The global Insight Engines Market size estimated to be USD 735.2 million in 2018 and projected to reach USD 2,197.4 million by 2023, at a Compound Annual Growth Rate (CAGR) of 24.5% during the forecast period.
The need for sustaining improved strategic risk management, evolving regulations and compliance deadlines for business data security, and the need for advance search and access for in-depth insights have driven the need for insight engines solutions and services, as they provide a strategic framework that provides users with in-depth insights and information, and assists businesses in identifying the current and future needs by providing advanced search results and delivering these results in a structured format.
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The rising significance of AI technology for data insights, and predictive insights for businesses are the major opportunities present in the insight engines market, which are expected to further fuel the growth of the insight engines market. Integrating insight engines with the existing system using the right approach, and validating data quality and data sources are the major factors restraining the market growth.
Banking, Financial Services, and Insurance (BFSI); healthcare; retail and eCommerce; energy and utilities; IT and telecom; government; manufacturing: media and entertainment; and others (education, transportation and logistics, and travel and hospitality) are the major industry verticals that leverage insight engines solutions and services substantially.
The media and entertainment industry vertical is expected to grow at the highest CAGR in the insight engines market. Insight engines bring forward-looking perspectives to their existing business processes. Through analyzing existing customers’ data, behavioral predictions are made that can help in mitigating the risk of default payment, thus reducing one of the major issues faced by the industry. Natural Language Processing (NLP), insight engines, and dynamic workflows facilitated by insight engines tools can assist companies to create a 360° view of a customer, and maximize the value of customer relationships. The advance search and insight platform provides the ability to gain deeper insights into physical, online, and mobile customer interactions, enabling companies to deliver differentiated customer experiences across every channel and touchpoint.
The deployment of insight engines solutions on the cloud is expected to record the highest growth and is projected to have the largest market share by 2023, owing to the surging demands for improved service and cost-effectiveness, and the ability to access cloud-based speech solutions through the internet from anywhere. Moreover, the increasing need of organizations to improve their productivity while maintaining the quality is another important factor that drives the cloud deployment of insight engines solutions. It also improves business agility and increases collaborations with shared service providers, who within the organization are known as internal shared service providers and outside the organization as managed service providers. Other driving factors for the cloud deployment are ready availability and better visibility of data. In addition, cloud-based solutions make it easy for users to apply speech capabilities for the entire organization and help maintain the competitive edge by eliminating administrative roadblocks of the supporting infrastructure and enabling organizations to focus on improving their competencies.
Asia Pacific (APAC) is expected to grow at the highest CAGR during the forecast period. Rising disposable income and increasing digitalization have resulted in the higher adoption of smartphones and other mobile devices. The region is witnessing increasing demand for cloud-based analytics solutions, owing to the increasing size of Small and Medium-sized Enterprises (SMEs). Companies operating in the region provide various solutions based on the organization size and customer requirements. Adoption of contact center analytics solutions is expected to have the potential to drive performance, establish a single version of the truth, and realize accelerated time-to-value. The highly competitive environment in the region drives the need to promote and manage sales and marketing activities to build brand awareness and increase the overall profitability.
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