The insights engine market is expected to develop at a strong compound annual growth rate (CAGR) of 19.7%, with a projected value of US$ 860 million by 2027. An insights engine is a platform that uses relevance techniques to locate, organize, and analyze data so that current or synthesized information may be delivered in an interactive or proactive manner.
Platforms for insights engines enable businesses to interact with content and draw conclusions without altering it at the source, assisting them in developing an empirical understanding of the needs of their clientele.
By that year, the market is anticipated to reach a value of around US$ 860 million, according to Future Market Insights’ Insights Engine Market: Global Industry Analysis (2012-2016) and Opportunity Assessment (2017-2027).
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Vertical – Focus on IT & Telecom and Retail & Consumer Goods in Insights Engine Market
The verticals to keep an eye out for in the insights engine market are IT & Telecom and Retail & Consumer Goods. Retail & Consumer good vendors are adopting insights engine platforms to gain an in-depth understanding of customer needs and predict search queries to improve result relevancy. Insights engine platforms are also being tested and implemented in various IT & Telecom companies to allow them to gauge customer usage patterns. It becomes possible to extract maximum customer revenue by way of insights engine platforms. The retail & consumer goods vertical is slightly larger than the IT & Telecom vertical at the end of the forecast period.
Component – Services Component to Grow Rapidly in Insights Engine Market
In 2017, the software component is roughly thrice the size of services in the insights engine market. Nonetheless, the services component is on track to witness an exponential CAGR of 20.6% from 2017 to 2027, making it a lucrative opportunity that cannot be ignored in the insights engine market. Almost all providers offer timely software updates to their insights engine platforms as it is absolutely critical. However, the update occasionally raises compatibility issues with legacy systems that the client may be using. The issues are typically related to customization and functionality and could constraint growth of the insights engine market.
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.
Region – North America Highly Influential in the Insights Engine Market
In 2017, North America had the largest contribution. Furthermore, it is projected to gain a massive 610 BPS by the end of the forecast, outpacing all other regions in the global market. This growth can be attributed to North American enterprises actively seeking to harness the potential of machine learning and AI capabilities. Consequently, they aim to enhance various aspects of their operations, such as customer feedback, sales support, and marketing activities. In response, companies in the market have adjusted their strategies, offering their products at a highly competitive price to cater to this demand. As a result, businesses there can opt for updated search solutions, effectively growing the overall market.
Competition Dashboard in the Insights Engine Market
The report profiles several companies, including 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
To enhance their business prospects in North America, insights engine platform vendors would do well to engage in agreements with small and medium-scale enterprises. Given that online shopping is on the verge of a boom, insights engine platforms could strategically form partnerships with cloud service providers and subsequently introduce innovative solutions.
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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