Enterprise Search Market by Applications (BFSI, Government, Commercial, Healthcare, Retail, Media and Entertainment, Others) By Geography (North America, Latin America, Europe, Asia Pacific, Middle East & Africa) - Size, Share, Outlook, and Opportunity Analysis, 2023 - 2030
The Enterprise
Search Market is estimated
to be valued at US$ 4.86 billion in 2023 and is expected to exhibit a CAGR of 8.9
% over the forecast period as highlighted in a new report published by Coherent
Market Insights.
Market Overview
The word enterprise search refers to the
software utilized to search for data in a corporate sector. The technique detects
and allows the indexing, penetrating and display of particular content to specific
and legal users over the enterprise. Enterprise search technologies are for usage
by employees. They recover data from all kinds of information that an
organization keeps, such as both structured data, which is seen in databases,
and unstructured data that is changed in the form of documents such as PDFs and
media. Data is being very pervasive within a business as the company develops.
There can be a high propagation of product data, process data, marketing
content and so forth.
Competitive
Landscape:
Key players involved in the growth of global
Enterprise Search Market are Microsoft Corporation, Oracle Corporation,
EMC Corporation, Coveo Solutions, Expert Systems Inc., Lucidworks, MarkLogic
Corporation, SAP SE, Google LLC, IBM Corporation.
Market Key Drivers:
Rising technological developments such as AI
and ML capabilities for the company’s growth is anticipated to drive the growth
of global Enterprise Search Market. For instance, in January 2023, Microsoft Azure
extended its service with incorporation of OpenAI, an advanced AI model to the common
customer base.
Increasing trend of hashing technology is
projected to drive the growth of global Enterprise Search Market. For instance,
in September 2022, Algolia, finished the acquisition with Search.io, an
organization with expertise in hashing technique.
Covid-19 Impact
Analysis:
The COVID-19 outbreak had a significant effect
on propelling the growth of the global Enterprise Search Market. After the spread
of pandemic, there has been an increase in digitization of information in
enterprises that further has led to a rise in the necessity for enterprise
search solutions. Additionally, organizations decreased expanding data
digitization on cloud sites for the future after the unexpected lockdown which
was imposed to curb the spread of virus.
Key Takeaways:
The global Enterprise
Search Market is expected to exhibit a CAGR of 8.9 % during the
forecast period owing to the rising investments and rising popularity of cloud
based data hosting. For instance, in February 2022, Gartner, Inc. stated that above
fifty percent of enterprise data technology investment would move to cloud premises
by 2025
Among regions, North America, Asia Pacific
and Europe anticipated to witness robust growth in the global Enterprise Search
Market due to rising small scale industries, increasing investments, increasing
approvals and launches, rising use of AI and ML. For instance, as per US SBA,
the number of small enterprises in the U.S. crossed 33.2 million in 2022.
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