Global Insight Engines Market 2024 Production Analysis, Latest Trends, Industry Share And Forecast To 2033

"The Business Research Company has released its latest global market reports, covering insights for 2024 and offering projections up to 2033.

The Business Research Company presents an extensive market research report on the Insight Engines Global Market Report 2024, furnishing businesses with a competitive edge through a detailed examination of the market structure, encompassing estimates for various segments and sub-segments.

Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the industry. This report market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.

Market Sizing:
The insight engines market size has grown exponentially in recent years. It will grow from $1.77 billion in 2023 to $2.25 billion in 2024 at a compound annual growth rate (CAGR) of 26.8%. The growth in the historic period can be attributed to increasing use of structured data, growing adoption in BFSI sector, retail and e-commerce sector growth, advanced search capabilities, enhanced strategic risk management.

The insight engines market size is expected to see exponential growth in the next few years. It will grow to $5.78 billion in 2028 at a compound annual growth rate (CAGR) of 26.6%. The growth in the forecast period can be attributed to increasing demand for advanced search and key capabilities, growing emphasis on risk management and compliance, adoption of machine learning and AI technologies, increasing focus on data-driven decision-making, rise of big data and IoT. Major trends in the forecast period include technological advancement, increasing focus on customer service, growing adoption in healthcare sector, increasing demand for natural language processing (NLP), growing importance of sustainability.

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Key Market Players:
Major companies operating in the insight engines market report are Google LLC, Microsoft Corporation, International Business Machines Corporation, Oracle Corporation, Hewlett Packard Enterprise Co, Dassault Systems SA, EPAM Systems Inc., o9 solutions Inc., OpenText Corporation, Micro Focus International PLC, ServiceNow Inc., IHS Markit Ltd., Celonis SE, Veritone Inc., Coveo Solutions Inc., LucidWorks Inc., Expert System SpA, ActiveViam, Lattice Engines Inc., CognitiveScale, Attivio Inc., Smartlogic Semaphore Ltd., Mindbreeze GmbH, Squirro, BA Insight, Insight Engines Inc., IntraFind Inc., Comintelli AB, Prevedere Inc., Forwardlane Inc., Progress Software Corporation

Market Drivers:
The rising volume of data is expected to propel the growth of the insight engines market going forward. The volume of data refers to the amount or size of data that is generated, processed, stored, and transmitted within a system or organization. The businesses across industries rely on data analysis for insights for data-driven decision making, leading to data collection practices. Insight engines are used in managing the surge of data by automatically generating insights from existing databases, providing a comprehensive understanding of an organization's data, and empowering decision-makers with actionable insights. For instance, in February 2021, according to the Korea Data Center Council (KDCC), a South Korea-based non-profit organization, the overall capacity of colocation data centers information technology (IT) load reached 430 megawatt (MW) at the end of 2020, accounting for 11% of the total Asia-Pacific IT load. Further, the total commercial data center IT load in Korea is expected to expand by 700 MW between 2021 and 2023, accounting for 15% of overall Asia-Pacific capacity. Therefore, the rising volume of data is driving the growth of the insight engine market.

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The insight engines market covered in this report is segmented -
1) By Component: Solutions, Services
2) By Deployment Mode: Cloud, On-Premises
3) By Technology: Natural Language Processing, Machine Learning
4) By Application: Search And Discovery, Customer Management, Knowledge Management, Risk And compliance Management, Other Applications
5) By Vertical: Banking, Financial Services, And Insurance, Information Technology (IT) And Information Technology Enabled Service (ITES), Retail And E-commerce, Healthcare And Life Sciences, Telecom, Manufacturing, Government

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