Insight Engines Market Size
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 1.80 Billion |
| Market Size (2029) | USD 5.75 Billion |
| CAGR (2024 - 2029) | 26.16 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Insight Engines Market Analysis
The Insight Engines Market size is estimated at USD 1.8 billion in 2024, and is expected to reach USD 5.75 billion by 2029, growing at a CAGR of 26.16% during the forecast period (2024-2029).
Insight engines can provide contextual information about the fact or entity in question, unlike the usual search engines that offer links to the original source materials. The key use cases of insight engines include internal search, external search, and extraction of data analytics.
- Even though companies apply all types of data and analytics solutions, they cannot satisfy their business goals. Companies continuously seek better ways to gain more business value from the information. Thus, insight engines address this problem by connecting to varied data sources to deliver business-critical insights. According to Accenture, the amount of data available is growing rapidly, amounting to 44 zettabytes. 80% of this data is unstructured (text documents, audio, video, emails, social posts, etc.), and 20% is held in structured systems of some kind. To gain insights from this massive resource and pinpoint what a user or organization requires, the ability to extract facts from documents and store those facts somewhere for simple access is necessary. Search engine giants, like Google and Bing, do this by storing such facts during a 'knowledge graph,' which suits the search engines they have been using for several years.
- For many organizations, investing in extracting useful insights from data may be costly. For this, they need to possess their own infrastructure and resources. This is one of the main reasons that many companies consider cognitive search an appropriate solution. According to KDNuggets, an information technology, and services company, organizations are expected to direct approximately 15% of their IT investments toward cognitive search, analytics, and other cloud-based offerings. This investment was predicted to extend to 35% by 2021.
- Various end-user industries, such as retail, BFSI, media, and telecommunications, are anticipated to use the insight program in the coming years. For instance, in the BFSI sector, companies are constantly trying to find ways to make banking better, faster, and easier for patrons. This industry plans to use the ability of advanced analytics to derive insights into processes and customers. This will help it know past performances, resulting in better business decisions.
- Furthermore, in the wake of COVID-19, insight engines picked up pace as one of the best knowledge discovery options for enterprise search. The market witnessed a significant rise in data generated by enterprise apps. The time spent on developing meaningful insights to make business decisions also increased significantly. To promote its insight engine during the COVID-19 pandemic, major market vendors launched innovative product offerings with advanced features to cater to industry-specific and post-pandemic search requirements.
- For instance, in July 2020, Microsoft launched a preview feature of text analytics for healthcare, which enables developers to process and extract insights from unstructured medical data. This feature is a part of Text Analytics in Azure Cognitive Services. It processes a broad range of data types and tasks without time-intensive and manually developed custom models to extract insights from data. According to Microsoft, with this latest offering, users can detect words and phrases mentioned in the unstructured text as entities that can be related to semantic types in the healthcare and biomedical domain. These words include diagnosis, medication name, symptoms, examinations, treatments, dosage, and route of administration.
Insight Engines Market Trends
This section covers the major market trends shaping the Insight Engines Market according to our research experts:
The BFSI Segment Expected to Hold a Significant Share
- Banks deal with a unique set of challenges as they navigate an ever-changing consumer landscape and business expectations. Search technology is at the forefront of making sense of this new world of finance. The variety of data sources for usage has evolved beyond the traditional mix. Enterprise workers at financial institutions need access to data stored in the cloud, behind SaaS services, and other silos. Insight engines scale to billions of documents in various formats and connect to all of the data for real-time access. Insurers increasingly face a regulatory landscape while trying to mitigate game-changing trends like cyber risk and disruptive innovation. Search can help these organizations stay nimble and maintain growth.
- Insight engines leverage ML and AI to retrieve relevant results from disparate data repositories. It gives bankers a complete view of their clients by giving them access to annual reports, risk analytics, social media, industry blogs, and many other data points. It also enables informed investment decision-making, opportunity sourcing, and deal origination. Banks have several transactional data and digital interaction points around customer profiles, claims, customer payment history, etc. Insight engines could exploit these massive data repositories to access authentic and reliable credit reports. Banks can proactively leverage these reports to anticipate fraud while uncovering payment irregularities and other unusual activities.
- Banks and other financial organizations are also utilizing insight engines to find and parse client sentiment by checking social media and analyzing discussions about their services and strategies with the usage of Natural Language Processing. Financial services analysts can compose increasingly accurate reports and give better advice to customers and internal decision makers with the capacity to get to essential and separated data. Using data to personalize banking improves customer engagement and increases revenue. According to Accenture, a major global bank used personalized insights delivered to customers to increase savings balances by EUR 60 million in just 18 months.
- For instance, the third-largest bank in the United States, with 38 million searches and 293 thousand unique users, deployed search apps built with Lucidworks Fusion, and now only 0.14% of queries have zero results, and employees rate its search as the most valuable feature of its intranet. A top five global investment bank built an app with Lucidworks Fusion that searched across 250 million rows, each with 60-70 fields per document and 50 million rows with 1000 fields per document, an entire two billion row collection. Crédit Agricole, one of the largest banks in the world, has launched a project to deliver a new digital workplace, where more than 60,000 internal users can know the exact situation of the customer in front of them, which could be utilized to find the most relevant offerings for the customer.
The Asia-Pacific Region Expected to Witness a High Market Growth
- Led by countries, such as Japan, China, India, Australia, and South Korea, the Asia-Pacific region is expected to witness the fastest growth in the market. China is one of the major countries in Asia-Pacific with growing technological adoption. The country is home to one of the fastest internet bands and a strong presence of large enterprises, such as Alibaba.
- According to UNCTAD.org, China's online share of retail sales rose from 19.4% to 24.6% between August 2019 and August 2020. Thailand saw a 60% jump in the downloads of shopping apps in just one week during March 2020. The trend toward e-commerce uptake in 2020 is likely to be sustained during recovery, which is expected to contribute to the insight engine market to generate demand from retail industry players.
- The tripartite (iQiyi, Tencent, and Youku) domination is further secured by the strict regulatory environment in China, which prevents international players, such as the FAANG (Facebook, Amazon, Apple, Netflix, Google), from operating in the country. These international players use an insight engine, especially for recommendations at a large scale, and drive other businesses through advertising. This leaves the region with ample opportunities for domestic players, thus leading to moderate growth as compared to the United States.
- Furthermore, emerging markets in countries such as India are expected to provide great opportunities for the market studied during the forecast period as a number of new local players are trying to enter the given market. For instance, in September 2021, GfK, the provider of consumer and market intelligence, analytics, and consulting services, launched gfknewron. It is an integrated, AI-powered software platform. Using gfknewron, companies can access market, consumer, and brand data from a single source of truth. The AI-supported predictions and practical guidance will support sustainable business growth. Gfknewron is an important step in GfK's transformation from a standard market researcher toward an AI-powered data analytics and consulting company.
Insight Engines Industry Overview
The insight engines market is moderately fragmented due to the significant presence of players such as IBM Corporation, Mindbreeze GmbH, LucidWorks Inc., and Sinequa SAS. Vendors in the market are also extending the reach of their content indexing capabilities to rich media either natively or via partnership by using machine learning capabilities such as computer vision, speech-to-text functions, etc.
- October 2021 - Qubit, a supplier of AI-powered customization technology for merchandising teams, was purchased by Coveo, a relevant platform that strives to better digital experiences through AI-powered search, recommendations, and personalization. Coveo's geographic development into the UK and European markets is likely to be accelerated due to the transaction.
- June 2021 - IntraFind Software AG announced that its iFinder Enterprise Search solution is available on the Microsoft Azure Marketplace. Following the development, companies using Azure were able to access the IntraFind solution for enterprise-wide information search.
- June 2021 - Parts of Google's famous YouTube video service are being moved to the company's cloud service from the advertising company's own data center infrastructure. The move shows that Google is turning its attention inward as it aims to increase its part in the booming cloud-computing sector and become less reliant on adverts on its search engine and other sites.
- March 2021 - ServiceNow introduced the new version of 'The Now Platform.' Now Platform Quebec release features new Creator Workflows and App Engine Studio to accelerate the pace of digital transformation, enabling fast lowcode app development across the enterprise to easily workflow everyday business challenges. The latest edition of the Now Platform includes new low-code app development tools and improved native AI capabilities, enabling companies to innovate rapidly, offer excellent experiences, and increase productivity.
Insight Engines Market Leaders
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IBM Corporation
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Mindbreeze GmbH
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Sinequa SAS
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LucidWorks, Inc.
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Coveo Solutions Inc.
*Disclaimer: Major Players sorted in no particular order
Insight Engines Market News
- February 2022 - The US National Security Research Center (NSRC) announced that Expert.ai's technology would be used as a fundamental component of Titan Technologies' Compendia solution to make digitized documents easier to search and examine. The Compendia solution embeds knowledge and learning in the new NSRC system, Titan on the Red, using AI-based natural language understanding (NLU) and machine learning (ML) offered by expert.ai.
- January 2022 - Expert.ai, a pioneer in artificial intelligence (AI) for language interpretation, teamed up with RSA, one of the general insurers, on a crucial initiative to improve claims handling. RSA will expand the use of intelligent document processing to a larger group of pet insurance claims as part of this new deal. It will also aid decision-making, reducing cycle times and enhancing the customer experience - all due to the precision that only powerful AI-based natural language skills can provide.
Insight Engines Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET INSIGHTS
4.1 Market Overview
4.2 Industry Value Chain Analysis
4.3 Industry Attractiveness - Porter's Five Forces Analysis
4.3.1 Bargaining Power of Suppliers
4.3.2 Bargaining Power of Consumers
4.3.3 Threat of New Entrants
4.3.4 Intensity of Competitive Rivalry
4.3.5 Threat of Substitutes
4.4 Assessment of the Impact of COVID-19 on the Industry
5. MARKET DYNAMICS
5.1 Market Drivers
5.1.1 Increasing Volumes of Data and the Requirement of Structured Data
5.1.2 Rising Generation of Analytical Queries Via Search and Natural Language Processing
5.2 Market Restraints
5.2.1 Concerns Regarding the Data Quality and Data Sources Validation
6. MARKET SEGMENTATION
6.1 By Component
6.1.1 Software
6.1.2 Services
6.2 By Deployment Type
6.2.1 On-premise
6.2.2 Cloud
6.3 By Size of the Enterprise
6.3.1 Small- and Medium-Sized Enterprises
6.3.2 Large Enterprises
6.4 By End-User Industry
6.4.1 BFSI
6.4.2 Retail
6.4.3 IT and Telecom
6.5 By Geography
6.5.1 North America
6.5.2 Europe
6.5.3 Asia-Pacific
6.5.4 Latin America
6.5.5 Middle-East and Africa
7. COMPETITIVE LANDSCAPE
7.1 Company Profiles
7.1.1 IBM Corporation
7.1.2 Mindbreeze GmbH
7.1.3 Coveo Solutions Inc.
7.1.4 Sinequa SAS
7.1.5 LucidWorks Inc.
7.1.6 ServiceNow Inc. (Attivio Cognitive Search Platform)
7.1.7 Micro Focus International PLC
7.1.8 Google LLC
7.1.9 Microsoft Corporation
7.1.10 Funnelback Pty Ltd
7.1.11 IntraFind Inc.
7.1.12 Dassault Systems SA
7.1.13 EPAM Systems Inc. (Infongen)
7.1.14 Expert System SpA
7.1.15 IHS Markit Ltd
7.1.16 Insight Engines Inc.
- *List Not Exhaustive
8. INVESTMENT ANALYSIS
9. FUTURE OF THE MARKET
Insight Engines Industry Segmentation
The insight engines market is segmented by component (software and services), deployment type (on-premises and cloud), size of the enterprise (small- and medium-sized enterprises and large enterprises), end-user industry (BFSI, retail, and IT and telecom), and geography.
Insight engines are a significant improvement over search technologies that provide proactive and on-demand knowledge discovery and exploration augmented by semantic and machine learning technologies. Typical use cases of insight engines are intranet search, public search, and data extraction for analytics.
| By Component | |
| Software | |
| Services |
| By Deployment Type | |
| On-premise | |
| Cloud |
| By Size of the Enterprise | |
| Small- and Medium-Sized Enterprises | |
| Large Enterprises |
| By End-User Industry | |
| BFSI | |
| Retail | |
| IT and Telecom |
| By Geography | |
| North America | |
| Europe | |
| Asia-Pacific | |
| Latin America | |
| Middle-East and Africa |
Insight Engines Market Research FAQs
How big is the Insight Engines Market?
The Insight Engines Market size is expected to reach USD 1.80 billion in 2024 and grow at a CAGR of 26.16% to reach USD 5.75 billion by 2029.
What is the current Insight Engines Market size?
In 2024, the Insight Engines Market size is expected to reach USD 1.80 billion.
Who are the key players in Insight Engines Market?
IBM Corporation, Mindbreeze GmbH, Sinequa SAS, LucidWorks, Inc. and Coveo Solutions Inc. are the major companies operating in the Insight Engines Market.
Which is the fastest growing region in Insight Engines Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Insight Engines Market?
In 2024, the North America accounts for the largest market share in Insight Engines Market.
What years does this Insight Engines Market cover, and what was the market size in 2023?
In 2023, the Insight Engines Market size was estimated at USD 1.43 billion. The report covers the Insight Engines Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Insight Engines Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Insight Engines Industry Report
Statistics for the 2024 Insight Engines market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Insight Engines analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
