Global Insight Engines Market
Posted: Dec 11, 2019
Global Insight Engines Market is expected to reach US$ 2923.91 Mn by 2024 from US$ 620.1 Mn in 2016 at a CAGR of 24.8%.
Global Insight Engines Market
The reported segment of insight engines market based on component, application, insight type, deployment type, organization size, industry vertical, and geography. Based on the component, the insight engines market is classified into tools, services. In terms of application, the insight engines market is categorized into risk and compliance management, customer experience management, operations management, workforce management, sales and marketing optimization, and others. On the basis of insight type, the insight engines market is segmented into prescriptive insights, predictive insights, and descriptive insights. In terms of deployment type, the insight engines market is classified into On-premises andCloud. On the basis of organization size, the insight engines market is categorized into small & medium enterprises, large enterprises. In terms of industry vertical, the insight engines market is segregated into banking, financial services, and insurance (BFSI), manufacturing, retail and e-commerce, government, energy and utilities, healthcare, IT and telecom, media and entertainment, others. Region wise into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America.
The growth of insight engine is owing to the growing necessity for sustaining enhanced evolving regulations, strategic risk management, and compliance deadlines for business data security, and the rising need for advanced search and access for in-depth insights. Other key factors, such as the rising significance of artificial intelligence (AI) technology for data analysis, and the projecting insights for businesses, are expected to drive the global insight engines market in the future. However, integrating insight engines tools with the existing system using the right approach, and validating data quality and data source are the major restraining factors that limit the growth of the insight engines market.
In terms of component, Tools segment is anticipated to hold the largest market size during the forecast period. Organizations are looking forward to adopting strong enterprise solutions to make their business processes agile and develop their workforce collaborations. However, due to inadequate infrastructure, big data is becoming a challenge for them.
Based on industry verticals, the Banking, Financial Services, and Insurance (BFSI) industry vertical is anticipated to have the largest market share during the forecast period. This industry vertical is experiencing massive transformation with increasing investments in data analysis. BFSI companies are focusing on customer experience management to accelerate customer acquisition, improve business loyalty, and enhance the customer retention ratio.
In terms of region, North America is expected to contribute a major share in the insight engines market during the forecast period. The Asia Pacific is anticipated to be the fastest growing market for insight engines due to significant technology expenditure in major countries. Increasing demand for insight engines in emerging countries such as Japan, China, and India is driving the market growth.
Some of the key players in the insight engines market are Funnelback, IntraFind Inc., IBM Corporation, Coveo Solutions Inc., Sinequa, Microfocus, Microsoft Corporation, Attivio, Mindbreeze GmbH, Dassault Systèmes, Smartlogic, Lucidworks, Expert System, IHS Markit Ltd, and Market Logic.
The scope of the Global Insight Engines Market
Global Insight Engines Market by Component
Global Insight Engines Market by Application
- Risk and compliance management
- Customer experience management
- Operations management
- Workforce management
- Sales and marketing optimization
Global Insight Engines Market by Insight Type
- Prescriptive Insights
- Predictive Insights
- Descriptive Insights
Global Insight Engines Market by Deployment Type
Global Insight Engines Market by Organization Size
- Small & Medium Enterprises
- Large Enterprises
Global Insight Engines Market by Industry Vertical
- Banking, Financial Services, and Insurance (BFSI)
- Retail and eCommerce
- Energy and utilities Healthcare
- IT and telecom
- Media and entertainment
Global Insight Engines Market by Geography
- North America
- Middle East & Africa
- Latin America
Key Players operating in the Global Insight Engines Market
- Oracle Corporation
- Microsoft Corporation
- Mindbreeze GmbH
- Dassault Systèmes
- Expert System
- IHS Markit Ltd
- Market Logic.
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