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Lucidworks launches search analytics SaaS platform to understand user intentions
Today, AI-powered search applications provider Lucidworks announced the release of Springboard, a cloud-native software-as-a-service (SaaS) platform. The SaaS product connects the dots between site searches, browsing, and discovery experiences, to enable organizations to more efficiently capture and understand data from their customers' search queries.
Springboard's first publicly available application, Connected Search, is an AI-powered site-searching tool that's designed to help organizations manage complex user queries at scale.
The solution will enable organizations with complex content catalogs to better capture and understand a user's search preferences and intentions (such as making a purchase, subscribing to a newsletter, etc.) via an inbuilt search and insight engine and push-button AI.
The next generation of search analytics
One of Lucidworks' main goals with the launch of Springboard and Connected Search was to design an enterprise search platform that any employee could use. "Search is not just for developers anymore," said Will Hayes, Lucidworks' CEO.
"The next generation of search creates connections between people, captures and understands signals that show preference and intent, and improves the total experience for customers, service agents, and employees without requiring search or development experience," Hayes said. "The Springboard design philosophy is grounded in building a personalized experience that meets users' goals with high-quality search that's easy to set up, outcomes-driven and cost-efficient."
Lucidworks plans to build on this first iteration of Connected Search throughout 2022 with an eye toward adding features including guided workflows, advanced analytics, and specifically, an integration with Google Analytics for a more comprehensive approach to analytics from site searches.
Additionally, the organization plans to further bolster Connected Search portion in the market by adding guiding workflows to optimize relevance, advanced analytics, and a Google Analytics integration, to ensure that users have a transparent and optimal search experience.
Improving accessibility in enterprise search analytics
Lucidworks and its SaaS platform Springboard appear to be in a strong position to grow, following a successful year for the organizations' flagship Fusion tool, a platform for building search and discovery applications. Fusion grew by 200% following a $100 million investment back in 2019.
At the same time, the wider enterprise search software market has also grown significantly, reaching a valuation of $3.8 billion in 2020, which researchers anticipate will reach $8 billion by 2027.
Lucidworks and its Fusion product are competing with many providers in the market, including Elasticsearch, a distributed search and analytics engine, which has a total revenue of $608.5 million in 2021 and a SaaS revenue of $166.3 million.
Other competitors include search API startup Algolia, which raised $150 million and achieved a $2.25 billion valuation last year, and AI search solution Yext, which earned $354.7 million in 2021.
While other providers like Elasticsearch, Algolia, and Yext are strong technical search solutions, Lucidwork aims to differentiate itself by developing more accessible, and efficient search solutions.
"Companies like Algolia and Yext require more development than Springboard and have lower relevancy," Hayes claims. "We're building solutions for the business user with workflows and guided experiences that make it easier to deploy, scale and maintain something as complex as search. Lucidworks competitive advantage is being able to develop a breadth of solutions for nontechnical users."
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