Insight Engines Market worth $5.6 billion by 2028, growing at a CAGR of 27.1%: Report by MarketsandMarkets™

Chicago, Feb. 27, 2024 (GLOBE NEWSWIRE) — The Global Insight Engines Market is estimated to grow from USD 1.7 billion in 2023 to USD 5.6 billion by 2028, at a CAGR of 27.1% during the forecast period, according to a new report by MarketsandMarkets™

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Insight Engines Market Dynamics:

Drivers:

Increasing use of structured data
Growing adoption of insight engines solutions in BFSI sector
Demand for enhanced and more effective strategic risk management.
Growing demand for advanced search and natural access to in-depth analysis

Restraints:

Data quality and source validation issues

Opportunities:

Growing data volumes and sophisticated algorithms raising adoption of AI technologies for data insights
Growing adoption of cutting-edge technologies to offer predictive insights for businesses.
Rising adoption of data-driven decision-making to enhance customer experience.

List of Key Players in Insight Engines Market:

Microsoft (US)
IBM (US)
OpenText (Canada)
SAP (Germany)
Oracle (US)
Elastic (US)
Expert.ai (Italy)
Almawave (Italy)
Mindbreeze (Austria)
Squirro (Switzerland)

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Insight engines gathers companies’ data from multiple data sources and processes it using data integration tools. Natural language processing enables insight engines to recognize patterns in unstructured data, which they may then analyze with machine learning algorithms to identify trends, anticipate outcomes, and offer recommendations. While planning to embrace insight engines, businesses must consider security, scalability, and connectivity to all data sources. 

Based on offering, the market for insight engines is segmented into solutions and services. Most vendors offer insight engines solutions in the form of platform and software tools that enable organizations to unlock the value of big data and access comprehensive business information with the help of NLP, ML, …

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