Enterprise Search Market: Global Size, Share, Trends, Growth, Forecast And Opportunity Outlook 2022-2032
Enterprise Search Market: Overview and Definition
The Global Enterprise Search Market is expected to grow from USD 4.4 billion in 2021 to USD 16.2 billion by 2032, at a CAGR of 12.60% during the forecast period 2022-2032. Enterprise search is about making content available to individuals within the company or stakeholders outside the company from various information sources that are based on a range of databases. In an ever-changing business landscape, structured and unstructured data files from multiple databases, in particular emails and intranets need to be accessed. Numerous content management systems, application databases, company websites, and email servers are notable databases used. The integration of structured content with unstructured data is one of the key functions of using enterprise search solutions, so that interested end users can easily search for them. Making proprietary knowledge and data easily accessible is one of the key business proposals driving product adoption in the enterprise search market. The framework is designed to break universal principles and allow companies and other entities across the value chain to unify information.
The key growth factor for the enterprise search market is expected to be the rising demand for time-saving data search solutions. A need to manage it has been created by increasing data volumes sourced from various gateways in the search appliances. Enterprise search solutions help to organize and manage the data, which has led to the large adoption of these solutions in search appliances. Enterprise search solutions allow the user to access the required information or information from a pool of databases, emails, intranets, data management systems. It saves business time and money by managing information efficiently and searching for the required information without any troubles. Additionally, it offers a security layer by allowing only authorized personnel to access information.
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Technological advancements and the emergence of cloud computing and Software as a Service (SaaS) drive the adoption of hosted enterprise search solutions in small and medium-sized enterprises. Added benefits offered by these solutions, including low maintenance and reduced installation costs, along with minimal technical support, have a positive impact on the growth of the market. The trend is also likely to continue in the near future. The availability of the open-source free enterprise search solution, however, can pose a challenge for businesses operating in the market.
Companies in different sectors are expected to invest in enterprise search applications. These investments are made in the form of new implementations or updates. The various vertical areas where these applications are primarily expected to be implemented include banking, financial institutions, logistics, military, telecommunications and healthcare, retail, energy, and government institutions. Increased demand from these sectors provides great opportunities which, in turn, are expected to boost overall market growth over the forecast period.
Enterprise Search Market: Growth Drivers
The enterprise search market is driven by several factors, including:
Big Data: The growth of big data and the need to analyze and process large amounts of unstructured data are driving the demand for enterprise search solutions.
Mobility: The growing trend of remote work and the need to access information from anywhere and at any time is driving the demand for mobile-friendly enterprise search solutions.
Cloud computing: The increasing adoption of cloud computing and the need to store and manage data in the cloud is driving the demand for cloud-based enterprise search solutions.
Artificial Intelligence and Machine Learning: The integration of AI and machine learning technologies in enterprise search solutions is improving the accuracy and relevance of search results, making it easier for users to find the information they need.
Compliance and Security: The need for companies to comply with regulatory requirements and protect sensitive information is driving the demand for enterprise search solutions that can ensure secure and compliant information management.
Increased Adoption of Collaborative Work Practices: The trend towards teamwork and collaboration in the workplace is driving the demand for enterprise search solutions that can help teams find and share information more efficiently.
Enterprise Search Market: Challenges
Despite the growth drivers, the enterprise search market faces several challenges, including:
Integration with Other Systems: Integrating enterprise search solutions with other systems such as enterprise content management (ECM) systems, customer relationship management (CRM) systems, and enterprise resource planning (ERP) systems can be complex and time-consuming.
Data Quality: The quality and consistency of data is a major challenge for enterprise search solutions. Poor data quality can result in incorrect search results and negatively impact the user experience.
User Adoption: Getting users to adopt and effectively use enterprise search solutions can be a challenge, especially if the solution is not user-friendly or does not meet their needs.
Cost: Enterprise search solutions can be expensive, and the costs associated with implementing and maintaining the solution can be a barrier for some organizations.
Privacy and Security: Ensuring the privacy and security of sensitive information is a major challenge for enterprise search solutions, especially in regulated industries such as finance, healthcare, and government.
Competition: The enterprise search market is highly competitive, with many vendors offering similar solutions. This makes it difficult for companies to differentiate themselves and stand out in the market.
Enterprise Search Market: Report Scope
Base Year Market Size
Forecast Year Market Size
Enterprise Search Market: Segmentation
- Small Enterprises
- Medium Enterprises
- Large Enterprises
By End Use:
- Government & Commercial Offices
- Banking & Financial Services
- Local Installations
- Hosted Versions
- Search Appliances
- North America (U.S. & Canada)
- Europe (Germany, United Kingdom, France, Italy, Spain, Russia, and Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Indonesia, Taiwan, Australia, New Zealand, and Rest of Asia Pacific)
- Latin America (Brazil, Mexico, and Rest of Latin America)
- Middle East & Africa (GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa and Rest of the Middle East & Africa)
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The report also covers detailed competitive analysis of major market players of the global enterprise search market such as IBM Corporation, Microsoft Corporation, Coveo Solutions, EMC CORPORATION, Google Inc., SharePoint Search, Attivio Inc., Oracle Corporation, X1 Technologies, Mark Logic Corporation, and other major & niche players. The global market for enterprise search is witnessing a wide range of industry activities such as product launch, innovation, acquisition, partnership, research & development, and expansion across the globe.
Competitive landscape analysis provides a detailed strategic analysis of the company’s business and performance such as financial information, revenue breakup by segment and by geography, SWOT Analysis, key facts, company overview, business strategy, key product offerings, marketing and distribution strategies, new product development, recent news (acquisition, expansion, technology development, research & development, and other market activities). The study also provides the company’s positioning and market share of the overall market.
Enterprise Search Market: Recent Developments
The enterprise search market has been rapidly evolving in recent years due to the increasing need for organizations to manage and search through large amounts of unstructured data. Some recent developments in the enterprise search market include:
Artificial intelligence (AI) and machine learning (ML) advancements: AI and ML technologies are being integrated into enterprise search solutions to provide users with more intelligent and personalized search results.
Growing demand for cloud-based solutions: There is an increasing demand for cloud-based enterprise search solutions, as they offer scalability, flexibility, and cost savings compared to on-premise solutions.
Increased emphasis on security and privacy: With the growing concern over data privacy and security, there is an increased emphasis on enterprise search solutions that provide robust security and privacy features.
Emergence of voice-based search: Voice-based search is becoming more popular, and enterprise search solutions are incorporating voice search capabilities to make it easier for users to find information.
Integration with other enterprise tools: Enterprise search solutions are being integrated with other enterprise tools, such as content management systems (CMS) and customer relationship management (CRM) systems, to provide users with a more seamless and integrated search experience.
Timeline Considered for Analysis:
- 2019: Base Year
- 2020: Estimated Year
- 2020 to 2025: Forecast Period
Research Scope and Deliverables
Overview & Executive Summary
Market Drivers, Trends, Challenges, and Opportunities
Market Size and Forecast Projections
Macroeconomic Indicators of Various Countries Impacting the Growth of the Market
Extensive Coverage of Industry Players including Recent Product Launches and Market Activities
Porter’s Five Force Analysis
Market Segmentation Analysis:
Industry report analyses the global enterprise search market by the following segments:
Customization: We also offer customization’s in the industry report as per the company’s specific needs.
Key Questions Answered in the Global Enterprise Search Industry Report
- What is the overall market size in 2019? What will be the market growth during the forecast period i.e. 2020-2025?
- Which region would have a high demand for products in the upcoming years?
- What are the factors driving the growth of the market?
- Which sub-market will make the most significant contribution to the market?
- What are the market opportunities for existing and entry-level players?
- What are the various long-term and short-term strategies adopted by the market players?