Insight Engines Market Size, Share & Trends Analysis Report By Component, By Deployment, By Enterprise Size, By Application (Sales & Marketing Management), By Vertical (BFSI, Retail & Ecommerce), By Region, And Segment Forecasts, 2023 - 2030

Insight Engines Market Size & Trends

The global insight engines market size was valued at USD 1.46 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 26.5% from 2023 to 2030. An insight engine, also known as enterprise cognitive search or knowledge discovery, is an enterprise platform that makes critical enterprise insights accessible to users when required. It integrates search with machine learning capabilities to deliver data for machines and information for users. An insight engine aims to deliver timely data that offers actionable insights. The rapid adoption of the consumer goods and retail industry and the growing adoption of digital technologies drive the growth of the insight engines market. For instance, in August 2022, Renewable Energy Systems Ltd., a renewable energy company, adopted Aiimi’s AI-powered platform, “Aiimi insight engines.” The platform will generate 5.7 terabytes of historical data that is efficiently discoverable and migrate the information to an Azure-hosted archive. Adopting the platform would let Renewable Energy Systems Ltd. a digital transformation and undergo a large-scale cloud migration to Azure.

Insights engines allow organizations to generate insights automatically from the available databases using advanced data analytics such as machine learning and artificial intelligence. Data-driven decision-making is increasingly popular among businesses and managers, and insights engines allow them to base their decisions on insights extracted from data. Insight engines apply methods to discover, describe, analyze, and organize data. This allows synthesized or existing information to be delivered interactively or proactively to customers, digital workers, or constituents, in context and at timely business moments.

Insight engines accelerate business growth by delivering ultimate value through customer-tailored personalization. Big data, artificial intelligence, and machine learning-enabled insight engines serve as strategic business resources that assist organizations in providing customers with one-of-a-kind digital experiences. By integrating such technologies, insight engines become the next big thing since they offer customized experiences that perform better than traditional digital asset management systems. Through intelligent relationship building, insight engines assist businesses in improving their relationships with customers. It combines high-quality technologies such as Natural Language Processing (NLP) and Natural Language Question Answering (NLQA) to provide clients with a sense of comfortable human connection that produces satisfying results. Additionally, insight engines can create business predictions and scenario developments with machine learning and deep learning to address various business issues.

The technology learns the relevance of the individual pieces of data by continuously analyzing various work methods, such as how frequently or in what context certain information is pulled up. It then prepares the data for the particular application case, the department, and the user and differentiates the facts accordingly to provide information in a personalized and proactive way. For instance, insight engines solutions allow the user to get a 360-degree view of all business-relevant data within the organization in response to a query. This comprehensive overview of suppliers, customers, expertise, and responsibilities is pivotal for success in the face of increasingly harsh competition.

Component Insights

The software segment led the market in 2022, accounting for over 73% share of the global revenue. The high share can be attributed to the increasing investments of companies in insight engines software. Further, the increasing volume and complexity of data, the need for faster and more accurate insights, and advancements in artificial intelligence and machine learning technologies drive software growth in the insight engines market. For instance, in October 2021, Aiimi, an insight engines provider, announced its partnership with Metia, a marketing agency with a strong focus on digital transformation, data-driven insights, and customer engagement. The partnership aims to leverage Metia’s expertise in data analytics and developing and scaling digital marketplaces, which will help grow their insight engines marketplace.

The services segment is predicted to foresee significant growth in the forecast years. Insight engine services comprise training, support, deployment, and integration of the insight engines. These vendor-provided services are offered as standalone offerings and product add-ons. Usually, vendors charge a fee for any services they offer besides the software subscription. Insight engine suppliers are collaborating with companies that provide these services to customers on their behalf. Various partnerships are also growing in the market, so it is anticipated that the rising demand for consulting, supporting, and other services will fuel the growth of the services segment, which is expected to rise.

Deployment Insights

The on-premises segment held the largest revenue share of over 58.0% in 2022. During on-premises deployment, the solution is set up on business servers protected by a firewall, the software is licensed, and the entire instance is housed on-site at an organization; as a business uses on-premises software, it has purchased a license or copy of the program. Hence, there is better protection than with a cloud computing infrastructure. Moreover, on-premises solutions offer more flexibility in terms of customization and integration with existing systems. Organizations can tailor the solution to their specific needs and integrate it with their existing infrastructure, which can be complex with cloud-based solutions.

The cloud segment will witness significant growth in the coming years. With the rise in popularity of cloud computing comes a new form of flexibility for businesses, from time and money savings to increased agility and scalability. When it comes to business technology, several software programs have migrated to the cloud for the most advanced features. Moving to the cloud also provided providers with cost and elasticity benefits to grow their operations. The rush for cloud computing ignores essential information, including that not all businesses are ready for cloud installations and willing to move to a cloud-only strategy. Implementations of the public and private clouds are numerous, and each is customized to a particular organization's needs and operating environment.

Enterprise Size Insights

The large enterprises' segment dominated the market in 2022 and accounted for a revenue share of over 72%. The growth is attributed to improved data access and discovery, enhanced data analysis and visualization, improved customer engagement and satisfaction, reduced operational costs, and improved efficiency. Many large enterprises are investing in insight engines as they have increased their demand for advanced solutions and information intelligence. Companies also develop new products and launch new solutions to meet this demand. Moreover, these enterprises generate massive amounts of data daily, which needs to be analyzed quickly and efficiently. Insight engines thus help enterprises to quickly search, analyze, and process data from various sources, reducing the time it takes to make decisions and take action.

The small and medium enterprises segment is anticipated to witness significant growth in the coming years. There are numerous small and medium-sized businesses in nearly every country. SMEs prefer the more affordable option due to their limited financial resources. Some firms might require assistance to buy these solutions due to limited IT investments. Despite SMEs' limited financial resources, the market is expected to expand due to the solutions' rising scalability, widespread accessibility, and cloud-based deployments.

Vertical Insights

The IT and telecom segment led the market in 2022, accounting for over 17% of global revenue. The high share can be attributed to the large volumes of structured and unstructured data from various sources such as customer interactions, social media, and enterprise applications they deal with.For instance, insight engines can be used to analyze customer support tickets and provide faster and more accurate resolutions, or to monitor IT systems and detect anomalies and performance issues before they become critical. Moreover, IT and ITes companies are also using insight engines to improve their internal search capabilities, allowing employees to quickly find the information they need within large and complex enterprise systems. This can help increase productivity, reduce errors, and improve collaboration among teams.

The retail and e-commerce segment is expected to show significant growth over the forecast period. The segment's rise can be attributable to the increasing adoption of digital technologies in the retail and e-commerce sectors that is expected to drive the insight engines market. Due to the growing usage of artificial intelligence to gather information, capture and collect existing knowledge, and find relationships between the data, the insight engines industry in the retail sector offers attractive potential. Moreover, by using insight engines, retailers can gain a deeper understanding of their customers and their needs, which can help them make more informed decisions about product offerings, marketing strategies, and operational improvements.

Application Insights

The customer experience management segment led the market in 2022, accounting for over 28% of the global revenue. The high share can be attributed to the significant role played by insight engines in improving customer experience management by helping organizations better understand their customers' needs and preferences. Insight engines implement artificial intelligence techniques such as machine and deep learning. These methods can find and search correlations between unstructured and structured data within corporations, regardless of size or type of organization. In addition, insight engines can help organizations to identify trends and patterns in customer behavior that may not be immediately apparent, allowing them to address potential issues before they escalate proactively. By providing real-time insights, insight engines can help organizations to be more agile and responsive to customer needs.

The risk and compliance management segment is expected to show significant growth over the forecast period. The segment's rise can be attributable to businesses facing increasingly complex regulatory requirements and cybersecurity threats. Many businesses are turning to insight engines to help them better understand and manage their risks and ensure compliance with applicable regulations. Moreover, insight engines assist organizations in identifying potential risks and compliance issues by analyzing large volumes of data from various sources, including structured and unstructured data, social media, and even video and audio content. These insights can be used to proactively identify and mitigate risks and respond quickly to any compliance issues that arise.

Regional Insights

North America dominated the market in 2022, accounting for over 45% share of the global revenue. Developed countries such as Canada and the U.S. drive the market's growth. The North American region has widely adopted insight engines technology and generates the highest revenue there. Due to its massive adoption of cutting-edge technology, such as chatbots, speech recognition, and natural language processing, North America has the largest share. The market for insight engines in the region is expanding due to several factors, such as the development of the internet of things (IoT), which is expanding rapidly, and the lower cost of ownership of cloud-based platforms. Additionally, many business sectors, including IT, telecom, healthcare, media, and entertainment, are taking advantage of insights engine capabilities to respond quickly to consumer inquiries due to the widespread adoption of these platforms across the region.

Asia Pacific is likely to possess lucrative market opportunities in the coming years. The leading players in the APAC insight engines market focus on growing their investments, product portfolios, analytic solutions, and strategic partnerships to create robust and easy functionality. China is a powerful country in the Asia Pacific region with rising technological usage. This country has one of the world's fastest Internet speeds and is home to major businesses such as Alibaba. The restrictive regulatory framework in China, which prohibits international companies such as FAANG (Facebook, Amazon, Apple, Netflix, and Google) from functioning there, strengthens the tripartite domination (iQiyi, Tencent, and Youku). These multinational players primarily leverage insight engines for general recommendations and advertising that promotes their businesses. The region has grown moderately due to the number of domestic opportunities. Additionally, as many new local companies strive to enter emerging markets in countries like India, they are projected to offer significant opportunities for the market during the forecast period.

Key Companies & Market Share Insights

Well-established and emerging players have exhibited traction for inorganic and organic strategies to tap into the global markets. In doing so, industry players are poised to focus on partnerships, mergers and acquisitions, geographical expansion, innovation, technological advancements, and product offerings. For instance, in May 2023, SAP partnered with International Business Machines Corporation Watson AI insight engines to integrate it with its software and platforms. The partnership aims to assist SAP in taking advantage of Watson AI's natural language processing (NLP) and predictive insights capabilities to increase business efficiency while accelerating innovation, primarily in the manufacturing, retail, and utility sectors. Some of the prominent players in the insight engines market include:

• Attivio

• Coveo

• Elasticsearch B.V.

• Expert.AI

• Google

• International Business Machines Incorporation

• Mindbreeze GmbH

• Open Text Corporation

• Sinequa

• Squirro AG

Insight Engines Market Report Scope

Global Insight Engines Market Report Segmentation

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the global insight engines market report based on component, deployment, enterprise size, application, vertical, and region:

• Component Outlook (Revenue, USD Billion, 2017 - 2030)

  • Software

  • Services

• Deployment Outlook (Revenue, USD Billion, 2017 - 2030)

  • Cloud

  • On-premises

• Enterprise Size Outlook (Revenue, USD Billion, 2017 - 2030)

  • Small & Medium Enterprises

  • Large Enterprises

• Application Outlook (Revenue, USD Billion, 2017 - 2030)

  • Workforce Management

  • Customer Experience Management

  • Sales & Marketing Management

  • Risk & Compliance Management

  • Others

• Vertical Outlook (Revenue, USD Billion, 2017 - 2030)

  • BFSI

  • IT & Telecom

  • Retail & Ecommerce

  • Healthcare

  • Manufacturing

  • Government

  • Others

• Regional Outlook (Revenue, USD Billion, 2017 - 2030)

  • North America

    • U.S.

    • Canada

  • Europe

    • Germany

    • U.K.

    • France

  • Asia Pacific

    • China

    • Japan

    • India

    • South Korea

    • Australia

  • Latin America

    • Brazil

    • Mexico

  • Middle East and Africa (MEA)

    • UAE

    • Kingdom of Saudi Arabia

    • South Africa