Global Insight Engines Market is estimated to Witness High Growth Owing to Rising Demand for Analytics Solutions and Enhanced Customer Experiences
The Global Insight Engines market is estimated to be valued at US$ 2.16 Bn in 2024 and exhibit a CAGR of over 24.2% over the forecast period 2024-2031. Increasing implementation of AI technologies and growing adoption of cloud-based solutions by enterprises is fueling the market growth.
Market Dynamics:
The growth of the global insight engines market is driven by growing demand for analytics solutions to gain insights from structured and unstructured data. Insight engines are increasingly being used by organizations to analyze massive volumes of data and gain meaningful insights to improve decision making. Another major driver is the need for enhancing customer experiences. Insight engines deploy techniques like natural language processing to gain understanding of customer queries, complaints and needs from conversations and product reviews. This helps organizations provide more personalized customer support and tailored experiences. Furthermore, rising focus on leveraging insights to improve core business processes like supply chain management, risk management and fraud detection is also driving the adoption of insight engines.
Growing adoption of AI and advanced analytics driving market growth
The insight engines market is experiencing significant growth driven by increasing adoption of advanced technologies like artificial intelligence and analytics across various industries. Many organizations are implementing AI-powered insight engines to gain actionable insights from vast amounts of structured and unstructured data. This helps businesses optimize operations, enhance customer experience, and gain competitive advantage. For example, insight engines are helping e-commerce companies analyze customer behavior data to improve personalization and product recommendations. Similarly, insight engines in the healthcare sector are aiding in drug discovery and precision medicine. The ability of insight engines to extract meaningful insights from large, complex data sets in a fast and cost-effective manner is fueling their adoption across sectors.
Increasing demand for cloud-based insights driving market growth
Another key driver for the insight engines market is the rising demand for cloud-based analytics and insights. More companies are migrating their data and analytics workload to the cloud to gain benefits like scalability, flexibility, and pay-per-use pricing. Cloud-based insight engines offer instant data insights without huge upfront infrastructure investments. They can analyze data hosted both on-premises and cloud platforms. This has made insight engines accessible to even small and medium businesses. Several insight engine vendors now offer cloud-native SaaS solutions that are easy to deploy and manage. The ability to instantly gain insights from cloud data stores is a major factor propelling the growth of cloud-based insight engines.
Lack of skilled workforce restraining market growth
Despite the opportunities, a key restraint hampering the insight engines market's growth is the lack of skilled workforce with expertise in AI, machine learning, and analytics. Developing and implementing insight engines requires specialized skills and knowledge in areas like data science, algorithm development, and neural networks. However, there is a massive global shortage of talent with such skills. This skill gap is restricting organizations from fully leveraging insight engines and realizing their complete potential. Vendors also face difficulties in scaling up operations due to talent crunch. High employee costs associated with retaining specialized talent is another challenge. This talent shortage is a major roadblock, especially for small businesses with limited budgets for training.
Data privacy and security concerns restrain market adoption
Data privacy and security issues pose a significant restraint on the insight engines market. Most insight engines access and analyze vast amounts of sensitive customer, employee, and operational data. However, data breaches have increased concerns around privacy abuse and unauthorized access. Stringent regulations like GDPR have also made businesses more cautious about data governance. Any security lapses using insight engines can severely damage brand reputation and attract penalties. Ensuring detailed access controls, encryption, and anonymization of personal data is expensive and technically challenging. The risks associated with insufficient privacy and vulnerability to cyber threats discourages some potential customers, thus negatively impacting market growth.
Growing usage of edge computing expanding opportunities
The rapid growth of IoT devices, ubiquitous connectivity, and demand for low-latency insights is opening up opportunities for edge-based insight engines. Edge insights enable real-time analytics and decision-making close to the data source without moving large volumes to centralized cloud platforms. This makes analysis faster and more cost-effective for applications requiring instant responses, such as predictive maintenance, autonomous vehicles, augmented reality, and drones. Many insight engine vendors are developing edge modules optimized for embedded devices and applications with bandwidth and latency constraints. This growing usage of edge and fog computing for insights extraction is creating new revenue streams for insight engine providers.
Increased focus on personalized experiences boosting opportunities
Another key opportunity for insight engine providers is the increased industry-wide focus on delivering highly personalized customer experiences. Consumers now expect brands to understand their unique preferences, context and needs. Insight engines that can leverage vast customer profiles and interaction data to optimize individual journeys hold immense promise. For example, engines enabling 1:1 personalization of web/app content, recommendations, and product customized for buyers and hyper-targeted promotions. Such context-aware, predictive analytics opens up significant opportunities. Leading insight engine vendors are actively enhancing their engines' personalization capabilities using deep learning. This growing demand for insightful, tailored experiences across industries opens up a lucrative market for such solutions.
Link: https://www.coherentmarketinsights.com/market-insight/insight-engines-market-5082
Key Developments:
- In September 2021, GfK, a leading provider of consumer and market intelligence, analytics and consulting services, launched gfknewron, an integrated, AI-powered software platform. GfK, which has been transforming from a classical market researcher to an AI-powered data analytics and consulting company, designed gfknewron to enable companies to access market, consumer and brand data from a single source of truth. The AI-supported predictions and practical guidance provided by gfknewron's modules - Market, Consumer, and Predict - aim to support sustainable business growth by empowering data-driven decision making.
- In October 2021, Coveo, a leader in AI-powered relevance platforms that transform digital experiences with search, recommendations, and personalization, acquired Qubit, a provider of AI-powered personalization technology for merchandising teams. The acquisition is expected to accelerate Coveo's geographic expansion into the UK and European markets. Coveo's SaaS-native, multi-tenant platform injects search, recommendations, and personalization solutions into digital experiences for ecommerce, service, website, and workplace applications, driving revenue growth, reducing customer support costs, increasing customer satisfaction and digital engagement, and improving employee proficiency and satisfaction.
- In June 2021, IntraFind Software AG, a specialist in enterprise search and AI solutions, announced that its iFinder Enterprise Search solution is now available on the Microsoft Azure Marketplace. This development allows companies utilizing Azure to access IntraFind's solution for comprehensive enterprise-wide information search, enabling the extraction of data from various sources, including file servers, databases, and applications like Dropbox and Salesforce.
- In June 2021, Google, a leading technology company known for its search engine and cloud computing services, began migrating parts of its popular YouTube video service from its advertising data center infrastructure to its cloud service. This strategic move reflects Google's intention to focus more on its cloud computing sector, aiming to reduce its reliance on advertising revenue from its search engine and other platforms.
Key Players:
Attivio, Coveo Solutions Inc, Dassault Systèmes, Elasticsearch B.V., Expert.AI, Google LLC, IBM Corporation, Lucidworks, Microsoft Corporation, Mindbreeze GmbH, Open Text Corporation, Progress Software Corporation, Sinequa, Squirro AG, Upland Software, Inc.
