Insight engines are being used to extract useful information from large amounts of sophisticated and different data sources. It utilizes the ideas of natural language processing, which is helping companies to connect with the customers and understand their requirements. An insight engine contains a wider range of technologies to utilize all available data sources. These sources may be internal or external, structured or unstructured.
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It helps to deliver insights to consumers and improve the quality and extent of the search so the companies can make better decisions. Businesses take advantage of these systems in the workplace, especially developing technologies, such as chatbots and natural language processing, are becoming more and more common in the modern workplace. Such systems use the techniques of artificial intelligence to obtain the information, capture & collect current knowledge, and find relations between the widely dispersed information to convey detailed insights.
Company covered: International Business Machines Corporation, Microsoft Corporation, Oracle Corporation, Coveo Solutions Inc., Micro Focus International plc, Mindbreeze GmbH, Sinequa, Funnelback, Hewlett Packard Enterprise Co., Dassault Systems SE
The rapid adoption of the retail and consumer goods industry and increased adoption of digital technologies are the factors driving the growth of the insight engines market. In addition, adoption of the software by various industry verticals to increase their revenue is propelling the growth of the market. However, lack of proper infrastructure and troubles to process big data is hampering the growth of the market.
Furthermore, increased use of artificial intelligence to obtain the information, capture & gather existing knowledge and find relations between the data is providing lucrative opportunities to the growth of the insight engines market during the forecast period.
The North America region is expected to lead the insight engines market during the forecast period owing to the presence of key market players. Various businesses in the region are utilizing a lot of data and reports to extract valuable insights from those data warehouses. The introduction of rapid processing models enabled data to support data analytics, which is increasingly used in different types of organizations. Insight engines are being used to derive the data for analysis and reporting.
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