Insight Engines Market to be Worth $9.1 Billion by 2030

Insight Engines Market by Component (Solutions, Services), Application, Organization Size, Deployment Mode, End-use Industry and Geography - Global Forecast to 2030

Meticulous Research^®—a leading global market research company, published a research report titled, ‘Insight Engines Market by Component (Solutions, Services), Application, Organization Size, Deployment Mode, End-use Industry and Geography - Global Forecast to 2030.’

According to this latest publication from Meticulous Research^®, the global insight engines market is projected to reach $9.1 billion by 2030, at a CAGR of 25% from 2023 to 2030.The growth of this market is driven by the increasing need for data-driven decision-making for businesses, the growing demand for smart & timely recommendations for customers, and the increasing proliferation of insight engines in the BFSI sector. The growing demand for effective customer experience management & engagement and the rising need for cloud-based insight engines are expected to offer significant growth opportunities for the stakeholders in the insight engines market. The reliability & accuracy of results may restrain the market's growth to a certain extent. Furthermore, data security & privacy concerns are expected to pose challenges to the growth of the insight engines market.

The global insight engines market is segmented by component (solutions and services [consulting & training, deployment & integration, and support & maintenance]), application (workforce management, customer experience management, risk & compliance management, sales & marketing management, operation management, and other applications [search & discovery and knowledge management]), organization size (large and small & mid-sized enterprises), deployment mode (cloud-based and on-premise deployments), and end-use industry (IT & telecommunications, BFSI, healthcare & life sciences, retail & e-commerce, manufacturing, government & public sector, media & entertainment, and other end-use industries [automotive and oil & gas]). The study also evaluates industry competitors and analyzes the market at the regional and country levels.

Based on component, the global insight engines market is segmented into solutions and services. In 2023, the solutions segment is expected to account for the larger share of the global insight engines market. The large market share of this segment is attributed to the growing demand for insight engine tools to search, discover, and analyze both structured and unstructured data; increasing need for effective data presentation in businesses; a surge in demand for insight engines for retrieving information from multiple sources and extracting insights from this data; and growing popularity for cloud-based insight engines.

However, the services segment is projected to register the highest CAGR during the forecast period. The high growth of this segment is driven by the increasing demand for consulting & training services, the growing need for insight engine deployment & integration services, increasing demand for support & maintenance services, increasing demand for technical support and up-gradation of insight engine solutions, growing emphasis by companies to provide custom consulting services, and growing demand for fault handling, progressive product upgrade procedures, product development, and systems integration.

Based on application, the global insight engines market is segmented into workforce management, customer experience management, risk & compliance management, sales & marketing management, operation management, and other applications. In 2023, the customer experience management segment is expected to account for the largest share of the global insight engines market. The large market share of this segment is attributed to the increasing proliferation of predictive analytics solutions for better customer experience, the increasing need to deliver a better customer experience by assuring ease of use & quick intelligence, and a broad scope of searches through insight engines. Insight engines give companies the power to present personalized and unique content to customers and produce personalized product lines to satisfy unique audiences. It provides the ability to process unstructured data such as social media information, images, videos, and audio files and turn them into valuable personalized content for a better customer experience. This segment is projected to register the highest CAGR during the forecast period.

Based on organization size, the global insight engines market is segmented into large and small & mid-sized enterprises. In 2023, the large enterprises segment is expected to account for the larger share of the global insight engines market. The large market share of this segment is attributed to the increasing emphasis by large enterprises on advanced technologies with an intent to enhance their productivity and efficiency, the growing need to derive business insights from large data sets, increasing demand for insight engines for better customer experience management. However, the small & mid-sized enterprises segment is projected to register the highest CAGR during the forecast period. The high growth of this segment is driven by the growing demand for insight engines to provide predictive insights for small & mid-sized enterprises, the increasing trend to adopt digital solutions by small & mid-sized enterprises, and the increasing availability of various custom solutions for smaller business units.

Based on deployment mode, the global insight engines market is segmented into cloud-based and on-premise deployment. In 2023, the cloud-based deployment segment is expected to account for the larger share of the global insight engines market. The large market share of this segment is attributed to the growing demand for secure cloud-based insight engine solutions, the increasing need to store and analyze and retrieve business insights through cloud platforms, and the growing benefits offered by highly sophisticated cloud-based insight engines such as data security, privacy, reliability, and centralized storage systems. Additionally, this segment is expected to register the highest CAGR during the forecast period.

Based on end-use industry, the global insight engines market is segmented into IT & telecommunications, BFSI, Healthcare & Life Sciences, retail & e-commerce, manufacturing, government & public sector, media & entertainment, and other end-use industries. In 2023, the BFSI segment is expected to account for the largest share of the global insight engines market. The large market share of this segment is attributed to the increasing deployments of insight engines to find and analyze customer sentiment by examining social media and studying conversations about their facilities and service strategies with the use of natural language processing, the rising need to compile accurate reports and provide a better recommendation to customers and internal decision-makers with the ability to get essential data, and increasing need to customize banking operations, enhances customer engagement. Additionally, this segment is expected to register the highest CAGR during the forecast period.

Based on geography, the global insight engines market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2023, North America is expected to account for the largest share of the global insight engines market. This market's large share is attributed to well-established insight engines solution & service providers, growing adoption of emerging technologies such as natural language processing, voice recognition techniques, and virtual assistants & chatbots, and increasing deployments of insight engines across various large enterprises.

However, Asia-Pacific is projected to register the highest CAGR during the forecast period. The high growth of this region is driven by the increasing adoption of insight engines in businesses across China, Japan, India, and South Korea, the growing presence of insight engines solution & service providers across the region, and the increasing adoption of machine and deep learning technologies to retrieve data and drive insights to enhance customer services. Moreover, the surge in the significance of AI technologies for data and predictive insights for businesses will boost the beneficial opportunities for the insight engines market growth.

Key Players

The key players operating in the global insight engines market are Microsoft Corporation (U.S.), International Business Machines Corporation (U.S.), Oracle Corporation (U.S.), Google LLC (a subsidiary of Alphabet, Inc.) (U.S.), SAP SE (Germany), OpenText Corporation (Canada), Celonis SE (Germany), Upland Software, Inc. (U.S.), Progress Software Corporation (U.S.), Lucidworks, Inc. (U.S.), ServiceNow, Inc. (U.S.), Forwardlane, Inc. (U.S.), SearchBlox Software, Inc.(U.S.), Coveo Solutions Inc. (U.S.), and o9 solutions Inc.(U.S.).

Download Sample Report Here: https://www.meticulousresearch.com/download-sample-report/cp_id=5511

Key questions answered in the report:

Which are the high-growth market segments in terms of component, application, deployment mode, organization size, and end-use industry?
What is the historical market size for insight engines across the globe?
What are the market forecasts and estimates for 2023–2030?
What are the major drivers, restraints, opportunities and challenges in the global insight engines market?
Who are the major players in the global insight engines market, and what are their market shares?
How is the competitive landscape?
What are the recent developments in the global insight engines market?
What are the different strategies adopted by the major players in the market?
What are the geographic trends and high-growth countries?
Who are the local emerging players in the global insight engines market, and how do they compete with other players?

Contact Us:
Meticulous Research®
Email- sales@meticulousresearch.com
Contact Sales- +1-646-781-8004
Connect with us on LinkedIn- https://www.linkedin.com/company/meticulous-research