Insight Engines Market by Component (Solutions, Services), Application (Workforce Management, Customer Experience Management), Organization Size, Deployment Mode, End-use (BFSI, Retail, Manufacturing), and Geography - Global Forecast to 2030

The Insight Engines Market is projected to reach $9.1 billion by 2030, at a CAGR of 25% from 2024 to 2030. Insight engines are advanced search technologies, also known as cognitive search or enterprise knowledge discovery, that help apply relevancy methods to describe, discover, organize, and analyze data. It utilizes artificial intelligence (AI), natural language processing (NLP), machine learning, and data analytics to provide users with more relevant and actionable insights from vast amounts of structured and unstructured data.

The growth of this market is driven by the increasing need for data-driven decision-making for businesses, the growing demand for smart & timely recommendations for customers, and the proliferation of insight engines in the BFSI sector. The growing demand for effective customer experience management & engagement and the increasing demand for cloud-based insight engines are expected to offer significant growth opportunities for the stakeholders in the insight engines market. The reliability & accuracy of results may restrain the market's growth to a certain extent. However, data security & privacy concerns are expected to pose challenges to the growth of the insight engines market.

Increasing Proliferation of Insight Engines in the BFSI Sector to Fuel the Market Growth

The banking, financial services, and insurance (BFSI) sector has been advancing in its capabilities due to rapid digitization in recent years. The BFSI sector is one of the most data-dependent and data-secured sectors. With consistent technological advancements, insight engine solutions are increasingly being used in the BFSI sector to drive intellectual advancement of the financial industry toward providing more convenient and secured customer services.

The most popular applications of insight engines in the BFSI sector include sentiment analysis, risk assessment, loan application fraud detection, virtual and voice assistants, document classification & summarization, claims processing, customer service & insights, portfolio selection and optimization, and stock behavior predictions. These applications are driving the demand for insight engine solutions & services in the BFSI sector, driving the market's growth.

Some of the recent developments in this market are as follows:

• In February 2024, Mindbreeze GmbH (Germany) partnered with BLUE Consult GmbH (Germany) in the field of intelligent knowledge management. This partnership allows BLUE Consult to leverage Mindbreeze’s Solutions to quickly and easily make critical aspects of its customers' information, facts, and knowledge readily available.
• In March 2024, J&K Bank (India) launched JIA (J&K Bank Intelligent Assistant)—an AI-enabled Chatbot that will improve customer experience digitally by providing personalized services to its clients through instant information and relevant assistance.
• In February 2021, HSBC Bank plc (U.K.) launched a new chatbot, Sympricot, that uses artificial intelligence (AI) to give clients instant pricing and analytics for foreign exchange options. Sympricot allows HSBC to gather complex trading information and deliver it to clients quickly and accurately, reducing operational risk and eliminating repetitive manual tasks. The chatbot uses NLP to analyze information from numerous sources on market color, pricing, and liquidity, digitize it, and distribute it to clients and within the bank.

Such developments are expected to support the growth of the market.

Some of the applications of Insight Engines are as follows:

• Workforce Management: Insight engines help organizations optimize employee productivity, performance, and engagement. It helps provide insights into workforce trends, skill gaps, training needs, and employee sentiment, enabling better resource allocation, talent development, and workforce planning.
• Customer Experience Management: Insight engines are integral to customer experience management, helping organizations understand customer preferences, behavior patterns, and sentiment across various touchpoints. It enables personalized marketing campaigns, targeted product recommendations, and proactive customer support by analyzing customer data from multiple sources, leading to enhanced customer satisfaction and loyalty.
• Risk & Compliance Management: Insight engines help in risk and compliance management by analyzing vast amounts of data to identify potential risks, compliance violations, and fraudulent activities. It enables organizations to proactively monitor regulatory changes, assess compliance risks, and implement preventive measures to mitigate risks and ensure adherence to industry regulations and standards.
• Sales & Marketing Management: Insight engines provide valuable insights into customer behavior, market trends, and competitive landscape. It helps organizations identify sales opportunities, optimize marketing campaigns, and target the right audience with relevant messages and offers, ultimately driving revenue growth and market competitiveness.
• Operations Management: Insight engines enable organizations to optimize processes, streamline workflows, and improve operational efficiency by analyzing operational data in real time. It also helps identify bottlenecks, inefficiencies, and areas for improvement that help in cost savings, faster decision-making, and better resource utilization.

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Key Findings in the Insight Engines Market Study:

The Services Segment is Projected to Register a Higher CAGR During the Forecast Period

Based on component, the global insight engines market is segmented into solutions and services. In 2024, the solutions segment is expected to account for the larger share of the global insight engines market. The large market share of this segment is attributed to the growing demand for insight engine tools to search, discover, and analyze both structured and unstructured data; the growing popularity of cloud-based insight engines; the increasing need for effective data presentation in businesses; and surge in demand for insight engines for retrieving information from multiple sources and extracting insights from this data.

However, the services segment is projected to register a higher CAGR during the forecast period due to the increasing demand for consulting & training services, the growing need for insight engine deployment & integration services, the rising demand for support & maintenance services, the increasing need for technical support and upgradation of insight engine solutions, the growing emphasis by companies to provide custom consulting services, and the rising demand for fault handling, progressive product upgrade procedures, product development, and systems integration.

The Customer Experience Management Segment is Projected to Register the Highest CAGR During the Forecast Period

Based on application, the global insight engines market is segmented into workforce management, customer experience management, risk & compliance management, sales & marketing management, operation management, and other applications. In 2024, the customer experience management segment is expected to account for the largest share of the global insight engines market. Moreover, this segment is also projected to register the highest CAGR during the forecast period. The growth of this segment is driven by the increasing proliferation of predictive analytics solutions for better customer experience and the increasing need to deliver a better customer experience by assuring ease of use, quick intelligence, and a broad scope of searches through insight engines. Insight engines give companies the power to present personalized and unique content to customers and produce personalized product lines to satisfy unique audiences. It enables the processing of unstructured data such as social media information, images, videos, and audio files and turns them into valuable personalized content for a better customer experience.

The BFSI Segment is Projected to Register the Highest CAGR During the Forecast Period

Based on end-use industry, the global insight engines market is segmented into IT & telecommunications, BFSI, healthcare & life sciences, retail & E-commerce, manufacturing, government & public sector, media & entertainment, and other end-use industries. In 2024, the BFSI segment is expected to account for the largest share of the global insight engines market. The large market share of this segment is attributed to the increasing deployment of insight engines to find and analyze customer sentiments, the rising need to compile accurate reports and provide better recommendations to customers and internal decision-makers with the ability to get essential data, and the increasing need to customize banking operations.

This segment is also expected to register the highest CAGR during the forecast period. Insight engines can assist in risk management by analyzing large volumes of financial data, market trends, and regulatory information. By applying advanced analytics and machine learning algorithms, insight engines can help identify potential risks, fraud patterns, and anomalies in real time, allowing financial institutions to take proactive measures and mitigate risks effectively.

Asia-Pacific: The Fastest-growing Regional Market

Asia-Pacific is projected to register the highest CAGR during the forecast period. The growth of this regional market is driven by the increasing adoption of insight engines in businesses across China, Japan, India, and South Korea, the growing presence of insight engine solution & service providers across the region, and the increasing adoption of machine and deep learning technologies to retrieve data and drive insights to enhance customer services. Moreover, the surge in the significance of AI technologies for data and predictive insights for businesses is anticipated to create opportunities for the growth of the insight engines market.

Key Players

The report includes a competitive landscape based on an extensive assessment of the strategic developments by leading market participants over the past 3–4 years. The key players operating in the global insight engines market are Microsoft Corporation (U.S.), International Business Machines Corporation (U.S.), Oracle Corporation (U.S.), Google LLC (a subsidiary of Alphabet, Inc.) (U.S.), SAP SE (Germany), OpenText Corporation (Canada), Celonis SE (Germany), Upland Software, Inc. (U.S.), Progress Software Corporation (U.S.), Lucidworks, Inc. (U.S.), ServiceNow, Inc. (U.S.), Forwardlane, Inc. (U.S.), SearchBlox Software, Inc. (U.S.), Coveo Solutions Inc. (U.S.), and o9 solutions Inc. (U.S.).

Report Summary:

Key questions answered in the report: