The global Enterprise Search Market is estimated to be valued at US$ 4,583.3 million in 2021 and is expected to exhibit a CAGR of 11.5% over the forecast period 2021-2028, as highlighted in a new report published by Coherent Market Insights.
A) Market Overview:
Enterprise search refers to the ability to search for information within an organization's data repositories, such as databases, file systems, and intranets. It allows users to quickly and efficiently locate relevant information for business decision-making purposes. The market for enterprise search is driven by the increasing complexity and volume of data generated by organizations, the need for accurate and timely search results, and the growing adoption of AI-based search solutions.
B) Market Key Trends:
One key trend in the Enterprise Search Market Demand is the increasing adoption of AI-based search solutions. With the exponential growth of data within organizations, traditional keyword-based search solutions are no longer sufficient. AI-powered search solutions leverage natural language processing (NLP) and machine learning algorithms to understand context, intent, and user behavior, enabling more accurate and relevant search results. This trend is driven by the need for efficient knowledge management, enhanced productivity, and improved decision-making within organizations.
For example, IBM Corporation offers Watson Discovery, an AI-powered search solution that enables organizations to extract valuable insights from unstructured data sources such as documents, emails, and chat logs. By understanding the meaning and sentiment behind the data, Watson Discovery provides relevant search results that help users make informed decisions.
C) PEST Analysis:
PEST Analysis for the enterprise search market is as follows:
Political: The political factors affecting the market include government regulations related to data privacy and security. Compliance with regulations such as GDPR (General Data Protection Regulation) and CCPA (California Consumer Privacy Act) is essential for organizations dealing with sensitive and personal data.
Economic: The economic factors include the overall economic growth and spending power of organizations. Budget constraints may impact the adoption of enterprise search solutions, especially for smaller organizations.
Social: The social factors include the increasing importance of knowledge management and collaboration within organizations. With remote work becoming more prevalent, the need for efficient search capabilities to access relevant information is on the rise.
Technological: The technological factors include advancements in AI, NLP, and machine learning technologies. These advancements enable more accurate and intelligent search capabilities, driving the adoption of AI-based enterprise search solutions.
D) Key Takeaways:
Market Size: The global Enterprise Search Market is expected to witness high growth, exhibiting a CAGR of 11.5% over the forecast period. This growth is driven by the increasing adoption of AI-based search solutions, which enable organizations to efficiently search and analyze large volumes of data.
2. Regional Analysis: North America is expected to be the fastest-growing and dominating region in the enterprise search market. This is attributed to the presence of major players, technological advancements, and the growing need for efficient data management in organizations.
3. Key Players: Key players operating in the global enterprise search market include IBM Corporation, Lucid Work Incorporation, Microsoft Corporation, Dassault Systems S.A., Oracle Corporation, X1 Technologies Inc., SAP AG, Coveo Corporation, and Attivio Software Incorporation. These players are focusing on innovative product development and strategic partnerships to strengthen their market position.
In conclusion, the global enterprise search market is poised for significant growth with the increasing adoption of AI-based search solutions. These solutions offer advanced search capabilities, enabling organizations to efficiently manage and analyze vast amounts of data. As organizations strive for enhanced productivity and informed decision-making, the demand for enterprise search solutions is expected to surge in the coming years.
The Enterprise Search Market 2021 research report gives emerging industry data, global segments and regional outlook.
The report generated using various analysis tools like porter’s five forces model, market attractiveness and value chain.
The report gives comprehensive review of the global market helping to club revenue generation and profitable business to transform client’s success.The research report also covers the comprehensive profiles of the key players in the market and an in-depth view of the competitive landscape worldwide.
The major players in the enterprise search market include Attivio, Dassault Systemes Inc., Dieselpoint Inc., Microsoft Corporations, Google, Expert System Inc., IBM, HP Autonomy, Oracle, Coveo Solutions, SAP, EMC Corporation.
This section includes a holistic view of the competitive landscape that includes various strategic developments such as key mergers & acquisitions, future capacities, partnerships, financial overviews, collaborations, new product developments, new product launches, and other developments.Get more information on "Global Enterprise Search Market Research Report" by requesting FREE Sample Copy at https://www.valuemarketresearch.com/contact/enterprise-search-market/download-sampleMarket DynamicsThe rising demand for time-saving data search systems and solutions is expected to be the prime growth factor for the enterprise search market.
The rising data volumes sourced from varied gateways in the large enterprises have generated a need for managing and organizing it, which is creating its demand in the coming years.
