Algolia Named a Leader in IDC MarketScape for Worldwide General-Purpose Knowledge Discovery Software 2023
November 7, 2023 at 12:00 PM Coordinated Universal Time
SAN FRANCISCO – November 7, 2023 – Algolia, the world’s only end-to-end AI Search and Discovery platform, today announced that after a thorough evaluation of Algolia’s AI Search strategies and capabilities, IDC has positioned the company in the Leaders Category in the IDC MarketScape for Worldwide General-Purpose Knowledge Discovery Software 2023 Vendor Assessment (doc #US49988523, October 2023). We believe this recognition by the IDC MarketScape underscores the breakthrough capabilities of Algolia’s NeuralSearch™ platform, a next-generation vector and keyword search in a single API with powerful, end-to-end AI processing of every query.
Hayley Sutherland, Research Manager for Conversational AI and Intelligent Knowledge Discovery, IDC, commented: “Algolia is leveraging the combined power of large language models (LLMs) and retrieval-augmented generation (RAG) to understand searcher intent, drive more relevant, personalized results, and mitigate hallucinations. As more advanced capabilities continue to be infused in commercial search systems, any business that has not yet upgraded to AI-powered search and knowledge discovery risks falling behind.”
Algolia uses LLMs to vectorize content and provide text encodings/embeddings. The IDC MarketScape report notes, “Vector search is a popular method of providing semantic search and is a critical foundation for the RAG approach used for most generative AI knowledge discovery features in production today. However, costs including storage have held many organizations back from adopting vector search. Algolia's neural hashing technique has the potential to reduce such costs.”
The use of neural hashing, proprietary to Algolia, mitigates costs related to vector search, overcoming a major obstacle that competitors face and making Algolia’s solution a perfect fit for organizations of all sizes.
The IDC MarketScape report urges organizations to consider Algolia when they are seeking “proprietary technology for providing vector search at scale for a wide variety of enterprise, departmental, and site search use cases.”
Additionally, the IDC MarketScape noted, “Algolia provides a wide variety of tools for developers, and the company's customers highly rated the ease of integration, flexibility, technical support, and strong documentation of its APIs and development tools. Algolia provides 99.999% availability worldwide and 100% SLA uptime for developers.”
Bernadette Nixon, Chief Executive Officer, Algolia, said: “We are delighted to be named a Leader in the IDC MarketScape for Worldwide General Purpose Knowledge Discovery Software 2023 Vendor Assessment. It's not just about finding what customers are looking for; it's about understanding their intent, predicting their desires, and ultimately creating an unparalleled shopping experience. In this era of data-driven decisions, AI search is the key to unlocking customer insights, optimizing product discovery, and fostering loyalty. In this timely report, it is clear that AI Search is not merely a tool; it's a strategic imperative for any retailer aiming to thrive in the digital age."
To access the report, visit: https://resources.algolia.com/home/report-idc-2023
To schedule a demo of Algolia’s platform, visit algolia.com/demorequest
About IDC MarketScape
IDC MarketScape vendor assessment model is designed to provide an overview of the competitive fitness of ICT (information and communications technology) suppliers in a given market. The research methodology utilizes a rigorous scoring methodology based on both qualitative and quantitative criteria that results in a single graphical illustration of each vendor’s position within a given market. IDC MarketScape provides a clear framework in which the product and service offerings, capabilities and strategies, and current and future market success factors of IT and telecommunications vendors can be meaningfully compared. The framework also provides technology buyers with a 360-degree assessment of the strengths and weaknesses of current and prospective vendors.
Algolia is the world’s only end-to-end AI search and discovery platform. Our engineers invented a breakthrough use of AI to create exponentially better search & discovery. Algolia’s proprietary NeuralSearch tech combines vector-based natural language processing & keyword matching in a single API. Algolia powers 1.75 trillion search requests a year or more than 30 billion a week enabling more than 17,000 customers in 150+ countries to build blazing-fast and relevant search and discovery experiences for their in-app users and/or online visitors using any web, mobile or voice device – by surfacing the desired content instantly and at scale. www.algolia.com.