Insight Engines Global Market Report 2024

The insight engines market size has grown exponentially in recent years. It will grow from $1.77 billion in 2023 to $2.25 billion in 2024 at a compound annual growth rate (CAGR) of 26.8%. The growth in the historic period can be attributed to the increasing use of structured data, growing adoption in the BFSI sector, growth in the retail and e-commerce sectors, advanced search capabilities, and enhanced strategic risk management.

The insight engines market size is expected to see exponential growth in the next few years. It will grow to $5.78 billion in 2028 at a compound annual growth rate (CAGR) of 26.6%. The forecasted growth in the upcoming period is driven by several factors, including the increasing demand for advanced search and key capabilities, a growing emphasis on risk management and compliance, the adoption of machine learning and AI technologies, a greater focus on data-driven decision-making, and the rise of big data and IoT. Major trends expected during this period include technological advancements, a greater focus on customer service, the increasing adoption of these technologies in the healthcare sector, a rising demand for natural language processing (NLP), and a growing importance placed on sustainability.

The increasing volume of data is expected to drive the growth of the insight engines market. Data volume refers to the amount of data generated, processed, stored, and transmitted within a system or organization. Businesses across industries rely on data analysis for insights to make data-driven decisions, leading to the adoption of data collection practices. Insight engines help manage the surge of data by automatically generating insights from existing databases, providing a comprehensive understanding of an organization's data, and empowering decision-makers with actionable insights. For example, according to the Korea Data Center Council (KDCC), the overall capacity of colocation data centers in South Korea reached 430 megawatts (MW) by the end of 2020, accounting for 11% of the total Asia-Pacific IT load. The total commercial data center IT load in Korea is expected to expand by 700 MW between 2021 and 2023, representing 15% of the overall Asia-Pacific capacity. As a result, the increasing volume of data is propelling the growth of the insight engines market.

Major companies in the insight engines market are innovating by developing advanced technologies and solutions, such as automated insight engines, to stay competitive. These platforms deliver existing or synthesized information proactively or interactively to digital workers, customers, or constituents at timely business moments. For example, in January 2022, Atrium, a US-based consulting services company, launched an automated insights engine. This tool continuously evaluates sales performance, identifies underlying causes from hundreds of key performance indicators (KPIs), and provides suggestions for the next course of action. The tool helps reveal the reasons behind a representative's high or low performance, enabling managers to take appropriate actions based on a comprehensive understanding of their team's performance. Key features of this tool include continuous monitoring and analysis of rep and team metrics, a strategy insights console for a holistic view of performance, insight alerts, and recommended actions.

In August 2023, International Business Machines Corporation (IBM), a US-based hybrid cloud and AI consulting expertise company, acquired Apptio Inc. for $4.6 billion. This acquisition is expected to enhance IBM's IT automation and AI capabilities, allowing it to optimize and automate technology spending decisions while providing businesses with a comprehensive view of their IT operations. Apptio Inc., based in the US, is a provider of reporting and analytics engines that offer powerful insights into organizations' technology finance data.

Major companies operating in the insight engines market report are Google LLC, Microsoft Corporation, International Business Machines Corporation, Oracle Corporation, Hewlett Packard Enterprise Co, Dassault Systems SA, EPAM Systems Inc., o9 solutions Inc., OpenText Corporation, Micro Focus International PLC, ServiceNow Inc., IHS Markit Ltd., Celonis SE, Veritone Inc., Coveo Solutions Inc., LucidWorks Inc., Expert System SpA, ActiveViam, Lattice Engines Inc., CognitiveScale, Attivio Inc., Smartlogic Semaphore Ltd., Mindbreeze GmbH, Squirro, BA Insight, Insight Engines Inc., IntraFind Inc., Comintelli AB, Prevedere Inc., Forwardlane Inc., Progress Software Corporation.

North America was the largest region in the insight engines market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the insight engines market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the insight engines market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Insight engines are specialized search tools that employ advanced technologies, such as artificial intelligence and machine learning to retrieve and analyze relevant information within large datasets. It utilizes relevance techniques to characterize, find, compile, and evaluate data so that preexisting or combined information can be proactively or interactively provided to constituents, clients, or digital workers at appropriate business times.

The main types of insight engine components are solutions and services. A solution refers to the capabilities of the insight engine to centralize content and apply relevancy methods to describe, discover, organize, and analyze data. These can be deployed in several modes, such as cloud and on-premises, with various technologies involved, including natural language processing and machine learning. These are used for various applications, such as search and discovery, customer management, knowledge management, risk and compliance management, and others, by several verticals, including banking, financial services, and insurance, information technology (IT) and information technology enabled service (ITES), retail and e-commerce, healthcare and life sciences, telecom, and manufacturing, and government.

The insight engines market research report is one of a series of new reports that provides insight engines market statistics, including insight engines industry global market size, regional shares, competitors with a insight engines market share, detailed insight engines market segments, market trends and opportunities, and any further data you may need to thrive in the insight engines industry. This insight engines market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The insight engines market includes revenues earned by entities by providing implementation services, consulting services, data migration services, support and maintenance services. The market value includes the value of related goods sold by the service provider or included within the service offering. The insight engines market also includes sales of servers, storage systems, and networking equipment required to enable data processing, analytics, and machine learning. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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