By 2027, the insights engine market is projected to be valued US$ 860 million, with a robust compound annual growth rate (CAGR) of 19.7%. An insights engine is a platform that employs relevance methods to find, arrange, and analyse data to allow the proactive or interactive delivery of current or synthesised knowledge.
Platforms for insights engines give organisations the capacity to engage with material and extract insights without changing it at the source, helping them to build an evidence-based knowledge of their customers’ demands.
According to Future Market Insights’ Insights Engine Market: Global Industry Analysis (2012-2016) and Opportunity Assessment (2017-2027), the market is expected to reach a value of around US$ 860 million by that year.
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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.
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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.
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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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Author:
Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management a consumer electronics will likely remain the leading end-use sector cross verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.
He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client’s requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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