriptive insights, and Descriptive insights), By Deployment Type (On-premises, and Cloud) By End User (BFSI, Retail and eCommerce, IT and telecom, and Healthcare) Forecast Period 2022-2028
The global market for insight engines is projected to have a considerable CAGR of around 23.2% during the forecast period. Insight engines can provide contextual information about the fact or entity in question, unlike the usual search engines that offer links to the source materials. The key use cases of insight engines include internal search, external search, and extraction of data analytics. Various end-user industries, such as retail, BFSI, media, and telecommunications, are anticipated to use the insight program in the coming years. For instance, in the BFSI sector, companies are always looking for new ways to make banking better, faster, and easier for customers. This sector intends to employ sophisticated analytics to gain insights into processes and customers. Moreover, the rising significance of Artificial Intelligence (AI) technology for data insights and predictive insights for businesses are expected to fuel the growth of insight engines. As a result, it would provide growth opportunities for the market.
The global insight engines market is segmented based on insight types, deployment types, and end-user. Based on the insight types, the market is further classified into predictive insights prescriptive insights, and descriptive insights. On the basis of deployment type, the market is segregated into on-premises, and cloud. Further, based on the end-user the market is classified into BFSI, retail and eCommerce, IT and telecom, and healthcare.
Geographically market is segmented into North America, Europe, Asia-Pacific, and the Rest of the World. Asia-Pacific is the fastest-growing market for insight engines. The growth is significantly driven by rising awareness of having in-depth insights and advanced search, and focusing on improving overall customer service are important to maintaining key competitive differentiation and revenue growth.
The key players of the market include IBM Corp, Mindbreeze GmbH, Sinequa SAS, LucidWorks, Inc. among others. These market players adopt various strategies such as product launches, partnerships, collaborations, mergers, and acquisitions to sustain a strong position in the market. In October 2021, Qubit, a supplier of AI-powered customization technology for merchandising teams, was purchased by Coveo, a relevant platform that strives to better digital experiences through AI-powered search, recommendations, and personalization. Coveo's geographic development into the UK and European markets are likely to be accelerated as a result of the transaction.
Research Methodology
The market study of the global insight engines market is incorporated by extensive primary and secondary research conducted by the research team at OMR. Secondary research has been conducted to refine the available data to break down the market into various segments, derive total market size, market forecast, and growth rate. Different approaches have been worked on to derive the market value and market growth rate. Our team collects facts and data related to the market from different geography to provide a better regional outlook. In the report, the country-level analysis is provided by analyzing various regional players, regional tax laws and policies, consumer behavior, and macro-economic factors. Numbers extracted from secondary research have been authenticated by conducting proper primary research. It includes tracking down key people from the industry and interviewing them to validate the data. This enables our analyst to derive the closest possible figures without any major deviations in the actual number. Our analysts try to contact as many executives, managers, key opinion leaders, and industry experts. Primary research brings authenticity to our reports.
Secondary Sources Include:
The report provides an in-depth analysis of market size, intended quality of the service preferred by consumers. The report will serve as a source for a 360-degree analysis of the market thoroughly integrating different models.
Market Segmentation
The Report Covers: