Report Code: CMI30707

Published Date: September 2023

Pages: 220+

Category: Technology

Report Snapshot

CAGR: 21.1%
577.7M
2022
950.7M
2023
4308.2M
2032

Source: CMI

Study Period: 2024-2033
Fastest Growing Market: North America
Largest Market: North America

Major Players

  • Upland Software Inc.
  • Progress Software Corporation
  • ServiceNow Inc.
  • Forwardlane Inc.
  • SearchBlox Software Inc.
  • Others

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Reports Description

As per the current market research conducted by the CMI Team, the North America Insight Engines Market is expected to record a CAGR of 21.1% from 2023 to 2032. In 2022, the market size is projected to reach a valuation of USD 577.7 million. By 2032, the valuation is anticipated to reach USD 4308.2 million.

Even when businesses employ a variety of data and analytics software, they are unable to achieve their business objectives. Businesses are always looking for better ways to use information to their advantage. In order to provide business-critical insights, insight engines connect to a variety of data sources to address this issue. according to Accenture, 44 zettabytes of data are available, and it is growing quickly.

Text documents, audio, video, emails, social media posts, and other forms of unstructured data account for 80% of this data. and 20% are held in some kind of structured system. The capacity to extract facts from documents and store those facts somewhere for easy access is required in order to extract insights from this vast resource and pinpoint what a user or organization requires.

Google and Bing, two of the biggest search engines, accomplish this by storing these facts in an “insight graph,” which works well for the search engines they’ve been using for years.

Investing in the process of obtaining useful insights from data may be expensive for many businesses. For this, they need to have their own framework and assets. Cognitive search is regarded as an appropriate option by many businesses for this reason.

Cognitive search, analytics, and other cloud-based services are anticipated to receive approximately 1% of organizations’ IT investments, according to KDNuggets, an information technology and services company. This speculation was anticipated to stretch out to 3% by 2021.

North America Insight Engines Market – Significant Growth Factors

The insight engines market presents significant growth opportunities due to several factors:

  • The increasing demand for timely customer recommendations, the expanding number of insight engines in the BFSI sector, and the growing need for businesses to make decisions based on data are all contributing factors to this market’s expansion. The developing interest for compelling client experience the board and commitment and the rising interest for cloud-based insight engines are supposed to offer huge learning experiences for the partners in the understanding engines market.

North America Insight Engines Market – Mergers and Acquisitions

The insight engines market has seen several mergers and acquisitions in recent years, with companies seeking to expand their market presence and leverage synergies to improve their product offerings and profitability. Some notable examples of mergers and acquisitions in the insight engines market include:

  • A preview feature of Microsoft‘s text analytics for healthcare, which enables developers to process and extract insights from unstructured medical data, was released in July 2020. This element is a piece of Text Examination in Sky Blue Mental Services. It extracts insights from data by processing a wide range of data types and tasks without using time-consuming custom models that were manually developed. Users will be able to identify words and phrases mentioned in unstructured text as entities that can be related to semantic types in the healthcare and biomedical domain, according to Microsoft’s most recent offering. Diagnose, medication name, symptoms, examinations, treatments, dosage, and route of service are all examples of these terms.
  • In October 2021, Coveo, a relevant platform that strives to improve digital experiences through AI-powered search, recommendations, and personalization, purchased Qubit, a supplier of AI-powered customization technology for merchandising teams. The transaction is likely to accelerate Coveo’s expansion into the European and British markets.
  • June 2021 – Portions of Google’s well known YouTube video service are being moved to the organization’s cloud service from the publicizing organization’s own server foundation. The move demonstrates that Google is focusing on itself as it seeks to reduce its reliance on advertisements on its search engine and other websites and increase its share of the expanding cloud computing market.

These mergers and acquisitions have helped companies expand their product offerings, improve their market presence, and capitalize on growth opportunities in the insight engines market. The trend is expected to continue as companies seek to gain a competitive edge in the market.

COMPARATIVE ANALYSIS OF THE RELATED MARKET

North AmericaInsight Engines Market Sourcing, Procurement and Vendor Management (SPVM) Market Communications Service Providers (CSP) Market
CAGR 21.1% (Approx) CAGR 12.4% (Approx) CAGR 4.7% (Approx)
USD 4308.2 Million by 2032 USD 358.2 Billion by 2032 USD 2.3 Trillion by 2032

North America Insight Engines Market – Significant Threats

The insight engine market faces several significant threats that could impact its growth and profitability in the future. Some of these threats include:

  • The dependability and precision of results might control the market’s development partially. Besides, information security and protection concerns are supposed to present difficulties to the development of the insight engines market.
  • the interest in developed search and normal access for top to bottom investigation is additionally assessed to propel the development of the understanding engines market. Also, the information quality and information sources concerns are additionally projected to obstruct the development of the understanding engines market in the course of events period.

Report Scope

Feature of the Report Details
Market Size in 2023 USD 950.7 Million
Projected Market Size in 2032 USD 4308.2 Million
Market Size in 2022 USD 577.7 Million
CAGR Growth Rate 21.1% CAGR
Base Year 2023
Forecast Period 2024-2033
Key Segment By Component, Size of the Enterprise, Deployment Mode, End-User and Region
Report Coverage Revenue Estimation and Forecast, Company Profile, Competitive Landscape, Growth Factors and Recent Trends
Regional Scope North America
Buying Options Request tailored purchasing options to fulfil your requirements for research.

Category-Wise Insights

By component:

It is anticipated that the software sector will hold the majority of the global insight engines market. The enormous portion of the overall industry of this fragment is ascribed to the developing interest for insight engines instruments to look, find, and investigate both organized and unstructured information, the rising popularity of insight engines hosted in the cloud, the increasing need for businesses to present data effectively, and a rise in the need for insight engines that can gather information from a variety of sources and make inferences from it. However, it is anticipated that the services sector will experience the highest CAGR over the forecast period.

North America Insight Engines Market 2023–2032 (By Million)

www.custommarketinsight.com

By Size of the Enterprise:

Based on organization size, the insight engines market is characterized by large enterprises and small and medium enterprises. The large enterprises segment held the greatest income share in 2022. The development is ascribed to the way that huge organizations are most of the insight engine’s clients. To find and examine information for digital power efforts, insight engines, which blend AI and computer based intelligence, have encountered a colossal turn of events. These organizations have significant assets to put resources into these solutions.

By Deployment:

the cloud-based organization portion is supposed to represent the bigger portion of the worldwide understanding engines market. The growing benefits of highly sophisticated cloud-based insight engines like data security, privacy, reliability, and centralized storage systems, the growing demand for secure cloud-based insight engine software, and the growing need to store, analyze, and retrieve business insights through cloud platforms all contribute to this segment’s substantial market share. During the forecast period, this segment is also anticipated to exhibit the highest CAGR.

North America Insight Engines Market 2023–2032 (By Component)

www.custommarketinsight.com

By End-User:

As they navigate an ever-changing consumer landscape and business expectations, the BFSI sector faces a unique set of obstacles. Search technology is at the forefront of understanding this brand-new finance sector. The traditional mix of data sources has been replaced by a wider variety. Financial institutions’ enterprise staff requires access to data stored in the cloud, behind SaaS services, and in other silos.

Insight engines connect to all of the data in real time and can handle billions of documents in various formats. While attempting to mitigate game-changing trends like cyber risk and disruptive innovation, insurers are increasingly confronted with a regulatory landscape. Search can assist these businesses in remaining agile and expanding.

Insight engines influence ML and computer-based intelligence to recover applicable outcomes from unique information storehouses. By giving them access to annual reports, risk analytics, social media, industry blogs, and a wide variety of other data points, it gives bankers a complete picture of their customers.

Additionally, it makes it possible to identify opportunities, initiate deals, and make informed investment decisions. Banks have a lot of digital interaction and transactional data about customer profiles, claims, payment histories, and other things. Insight engines could take advantage of these enormous information vaults to get genuine and solid credit reports. These reports can be used by banks to anticipate fraud and discover unusual payment patterns and other activities.

By checking social media and analyzing discussions about their services and strategies using Natural Language Processing, banks and other financial institutions are also using insight engines to find and interpret customer sentiment. With the ability to access essential and separated data, financial services analysts are able to compose reports that are more accurate and provide better advice to customers and internal decision makers. Customer satisfaction and revenue both rise as a result of personalizing banking with data.

North America Insight Engines Market – Regional Analysis

The North America insight engines market is segmented into various regions, including North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa. Here is a brief overview of each region:

  • The market is expected to expand the most rapidly in the North American region. With growing technological adoption, United States is one of the major countries in the
  • The global players utilize an insight engine, particularly for suggestions at a huge scope, and drive different organizations through promotion. As a result, the region experiences moderate growth in comparison to the other regions because of the abundance of opportunities presented to domestic players.
  • Additionally, as a number of new local players attempt to enter the studied market, emerging markets in nations are anticipated to offer significant opportunities during the forecast period.

North America Insight Engines Market 2023–2032 (By Deployment Mode)

www.custommarketinsight.com

Competitive Landscape – North America Insight Engines Market

The insight engines market is highly competitive, with a large number of manufacturers and retailers operating globally. Some of the key players in the market include:

  • Upland Software Inc.
  • Progress Software Corporation
  • ServiceNow Inc.
  • Forwardlane Inc.
  • SearchBlox Software Inc.
  • o9 Software Inc.
  • IBM Corporation
  • Google LLC
  • Coveo Software Inc.
  • Microsoft Corporation
  • LucidWorks Inc.
  • EPAM Systems Inc. (Infongen)
  • Insight Engines Inc.
  • Others

These companies operate in the market through various strategies such as product innovation, mergers and acquisitions, and partnerships.

To remain competitive in the market, companies are focusing on offering high-quality products at competitive prices, leveraging advanced technologies and expanding their distribution networks to reach new customers. It is also important for companies to stay up-to-date with changing customer preferences and market trends to remain relevant in the highly competitive market.

The North America Insight Engines Market is segmented as follows:

By Component                 

  • Software
  • Services

By Size of the Enterprise

  • Small and medium enterprise
  • Large enterprise

By Deployment Mode

  • Cloud-based
  • On-premise

By End-User

  • BFSI
  • Retail
  • IT and Telecom

On the basis of North America Geography

  • U.S
  • Canada
  • Mexico
  • Rest of North America

Table of Contents

  • Chapter 1. Preface
    • 1.1 Report Description and Scope
    • 1.2 Research scope
    • 1.3 Research methodology
      • 1.3.1 Market Research Type
      • 1.3.2 Market Research Methodology
  • Chapter 2. Executive Summary
    • 2.1 North America Insight Engines Market, (2024 – 2033) (USD Million)
    • 2.2 North America Insight Engines Market: snapshot
  • Chapter 3. North America Insight Engines Market – Industry Analysis
    • 3.1 North America Insight Engines Market: Market Dynamics
    • 3.2 Market Drivers
      • 3.2.1 Increasing need for data-driven decision-making for businesses
      • 3.2.2 The growing demand for smart & timely recommendations for customers
      • 3.2.3 The increasing proliferation of insight engines in the BFSI sector.
    • 3.3 Market Restraints
    • 3.4 Market Opportunities
    • 3.5 Market Challenges
    • 3.6 Porter’s Five Forces Analysis
    • 3.7 Market Attractiveness Analysis
      • 3.7.1 Market Attractiveness Analysis By Component
      • 3.7.2 Market Attractiveness Analysis By Size of the Enterprise
      • 3.7.3 Market Attractiveness Analysis By Deployment Mode
      • 3.7.4 Market Attractiveness Analysis By End-User
  • Chapter 4. North America Insight Engines Market- Competitive Landscape
    • 4.1 Company market share analysis
      • 4.1.1 North America Insight Engines Market: company market share, 2022
    • 4.2 Strategic development
      • 4.2.1 Acquisitions & mergers
      • 4.2.2 New Product launches
      • 4.2.3 Agreements, partnerships, collaboration, and joint ventures
      • 4.2.4 Research and development and Regional expansion
    • 4.3 Price trend analysis
  • Chapter 5. North America Insight Engines Market – Component Analysis
    • 5.1 North America Insight Engines Market Overview: By Component
      • 5.1.1 North America Insight Engines Market Share, By Component, 2022 and – 2033
    • 5.2 Software
      • 5.2.1 North America Insight Engines Market by Software, 2024 – 2033 (USD Million)
    • 5.3 Services
      • 5.3.1 North America Insight Engines Market by Services, 2024 – 2033 (USD Million)
  • Chapter 6. North America Insight Engines Market – Size of the Enterprise Analysis
    • 6.1 North America Insight Engines Market Overview: By Size of the Enterprise
      • 6.1.1 North America Insight Engines Market Share, By Size of the Enterprise, 2022 and – 2033
    • 6.2 Small and medium enterprise
      • 6.2.1 North America Insight Engines Market by Small and Medium Enterprise, 2024 – 2033 (USD Million)
    • 6.3 Large enterprise
      • 6.3.1 North America Insight Engines Market by Large Enterprise, 2024 – 2033 (USD Million)
  • Chapter 7. North America Insight Engines Market – Deployment Mode Analysis
    • 7.1 North America Insight Engines Market Overview: By Deployment Mode
      • 7.1.1 North America Insight Engines Market Share, By Deployment Mode, 2022 and – 2033
    • 7.2 Cloud-based
      • 7.2.1 North America Insight Engines Market by Cloud-based, 2024 – 2033 (USD Million)
    • 7.3 On-premise
      • 7.3.1 North America Insight Engines Market by On-premise, 2024 – 2033 (USD Million)
  • Chapter 8. North America Insight Engines Market – End-User Analysis
    • 8.1 North America Insight Engines Market Overview: By End-User
      • 8.1.1 North America Insight Engines Market Share, By End-User, 2022 and – 2033
    • 8.2 BFSI
      • 8.2.1 North America Insight Engines Market by BFSI, 2024 – 2033 (USD Million)
    • 8.3 Retail
      • 8.3.1 North America Insight Engines Market by Retail, 2024 – 2033 (USD Million)
    • 8.4 IT and Telecom
      • 8.4.1 North America Insight Engines Market by IT and Telecom, 2024 – 2033 (USD Million)
  • Chapter 9. North America Insight Engines Market – Regional Analysis
    • 9.1 North America Insight Engines Market Regional Overview
    • 9.2 North America Insight Engines Market Share, by Region, 2022 & – 2033 (USD Million)
    • 9.3. North America
      • 9.3.1 North America North America Insight Engines Market, 2024 – 2033 (USD Million)
        • 9.3.1.1 North America North America Insight Engines Market, by Country, 2024 – 2033 (USD Million)
    • 9.4 North America North America Insight Engines Market, by Component, 2024 – 2033
      • 9.4.1 North America North America Insight Engines Market, by Component, 2024 – 2033 (USD Million)
    • 9.5 North America North America Insight Engines Market, by Size of the Enterprise, 2024 – 2033
      • 9.5.1 North America North America Insight Engines Market, by Size of the Enterprise, 2024 – 2033 (USD Million)
    • 9.6 North America North America Insight Engines Market, by Deployment Mode, 2024 – 2033
      • 9.6.1 North America North America Insight Engines Market, by Deployment Mode, 2024 – 2033 (USD Million)
    • 9.7 North America North America Insight Engines Market, by End-User, 2024 – 2033
      • 9.7.1 North America North America Insight Engines Market, by End-User, 2024 – 2033 (USD Million)
  • Chapter 10. Company Profiles
    • 10.1 Upland Software Inc.
      • 10.1.1 Overview
      • 10.1.2 Financials
      • 10.1.3 Product Portfolio
      • 10.1.4 Business Strategy
      • 10.1.5 Recent Developments
    • 10.2 Progress Software Corporation
      • 10.2.1 Overview
      • 10.2.2 Financials
      • 10.2.3 Product Portfolio
      • 10.2.4 Business Strategy
      • 10.2.5 Recent Developments
    • 10.3 ServiceNow Inc.
      • 10.3.1 Overview
      • 10.3.2 Financials
      • 10.3.3 Product Portfolio
      • 10.3.4 Business Strategy
      • 10.3.5 Recent Developments
    • 10.4 Forwardlane Inc.
      • 10.4.1 Overview
      • 10.4.2 Financials
      • 10.4.3 Product Portfolio
      • 10.4.4 Business Strategy
      • 10.4.5 Recent Developments
    • 10.5 SearchBlox Software Inc.
      • 10.5.1 Overview
      • 10.5.2 Financials
      • 10.5.3 Product Portfolio
      • 10.5.4 Business Strategy
      • 10.5.5 Recent Developments
    • 10.6 o9 Software Inc.
      • 10.6.1 Overview
      • 10.6.2 Financials
      • 10.6.3 Product Portfolio
      • 10.6.4 Business Strategy
      • 10.6.5 Recent Developments
    • 10.7 IBM Corporation
      • 10.7.1 Overview
      • 10.7.2 Financials
      • 10.7.3 Product Portfolio
      • 10.7.4 Business Strategy
      • 10.7.5 Recent Developments
    • 10.8 Google LLC
      • 10.8.1 Overview
      • 10.8.2 Financials
      • 10.8.3 Product Portfolio
      • 10.8.4 Business Strategy
      • 10.8.5 Recent Developments
    • 10.9 Coveo Software Inc.
      • 10.9.1 Overview
      • 10.9.2 Financials
      • 10.9.3 Product Portfolio
      • 10.9.4 Business Strategy
      • 10.9.5 Recent Developments
    • 10.10 Microsoft Corporation
      • 10.10.1 Overview
      • 10.10.2 Financials
      • 10.10.3 Product Portfolio
      • 10.10.4 Business Strategy
      • 10.10.5 Recent Developments
    • 10.11 LucidWorks Inc.
      • 10.11.1 Overview
      • 10.11.2 Financials
      • 10.11.3 Product Portfolio
      • 10.11.4 Business Strategy
      • 10.11.5 Recent Developments
    • 10.12 EPAM Systems Inc. (Infongen)
      • 10.12.1 Overview
      • 10.12.2 Financials
      • 10.12.3 Product Portfolio
      • 10.12.4 Business Strategy
      • 10.12.5 Recent Developments
    • 10.13 Insight Engines Inc.
      • 10.13.1 Overview
      • 10.13.2 Financials
      • 10.13.3 Product Portfolio
      • 10.13.4 Business Strategy
      • 10.13.5 Recent Developments
    • 10.14 Others.
      • 10.14.1 Overview
      • 10.14.2 Financials
      • 10.14.3 Product Portfolio
      • 10.14.4 Business Strategy
      • 10.14.5 Recent Developments
List Of Figures

Figures No 1 to 23

List Of Tables

Tables No 1 to 6

Report Methodology

In order to get the most precise estimates and forecasts possible, Custom Market Insights applies a detailed and adaptive research methodology centered on reducing deviations. For segregating and assessing quantitative aspects of the market, the company uses a combination of top-down and bottom-up approaches. Furthermore, data triangulation, which examines the market from three different aspects, is a recurring theme in all of our research reports. The following are critical components of the methodology used in all of our studies:

Preliminary Data Mining

On a broad scale, raw market information is retrieved and compiled. Data is constantly screened to make sure that only substantiated and verified sources are taken into account. Furthermore, data is mined from a plethora of reports in our archive and also a number of reputed & reliable paid databases. To gain a detailed understanding of the business, it is necessary to know the entire product life cycle and to facilitate this, we gather data from different suppliers, distributors, and buyers.

Surveys, technological conferences, and trade magazines are used to identify technical issues and trends. Technical data is also gathered from the standpoint of intellectual property, with a focus on freedom of movement and white space. The dynamics of the industry in terms of drivers, restraints, and valuation trends are also gathered. As a result, the content created contains a diverse range of original data, which is then cross-validated and verified with published sources.

Statistical Model

Simulation models are used to generate our business estimates and forecasts. For each study, a one-of-a-kind model is created. Data gathered for market dynamics, the digital landscape, development services, and valuation patterns are fed into the prototype and analyzed concurrently. These factors are compared, and their effect over the projected timeline is quantified using correlation, regression, and statistical modeling. Market forecasting is accomplished through the use of a combination of economic techniques, technical analysis, industry experience, and domain knowledge.

Short-term forecasting is typically done with econometric models, while long-term forecasting is done with technological market models. These are based on a synthesis of the technological environment, legal frameworks, economic outlook, and business regulations. Bottom-up market evaluation is favored, with crucial regional markets reviewed as distinct entities and data integration to acquire worldwide estimates. This is essential for gaining a thorough knowledge of the industry and ensuring that errors are kept to a minimum.

Some of the variables taken into account for forecasting are as follows:

• Industry drivers and constraints, as well as their current and projected impact

• The raw material case, as well as supply-versus-price trends

• Current volume and projected volume growth through 2030

We allocate weights to these variables and use weighted average analysis to determine the estimated market growth rate.

Primary Validation

This is the final step in our report’s estimating and forecasting process. Extensive primary interviews are carried out, both in-person and over the phone, to validate our findings and the assumptions that led to them.
Leading companies from across the supply chain, including suppliers, technology companies, subject matter experts, and buyers, use techniques like interviewing to ensure a comprehensive and non-biased overview of the business. These interviews are conducted all over the world, with the help of local staff and translators, to overcome language barriers.

Primary interviews not only aid with data validation, but also offer additional important insight into the industry, existing business scenario, and future projections, thereby improving the quality of our reports.

All of our estimates and forecasts are validated through extensive research work with key industry participants (KIPs), which typically include:

• Market leaders

• Suppliers of raw materials

• Suppliers of raw materials

• Buyers.

The following are the primary research objectives:

• To ensure the accuracy and acceptability of our data.

• Gaining an understanding of the current market and future projections.

Data Collection Matrix

Perspective Primary research Secondary research
Supply-side
  • Manufacturers
  • Technology distributors and wholesalers
  • Company reports and publications
  • Government publications
  • Independent investigations
  • Economic and demographic data
Demand-side
  • End-user surveys
  • Consumer surveys
  • Mystery shopping
  • Case studies
  • Reference customers


Market Analysis Matrix

Qualitative analysis Quantitative analysis
  • Industry landscape and trends
  • Market dynamics and key issues
  • Technology landscape
  • Market opportunities
  • Porter’s analysis and PESTEL analysis
  • Competitive landscape and component benchmarking
  • Policy and regulatory scenario
  • Market revenue estimates and forecast up to 2030
  • Market revenue estimates and forecasts up to 2030, by technology
  • Market revenue estimates and forecasts up to 2030, by application
  • Market revenue estimates and forecasts up to 2030, by type
  • Market revenue estimates and forecasts up to 2030, by component
  • Regional market revenue forecasts, by technology
  • Regional market revenue forecasts, by application
  • Regional market revenue forecasts, by type
  • Regional market revenue forecasts, by component

Prominent Player

  • Upland Software Inc.
  • Progress Software Corporation
  • ServiceNow Inc.
  • Forwardlane Inc.
  • SearchBlox Software Inc.
  • o9 software Inc.
  • IBM Corporation
  • Google LLC
  • Coveo Software Inc.
  • Microsoft Corporation
  • LucidWorks Inc.
  • EPAM Systems Inc. (Infongen)
  • Insight Engines Inc.
  • Others

FAQs

The key factors driving the Market are Increasing need for data-driven decision-making for businesses, The growing demand for smart & timely recommendations for customers And The increasing proliferation of insight engines in the BFSI sector.

The “Component” category dominated the market in 2022.

The key players in the market are Upland Software Inc., Progress Software Corporation, ServiceNow Inc., Forwardlane Inc., SearchBlox Software Inc., o9 software Inc., IBM Corporation, Google LLC, Coveo Software Inc., Microsoft Corporation, LucidWorks Inc., EPAM Systems Inc. (Infongen), Insight Engines Inc., Others.

The market is projected to grow at a CAGR of 21.1% during the forecast period, 2023-2032.

The North America Insight Engines Market size was valued at USD 577.7 Million in 2022.

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