Highest on Ability to Execute Axis in the 2024 Gartner® Magic
Quadrant™ for Search and Product Discovery
MONTREAL and SAN
FRANCISCO, Calif., May 16, 2024
/CNW/ - Coveo (TSX: CVO), the leading enterprise AI platform
that brings AI search and GenAI to every point- of-experience,
enabling remarkable personalized digital experiences that drive
business outcomes, today announced it has been positioned by
Gartner as a Leader in the inaugural Magic Quadrant for Search
and Product Discovery for its Coveo Platform™ offering
1. The evaluation was based on specific criteria that
analyzed the company's overall Completeness of Vision and Ability
to Execute. "This Magic Quadrant for Search and Product Discovery
is the first version of this Magic Quadrant. It replaces the Market
Guide for Digital Commerce Search."
A Gartner Magic Quadrant is a culmination of research in a
specific market, giving you a wide-angle view of the relative
positions of the market's competitors." Additionally, "By
applying a graphical treatment and a uniform set of evaluation
criteria, a Magic Quadrant helps you quickly ascertain how well
technology providers are executing their stated visions and how
well they are performing against Gartner's market view."
Magic Quadrant reports are a culmination of rigorous, fact-based
research in specific markets, providing a wide-angle view of the
relative positions of the providers in markets where growth is high
and provider differentiation is distinct. Providers are positioned
into four quadrants: Leaders, Challengers, Visionaries and Niche
Players, with Leaders being the providers with the highest overall
completeness of vision and ability to execute. The research enables
decision-makers to get the most from market analysis in alignment
with their unique business and technology needs.
The Coveo PlatformTM offers a robust suite of AI and
GenAI models to deliver individualized experiences at scale,
delighting shoppers while driving superior commerce business
outcomes. Coveo powers remarkable product discovery journeys with
predictive AI search, tailored recommendations, generative answers,
and unified personalization across all customer interactions. Coveo
uniquely orchestrates multiple AI models which can be layered
together and provides merchandisers with the power to manage the
models and tailor experiences according to their business needs.
Last year, Coveo launched Relevance Generative Answering for
commerce to bring conversational, advisory experiences that are
grounded in a company's expert content, product catalog and
semantics.
"We are proud to be a Leader in the Gartner Magic Quadrant for
Search and Product Discovery, ranking highest for Ability to
Execute among the 18 companies evaluated, a recognition that we
believe reflects our commitment to unrelenting product excellence,
innovation, and execution," said Simon
Langevin, VP of Commerce Product at Coveo. "As new
technologies emerge and customer expectations rise, we believe this
report not only validates our vision, but also acknowledges the
robustness of our investments and the exceptional financial value
we bring to customers."
View a complimentary copy of the Gartner Magic Quadrant for
Search and Product Discovery report to learn more about the Coveo
Platform™ and its strengths and cautions, among other provider
offerings, here.
Gartner disclaimer
Gartner does not endorse any vendor, product or service depicted in
our research publications, and does not advise technology users to
select only those vendors with the highest ratings or other
designation. Gartner research publications consist of the opinions
of Gartner research organization and should not be construed as
statements of fact. Gartner disclaims all warranties, expressed or
implied, with respect to this research, including any warranties of
merchantability or fitness for a particular purpose.
GARTNER is a registered trademark and service mark of Gartner
and Magic Quadrant is a registered trademark of Gartner, Inc.
and/or its affiliates in the U.S. and internationally and are used
herein with permission. All rights reserved.
Gartner, Methodologies, Gartner Magic Quadrant, Gartner Critical
Capabilities
Source: Gartner, "Magic Quadrant for Search and Product
Discovery: Mike Lowndes, Aditya
Vasudevan, Sandy Shen, Noam Dorros, 2024
About Coveo
We strongly believe that the future is business-to-person. That
experiences are today's competitive front line, a make or break for
every business. We also believe that remarkable experiences not
only enhance user satisfaction but also yield significant gains for
enterprises. That is what we call the AI-experience advantage – the
degree to which the content, products, recommendations, and advice
presented to a person online aligns easily with their needs,
intent, preferences, context, and behavior, resulting in superior
business outcomes.
To realize this AI-experience advantage at scale, enterprises
require a robust, spinal and composable infrastructure capable of
unifying content securely and delivering AI search, AI
recommendations, true personalization, and a trusted generative
experience at every touchpoint with each individual customer,
partner and employee.
Coveo is dedicated to bringing this advantage to every
point-of-experience, using powerful data and AI models to transform
the enterprise in commerce, customer service, website and
workplace.
The Coveo platform is ISO 27001 and ISO 27018 certified,
SOC2 compliant, HIPAA compatible, with a 99.999% SLA available. We
are a Salesforce Summit ISV Partner, an SAP Endorsed Ⓡ App, an
Adobe Gold Partner, MACH Alliance member and a Genesys AppFoundry Ⓡ
ISV Partner.
Coveo is a trademark of Coveo Solutions Inc.
Stay up to date on the latest Coveo news and content by
subscribing to the Coveo blog, and following Coveo on
LinkedIn and YouTube.
Forward-Looking Information
This press release contains "forward-looking information" and
"forward-looking statements" within the meaning of applicable
securities laws (collectively, "forward-looking information"). This
forward-looking information is identified by the use of terms and
phrases such as "may", "would", "should", "could", "might", "will",
"achieve", "occur", "expect", "intend", "estimate", "anticipate",
"plan", "foresee", "believe", "continue", "target", "opportunity",
"strategy", "scheduled", "outlook", "forecast", "projection", or
"prospect", the negative of these terms and similar terminology,
including references to assumptions, although not all
forward-looking information contains these terms and phrases. In
addition, any statements that refer to expectations, intentions,
projections, or other characterizations of future events or
circumstances contain forward-looking information. Statements
containing forward-looking information are not historical facts but
instead represent management's expectations, estimates, and
projections regarding future events or circumstances.
Forward-looking information is necessarily based on a number of
opinions, estimates, and assumptions that we considered appropriate
and reasonable as of the date such statements are made. Although
the forward-looking information contained herein is based upon what
we believe are reasonable assumptions, actual results may vary from
the forward-looking information contained herein. Certain
assumptions made in preparing the forward-looking information
contained in herein include, without limitation: our ability to
capitalize on growth opportunities and implement our growth
strategy; our ability to attract new customers, both domestically
and internationally; the success of our efforts to expand our
product portfolio and market reach; our ability to maintain
successful strategic relationships with partners and other third
parties; our future capital requirements; the available liquidity
under our revolving credit facility; the accuracy of our estimates
of market opportunity and growth forecasts; our success in
identifying and evaluating, as well as financing and integrating,
any acquisitions, partnerships, or joint ventures; our ability to
execute on our expansion plans; and the future impact of the
COVID-19 pandemic. Moreover, forward-looking information is subject
to known and unknown risks, uncertainties, and other factors, many
of which are beyond our control, that may cause the actual results,
level of activity, performance, or achievements to be materially
different from those expressed or implied by such forward-looking
information, including but not limited to macro-economic
uncertainties and the risk factors described under "Risk Factors"
in the Company's most recently filed Annual Information Form
available under our profile on SEDAR+ at www.sedarplus.ca. There
can be no assurance that such forward-looking information will
prove to be accurate, as actual results and future events could
differ materially from those anticipated in such information.
Accordingly, prospective investors should not place undue reliance
on forward-looking information, which speaks only as of the date
made.
Moreover, we operate in a very competitive and rapidly changing
environment. Although we have attempted to identify important risk
factors that could cause actual results to differ materially from
those contained in forward-looking information, there may be other
risk factors not presently known to us or that we presently believe
are not material that could also cause actual results or future
events to differ materially from those expressed in such
forward-looking information. You should not rely on this
forward-looking information, as actual outcomes and results may
differ materially from those contemplated by this forward-looking
information as a result of such risks and uncertainties. Additional
information will also be set forth in other public filings
that we make available under our profile on SEDAR+ at
www.sedarplus.ca from time to time. The forward-looking
information provided in this press release relates only to events
or information as of the date hereof, and are expressly qualified
in their entirety by this cautionary statement. Except as required
by law, we do not assume any obligation to update or revise any
forward-looking information, whether as a result of new
information, future events, or otherwise, after the date on which
the statements are made or to reflect the occurrence of
unanticipated events.
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SOURCE Coveo Solutions Inc.