In terms of revenue, the Global Enterprise Search Market is expected to reach USD 8.12 Billion by 2030, growing at a CAGR (Compound Annual Growth Rate) of 9.5% from 2023 to 2030.
The Enterprise Search market is evolving quickly to keep up with the changing needs of both users and businesses. The exponential growth of digital data has increased the relevance of the demand for increased productivity, efficiency, and collaboration at work. Enterprise search solutions offer a more effective, personable, and tailored approach to find and retrieve important information from many sources. Due to the adoption of cloud-based solutions, advancements in AI and machine learning, and growing demand for personalized search experiences, the market for corporate search is growing. The desire for businesses to adhere to regulations, improve communication, and control their information is another factor driving demand for corporate search solutions.
Key Highlights from the Report
· Based on Application, BFSI dominates the market. The reasons like data exchange and interconnectivity are probably the main elements pushing the segment's growth.
· Based on End User, large enterprises dominate the market. This can be ascribed to the growing requirement to search through a sizable database compiled from multiple sources in quest of correct data.
· In terms of Region, North America held the most significant market share in 2021 and is expected to be the most gainful market during the forecast period. This can be attributed to the region's highly developed IT infrastructure also provides a strong foundation for the implementation of business search solutions.
The use of Natural Language Processing (NLP) in enterprise search solutions is on the rise. By comprehending the context of the search query, this technology not only enables more conversational information searching but also has the potential to produce more accurate search results. In the market for enterprise search solutions, growing integration with other business systems, such as customer relationship management (CRM) and enterprise resource planning (ERP) systems, is another trend. With the aid of this integration, business data may be viewed more completely, facilitating improved decision-making.
Enterprise search solutions are being developed more frequently to accommodate mobile and voice-based search due to the rising trend of mobile devices and voice assistants. With the help of natural language voice commands, users may now conduct mobile information searches.
According to estimates, a key element driving the market's growth is a growing need for solutions with time-saving data search capabilities. Enterprise search solutions are becoming more widely used due to the growing demand for organisations to effectively manage massive volumes of data in order to increase operational efficiency. By providing information access exclusively to authorised personnel, these solutions provide an improved security layer.
The main market growth opportunity is the rising popularity of many value-added services combined with search capabilities. The implementation of corporate search solutions within the company is similarly anticipated to result in positive adjustments to operational procedures. Also, the development of technology in both established and developing nations of the world presents profitable potential for the market's expansion. The use of hosted corporate search solutions in small and medium businesses is being accelerated by the growth of cloud computing and Software as a Service (SaaS). The market expansion is being positively influenced by additional advantages provided by these solutions, including low maintenance requirements, affordable installation, and minimal technical support.
The high costs of deployment and maintenance are the main factors limiting the market. It can be expensive to develop and maintain enterprise search systems, particularly for small and medium-sized businesses. This might seriously hinder adoption, especially for businesses with limited resources.
As more and more data is collected and processed, concerns over data security and privacy are growing. Especially for systems that rely on cloud-based infrastructure, this can deter businesses from deploying enterprise search solutions.
North America Enterprise Search market is expected to witness a noteworthy development with a significant growth rate over the analysis period. This can be attributed to the region's highly developed IT infrastructure also provides a strong foundation for the implementation of business search solutions. Cloud computing services, fast internet connectivity, and state-of-the-art data centres make up its infrastructure, which can meet the processing and storage requirements of enterprise search solutions.
The Global Enterprise Search Market is Segmented as follows
- Local Search
- Hosted Search
- Search Appliance
- Government & Commercial Offices
- Banking & Financial
- Other End-Uses
- Enterprise Size
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
List of the Key Players of the Global Enterprise Search Market is
Attivio (U.S.), Coveo Solutions Inc. (Canada), Dassault Systemes Inc. (France), Dieselpoint Inc. (U.S.), EMC Corporation (U.S.), Expert System Inc. (Hong Kong), Alphabet Inc. (U.S.), HP Autonomy (UK), IBM Corporation (U.S.), Lucidworks Inc. (U.S.), MarkLogic Corporation (U.S.), Oracle Corporation (U.S.), Perceptive Software Inc. (U.S.), PolySpot (France), Recommind Inc. (U.S.), SAP AG (Germany), Sinequa Inc. (Paris), Thunderstone Software (U.S.), X1 Technologies (U.S.), ZyLabs (U.S.)
The Global Enterprise Search Market Scope can be Tabulated as below
|Market Size Provided for Years
|2017 - 2030
|2017 - 2021
|2023 - 2030
|Regions & Counties Covered
|Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis