Insight engines help organizations to unlock the value of machine data so it becomes actionable and accessible to anyone in an organization. Insight engine technology eliminates the need to learn complex query language and helps to gain insights from the machine data using basic language query. It is a dynamic parser that inspects the search query to understand its context, meaning, and intent. Within single seconds, it then produces accurate results, highly-efficient queries, and powerful visualizations.
Enterprises benefit from these systems in the workplace, particularly as emerging technologies such as chatbots and natural language processing (NLP) become increasingly common in today’s workplace. These systems use methods of artificial intelligence to extract the information, capture & collect existing knowledge, and find correlations between the scattered pieces of data in order to convey a comprehensive scenario.
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Demand for insight engines is on a robust growth trajectory with the rapid adoption and explosion in the retail and consumer goods industry. A large number of vendors of consumer goods and retail across the globe have adopted insight engines to gain precise understanding of customer preferences and to predict search queries. Consumer insights help companies to stay one step ahead and help in predicting frequently changing customer preferences. The insight engine platform and software providers are focusing on improving their support and training facilities.
There are boundless opportunities for various industries in the insight engines market owing to the significance of digital technologies in the 21st century. Media & entertainment, IT & Telecom and BFSI industries are drastically shifting toward IoT-based solutions with an objective to boost revenue. This can be accomplished by leveraging the power of machine learning and artificial intelligence (AI) in the fields of customer assistance, marketing, and sales support.
The global insight engines market can be segmented based on insight type, application, organization size, deployment type, and region. On the basis of insight type, the market can be segmented into predictive insights, prescriptive insights, and descriptive insights. On the basis of application, the market can be segmented into customer experience management, workforce management, operations management, sales and marketing optimization, risk & compliance management and others. Based on organization size, the market can be segmented into SMEs and large enterprises. Adoption of insight engines in large enterprises is dominant as these systems enable websites to provide predictive and contextual recommendations based on individual and site visitor behavior. On the basis of deployment type, the insight engines market can be fragmented into on-premise and cloud based solutions.
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The market is segmented on the basis of regions into North America, South America, Europe, Asia Pacific, and Middle East & Africa. North America is anticipated to contribute major share in the insight engines market during the forecast period. The region has a significant presence of prominent analytics vendors to cater to the rapidly growing insight engines market. Adoption rate of insight engines platform by large and small enterprises in North America is comparatively high when compared to other regions. Asia Pacific is expected to be the fastest growing market for insight engines due to significant technology expenditure in major countries. Rising demand for insight engines in emerging countries such as Japan, China, and India is driving the market growth. Europe is also expected to show significant growth in insight engines over the forecast period. South America and Middle East & Africa are also expected to contribute toward growth of the market with lucrative opportunities in the long run.
Some of the major players active in the development of insight engines include 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.
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