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MONTREAL, LONDON and SAN FRANCISCO, Dec. 10, 2024 /PRNewswire/ - Coveo (TSX: CVO), the leading enterprise AI platform that brings AI search and GenAI to every point-of-experience, announced today that it has been named a Leader in the IDC MarketScape: Worldwide Knowledge Discovery Software for External-Facing Use Cases 2024 Vendor Assessment (Doc #US51813424, Nov. 2024).
The IDC MarketScape evaluated 13 vendors that address use cases external to the organization, such as public-facing site search, customer support self-service search, and product/ecommerce search — assessing them on two primary categories: capabilities and strategies.
"We're honored to be recognized as a Leader in the IDC MarketScape for Knowledge Discovery for External-Facing Use Cases," said Sheila Morin, CMO at Coveo. "We believe this acknowledgment reflects our unwavering commitment to supporting the AI search and generative experiences of some of the world's largest and most innovative brands. For more than a decade, we've partnered with our customers to deliver AI solutions that seamlessly blend relevance, precision, and impact at every point-of-experience. We're grateful to our customers for their trust and collaboration as we work together to achieve their business goals, and to our team at Coveo for their relentless pursuit of excellence."
According to the report, Coveo's strengths include:
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Extensibility: "Coveo's customers praised the ease of "lifting and shifting" search applications for other use cases, stating that they found the Coveo platform to be flexible and the process of extending its use to be low effort."
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Value of generative AI–based question answering: "Coveo's Relevance Generative Answering feature has been GA for customers for over a year now, and the feedback is positive."
Indeed, Coveo customers are already seeing tremendous results from their investment in Coveo Relevance Generative Answering. For example, Xero has increased self-service resolution by approximately 20% and achieved a 40% reduction in costs to serve. Similarly, SAP Concur has reduced call volumes by 31%, and F5 has boosted its self-service success rate by 11%.
"As technology buyers rush to adopt generative AI features and applications, knowledge discovery is emerging as a valuable use case providing the potential for ROI and competitive advantage," said Hayley Sutherland research manager, Conversational AI and Knowledge Discovery at IDC. "Coveo's Relevance Generative Answering feature shows great promise for those organizations looking to leverage generative AI for search and knowledge discovery."