Rapid Adoption in Retail and Consumer Goods Industry Fuelling Insights Engine Market Growth
A large number of retail and consumer goods vendors across the globe have taken to insights engines to gain an accurate and deep understanding of customer tastes and preferences and to predict search queries to improve result relevance. Consumer insights help companies in both industries stay one step ahead of changing dynamics and ensure that their customers are loyal and satisfied ones.
Companies are helped along in this endeavour by large and small-scale players in the insights engine market offering their insights engine platforms at competitive prices. The insights engine platform providers are also focusing on improving their training and support facilities. The retail and consumer goods vertical is expected to witness the highest CAGR of 19.7% from 2017 to 2027.
Constantly Evolving Needs of IT and Telecom Vertical Require Insights Engine Platforms
The telecommunications industry has grown by leaps and bounds in the last decade in particular as developed countries strengthen their LTE infrastructure and emerging economies build theirs from scratch. Companies are always seeking out better and more efficient ways to address the rising needs of customers.
Insights engine platforms are being tested and implemented in advanced applications, enabling better understanding of consumer buying and usage patterns. Multiple avenues of value addition are opened up by way of insights engine platforms fuelling the growth of the insights engine market. The IT and Telecom vertical is anticipated to have a value of approx. US$ 110 million by 2027 and have a market attractiveness index of 4.5.
Intelligent Search Solutions Required Across All Industry Verticals
There are limitless opportunities for key stakeholders in the insights engines market because of the importance of digital technologies in the 21st century. BFSI, media & entertainment, and the IT & Telecom industries are shifting towards IoT-based solutions for smart solutions and operations with an objective of boosting revenue. This is accomplished by leveraging the power of AI and machine learning in the fields of marketing, sales support, and customer assistance.
TCS estimates that Latin American enterprises alone invest more than US$ 50 million on IoT initiatives. The media & entertainment vertical is the largest in the Latin America insights engine market and is poised to exceed US$ 5 million by the end of the forecast period.
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Lengthy Deployment Time a Challenge in the Insights Engine Market
The deployment time of an insights engine platform in an enterprise takes anywhere from three to nine months. This can pose a problem to small and medium-sized enterprises, restraining growth prospects of the global insights engine market. It has been observed that large-scale organizations are taking the lead in installing insights engine platforms to enable websites to provide predictive and contextual recommendations based on individual and site visitor behaviour.
For e.g. – In May 2017, Alstom, a French rail transport MNC implemented Sinequa’s analytics and cognitive search platform. This should allow its employees to access and search for information from the Alstom Management System to extract contextual insights from across the entire company.
Shoddy Internet Connectivity Still Problematic in Emerging Economies
Internet connectivity has certainly improved in the last decade but is still not at an ideal level, especially in developing countries. A stable Internet connection is a basic requirement without which an insights engine platform cannot function. National governments in APEJ and Latin America have recognized the importance of the Internet and it remains to be seen if they can match their developed counterparts in terms of Internet accessibility and availability in the long run.
Insights Engine Market Taxonomy
- IT and Telecom
- Retail and Consumer Goods
- Healthcare & Life Sciences
- Media & Entertainment
- Transportation & Logistics
- Travel & Hospitality
- North America
- Latin America
- Western Europe
- Eastern Europe