Global Insight Engines Market, By Insight Type (Prescriptive Insights, Predictive Insights, and Descriptive Insights), Deployment Type (Cloud and On-Premises), Component (Tools and Services), Application (Workforce Management, Customer Experience Management, Operations Management, Risk and Compliance Management, Sales and Marketing Management and Others), Organization Size (Large Enterprises and Small and Medium-Sized Enterprises), Industry Vertical (Telecom and IT, Banking, Financial Services, and Insurance, Retail and Ecommerce, Healthcare, Manufacturing, Government, Media and Entertainment and Others),Geography (North America, Europe, Asia-Pacific, South America, Middle East and Africa) – Industry Trends and Forecast to 2026The Insight Engines can be defined as new solution that used for extracting the valuable insights from the data provided by the users or business. These insights further incorporate in the business process for taking the decision for business that helps business to stay competitive in the market. For performing this task these insights engines uses methods of artificial intelligence for collecting corporate knowledge, and gaining insights from the information provided by business. The main purpose is to deliver, tracking and monitoring accountability and also used to navigate the performance of the financial crisis. The insight engines offer a wide range of applications in retail and e-commerce, healthcare, telecom and IT, banking, financial services, and insurance and others.
Global insight engines market is expected to register a healthy CAGR of 24.1% in the forecast period of 2019 to 2026.
Segmentation: Global Insight Engines Market
The global insight engines market is segmented into following notable segments which are insight type, deployment type, component, organization size, application, and industry vertical.
- On the basis of insight type, the market is segmented into prescriptive insights, predictive insights, and descriptive insights. In 2018, Predictive Insights segment is likely to dominate market share and estimated to grow with the highest CAGR in the forecast period of 2019 to 2026.
- In September 2018, IBM Corporation had launched an AI-powered insight engines for customer relationship management, in partnership with Salesforce. These services help salesforce’s customer-focused platform integrates with Watson’s Neuro-linguistic programming. This insight engines further helps salesforce to resolve customer issues.
- On the basis of deployment type, the market is segmented into cloud and on-premises. In 2018, cloud market is likely to dominate the market share and is estimated to grow with the highest CAGR in the forecast period of 2019 to 2026.
- In December, In June 2017, Attivio had introduced a new version of cognitive search and insight platform. This version integrates machine learning and natural language processing which further help enterprises fuel every decision and action with insight.
- On the basis of component, the market is segmented into tools and services. The services are sub-segmented into professional services and managed services. The professional services are further sub-segmented into support and maintenance, consulting services and deployment and integration. In 2018, tool market is likely to dominate market share and estimated to grow with the highest CAGR in the forecast period of 2019 to2026.
- In 2018, San-Francisco based start-up launched an Insight Engine 3.0 version which had latest software implemented in it such as machine learning, human knowledge, artificial intelligence and NLP which is beneficial in providing detection services in cybersecurity. The insight engine is also made for on premise security with cloud-enabled intelligence for data-health monitoring technology.
- On the basis of application, the market is segmented into workforce management, customer experience management, operations management, risk and compliance management, sales and marketing management and others. In 2018, risk and compliance management market is likely to dominate market share and estimated to grow with the highest CAGR of in the forecast period of 2019 to2026.
- In April 2017, the company entered into the partnership with Fishbowl Solutions. The aim of the partnership is that Mindbreeze offers its cognitive search to their customers which further contribute to improving customer experience. Additionally, Fishbowl wants to expand their customer base by offering Mindbreeze Inspire with OracleWebCenter content and PTC Windchill.
- On the basis of organization size, the market is segmented into large enterprises and small and medium-sized enterprises. In 2018, large enterprises market is likely to dominate market share and estimated to grow with the highest CAGR in the forecast period of 2019 to 2026.
- In May 2017, the company entered into the partnership with Ovum. The aim of partnership is that Ovum wants to analyze a large volume of data through Sinequa cognitive technology. This insights further help ovum to make better decisions, drive innovation and achieve greater operational efficiencies.
- On the basis of industrial vertical, the market is segmented into telecom and IT, banking, financial services, and insurance, retail and ecommerce, healthcare, manufacturing, government, media and entertainment and others. In 2018, banking, financial services, and insurance (BFSI) market is likely to dominate market share and estimated to grow with the highest CAGR in the forecast period of 2019 to 2026.
- In January 2017 , BA Insight and NGAGE Intelligence entered into partnership for developing and bringing a new analytics platform in market which enable customers to gain unparalleled insight into user interaction across multiple systems
Competitive Analysis: Global Insight Engines Market
Some of the prominent participants operating in insight engines market are IBM, Microsoft, Oracle, Attivio, Sinequa, Coveo Solutions Inc., Celonis, Funnelback, IntraFind Inc., Lucidworks, Insight engines, Mindbreeze GmbH, Squirro by Nektoon AG, Hewlett Packard Enterprise Development LP, Expert System S.P.AC, Veritone, Inc., Dassault System’s, Smartlogic Semaphore Ltd, BA Insight, ForwardLane, CognitiveScale, Comintelli, ActiveViam., Lattice Engines, Inc., Prevedere, Inc. and among others.
- In June 2018, IBM had updated analytics platform system. This system is based on system is based on SQL Server which means workloads is on-premises. This system provides better performance and security to the data.
- In June 2018, Lucidworks entered into partnership with Commvault. The aim of the partnership is that both companies work together to develop analytics solution that integrated with AI technology. This help organizations draw valuable data from data assets, that results in smart data experiences that provide insights which help in organization to gain productivity and increased business agility.
- In June 2017, Attivio had introduced new version of cognitive search and insight platform. This version integrate machine learning and natural language processing which further help enterprises fuel every decision and action with insight
- In May 2016, Lattice Engines, Inc. had introduced the Buyer Insights on Salesforce App Exchange. Buyer Insights provides predictive recommendations, lead and contact pages to sales and marketing team. These insights help sales representatives identify where propensity selling opportunities available in existing workflows. This will further help business to enhance the productivity of the organization.
Research Methodology: Global Insight Engines Market
Primary Rependants: OEMs, Manufacturers, Engineers, Industrial Professionals.
Industry Participants: CEO’s, V.P.’s, Marketing/Product Managers, Market Intelligence Managers and, National Sales Managers