by Market Overview:
Enterprise search tools help organizations search relevant information from multiple data sources including websites, intranets, databases, documents, emails, and other systems. They deploy efficient search algorithms, relevancy rankings, as well as content analytics to provide fast and accurate search results from huge volumes of structured and unstructured data. These tools help employees, customers as well as partners find critical information quickly, thereby improving decision making and customer satisfaction.
Market Dynamics:
Increasing volume of digital data across industries is a major factor driving growth of the global enterprise search market. For instance, according to a report by PWC, the digital universe is expected to grow exponentially to reach 163 zettabytes by 2025. This massive digital data needs to be efficiently searched and analyzed to extract meaningful insights. Enterprise search tools help organizations manage such huge volumes of data effectively. Additionally, rising focus on improving customer experience is also promoting adoption of enterprise search solutions. By enabling organizations to serve customer queries faster through an intuitive search experience, these tools help enhance customer satisfaction and loyalty.
The global Enterprise Search Market Demand is estimated to be valued at US$ 5698.07 Mn in 2023 and is expected to exhibit a CAGR of 11% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Segment Analysis
The global enterprise search market is segmented on the basis of deployment, application, verticals and region. Based on deployment, the market is segmented into cloud and on-premises segments. The cloud segment dominates the market as cloud-based deployment are more cost-effective and helps in delivering accessibility to enterprise search solutions to users from any location. Based on application, the market is divided into large enterprises and small & mid-sized enterprises. The large enterprises segment dominates the market as the large enterprises generate massive amount of data and need advanced enterprise search solutions to filter required information easily.
PEST Analysis
Political: Governments regulations around data privacy and security positively impact the adoption of enterprise search solutions by organizations to comply with regulatory demands.
Economic: Growth in global GDP and rise in digital transformation initiatives across industries are driving greater investments in enterprise search solutions for improved productivity and business processes.
Social: Changing customer preferences and increasing usage of digital technologies are prompting organizations to employ enterprise search solutions for delivering enhanced customer experience.
Technological: Advances in technologies such as artificial intelligence, machine learning are enhancing the capabilities of enterprise search solutions in processing vast amounts of structured and unstructured data.
Key Takeaways
The global enterprise search market is expected to witness high growth, exhibiting CAGR of 11. % over the forecast period, due to increasing need to gain insights from large volumes of organizational data. The market size for 2023 is US$ 5698.07 Mn.
North America dominates the market currently due to strong technological advancements and presence of major players in the region. However, Asia Pacific is expected to witness fastest growth due to rising digital transformation initiatives across industries in emerging economies of China and India.
Key players operating in the enterprise search market are IBM Corporation, Lucid Work Incorporation, Microsoft Corporation, Dassault Systems S.A., Oracle Corporation, X1 Technologies Inc., SAP AG, Coveo Corporation, and Attivio Software Incorporation. The key players are focusing on enhancing their product capabilities through partnerships and acquisitions.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc.
