Enterprise Search Market Research Reveals Key Growth Drivers and Emerging Trends
The global enterprise search market size is expected to reach USD 8.85 billion by 2030, registering an estimated CAGR of 8.9% from 2023 to 2030, according to a new report by Grand View Research, Inc. The growth can be attributed to the increasing need for efficient supervision of large volumes of data among organizations to strengthen their operational capabilities. The growing demand for solutions that facilitate time-saving data search as well as enhanced security is driving the adoption of enterprise search solutions. The rising significance of value-added services, along with search capabilities, is further driving their adoption across organizations.
Technological advancements coupled with the introduction of Software as a Service (SaaS) and cloud computing are driving the adoption of hosted enterprise search tools in small and medium enterprises. These tools require minimal technical support, and low maintenance and installation cost. Additionally, software as a service providers offer round the clock customer support and data protection which is a major driver.
Gather more insights about the market drivers, restrains and growth of the Global Enterprise Search Market
The growth of enterprise search market is being further proliferated by the introduction of new and innovative product offerings by the leading market players. For instance, in January 2023, Microsoft Azure expanded its service with integration of OpenAI, an advanced artificial intelligence model, to the general customer base. The artificial intelligence integration enables efficient search and feature deployment for enterprises.
Enterprise Search Market Highlights
- Based on type, the hosted search segment is anticipated to grow at the highest CAGR of over 9% during the forecast period. This can be attributed to the growing trend of enterprise data being hosted on cloud platforms for remote work capabilities
- Based on end-use, the retail segment recorded the highest market share of over 41% in 2022, owing to digitization of retail stores and the large product database
- Based on enterprise size, the large enterprises segment recorded the highest market share in 2022 owing to the need to search precise data from the vast database obtained from various sources
- Based on geography, North America accounted for the largest market share in 2022 owing to the ongoing technological developments coupled with the strong presence of major market players in the region
Key Companies & Market Share Insights
The key players use strategies, such as partnerships, acquisitions, ventures, innovations, R&D, and geographical expansions, to solidify their industry position. Key players focus on improving their product offerings to better suit the changing needs of users and stay competitive. For instance, in October 2022, adesso SE, an IT service provider, announced patnership with Sinequa, an enterprise search solution provider, to develop an enterprise search competence center. The partnership was undertaken to exchange respective expertise of the two companies.
List of Key Players in the Enterprise Search Market
- Attivio
- Coveo Solutions Inc.
- Dassault Systemes Inc.
- Dieselpoint Inc.
- EMC Corporation
- Expert System Inc.
- Google Inc.
- HP Autonomy
- IBM Corporation
- Lucidworks Inc.
- MarkLogic Corporation
- Oracle
- Perceptive Software Inc.
- PolySpot
- Recommind Inc.
- SAP AG
- Sinequa Inc.
- Thunderstone Software
- X1 Technologies
- ZyLabs
Order a free sample PDF of the Enterprise Search Market Intelligence Study, published by Grand View Research.
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