Enterprise Search Market Estimated To Witness High Growth Owing To Growing Demand For Search-Based Applications
Market Overview:
Enterprise search refers to a technology which enables organizations to search their internal content such as intranet, documents, emails etc. and extract useful information for productivity and decision making. These solutions can be deployed on-premises or via cloud to provide full-text and semantic search across the enterprise content repository. Large organizations dealing with voluminous unstructured data use enterprise search solutions to improve information accessibility.
Market Dynamics:
Demand for powerful search capabilities across organizations is expected to remain a key driver for the enterprise search market growth over the forecast period. As the volume of organizational data increases exponentially, search-based access to data becomes crucial for improved productivity. Advanced analytics integrated with search functionalities helps organizations derive meaningful insights from data repositories. Another factor fueling the market is growing adoption of cloud-based enterprise search solutions. Cloud platforms offer convenient deployment with low upfront costs and scalable infrastructure suited for ever-growing data volumes. This is prompting both large enterprises as well as SMEs to adopt cloud-based enterprise search. However, data security and privacy concerns remain a challenge for cloud adoption.
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.
SWOT Analysis
Strength: Enterprise search technology helps enterprise to search information across various sources like documents, emails and databases. This improve productivity and reduce information silos within organization. It also streamline search experience for users.
Weakness: Configuring and deploying enterprise search solution requires technical expertise which many organization lacks. Maintenance and upgrades of these solutions also need ongoing investments which increase TCO.
Opportunity: Growing usage of mobile devices and remote working trends enables opportunity to develop mobile friendly enterprise search solutions. Integration of AI capabilities like predictive search, recommendation can enhance search experience.
Threats: Open source search solutions are freely available which can threaten commercial vendors. Rising customer expectation around personalized search experience is a challenge.
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 locate information effectively within distributed IT environments of organizations. The market size for 2023 is US$ 5698.07 Mn.
Regional analysis The North America region dominates the global Enterprise Search market accounting for more than 30% share due to high technology adoption rate and rapid digitization among enterprises. Asia Pacific region is expected to grow at fastest CAGR over forecast period with increasing investments in digital transformation by Chinese and Indian organizations.
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. These players are focusing on developing AI powered predictive search capabilities and cloud based SaaS delivery models to gain competitive edge.
Read More: https://blogger-veritas.blogspot.com/2023/12/rising-adoption-of-hybrid-cloud-is.html
Arabic
Français
Español
Português
Deutsch
Türkçe
Dutch
Italiano
Russian
Romaian