The growing trend of digital transformation initiatives that accelerate across Industries is one of the major factors driving the global market growth.
PORTLAND, PORTLAND, OR, UNITED STATES, November 21, 2023 /EINPresswire.com/ — According to the report, the enterprise search industry generated $5 billion in 2022, and is projected to reach at $12.2 billion by 2032, witnessing a CAGR of 9.6% from 2023 to 2032.
Enterprise search involves an organization’s capability to index data from various internal sources and deliver the most relevant information to users. Leading search engines like Google, Amazon, and YouTube continuously advance, setting higher expectations for faster searches, intelligent recommendations, personalized results, and more. The growing sophistication of customer service has similarly raised the bar for customer-facing processes such as sales and support. This evolution prompts organizations to enhance customer satisfaction, meet evolving needs, and boost the efficiency of their internal teams.
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Anticipated advancements in the enterprise search market are evident, illustrated by C3 AI’s launch of the C3 Generative AI Product Suite in January 2023. The suite, starting with “C3 Generative AI for Enterprise Search,” offers users a transformative experience through a natural language interface, enabling swift location, retrieval, and presentation of pertinent data across an enterprise’s information systems.
Prime determinants of growth:
The growing trend of digital transformation initiatives that accelerate across Industries is one of the major factors driving the global market growth. In addition, diversity of data, increase in adoption of document management solution in sectors, and increase in usage of chatbots and virtual assistants are expected to propel the growth of the market during the forecast period. Furthermore, a surge in technological advancements is expected to create numerous opportunities for the growth of the market. However, data privacy and security concerns hamper the growth of the market.
There is a noticeable surge in the demand for Enterprise Search as businesses worldwide recognize the pressing need to efficiently manage and improve data accessibility. In today’s digital landscape, marketers are increasingly gravitating towards search solutions that can streamline the process of finding relevant data, aiming to uncover accurate information promptly. Specialized solutions within the “Enterprise Search Market” play a crucial role by enabling enterprises to retrieve essential data from diverse sources such as databases, emails, intranets, and data management systems. These all-encompassing search solutions not only boost overall business efficiency but also ensure data security by providing authorized access to valuable information.
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COVID-19 Impact Analysis:
The market experienced notable shifts in response to the COVID-19 pandemic. The outbreak prompted increased digitization of data within enterprises, leading to a heightened demand for enterprise search solutions. Furthermore, industries intensified efforts to advance data digitization on cloud platforms for future readiness, spurred by the unexpected shutdowns during the pandemic.
In 2022, the solution segment dominated the enterprise search market, holding the majority share of around two-thirds of the revenue. It is anticipated to continue leading throughout the forecast period, driven by technological advancements across industries. Despite this, the service segment is poised to exhibit the highest Compound Annual Growth Rate (CAGR) of 11.8% from 2023 to 2032, maintaining its prominent position due to the growing adoption of enterprise search services in diverse industries.
Regarding types, conversational search secured the highest market share in 2022, constituting nearly three-fifths of the enterprise search market revenue. This trend is expected to persist, given the array of benefits it brings to user interactions with digital platforms and information retrieval. Conversely, the multimedia search segment is forecasted to demonstrate the highest CAGR of 12.0% from 2023 to 2032, as it becomes increasingly integrated into various applications and platforms, enhancing content discoverability in a visually-oriented digital landscape.
Based on enterprise size, the large enterprises segment accounted for the largest share in 2022, contributing of nearly two-thirds of the enterprise search market revenue, as enterprise search solutions are increasingly being deployed in these organizations. These factors further drive the demand for this segment in the global market. However, the small and medium-sized enterprises segment is expected to portray the largest CAGR of 12.2% from 2023 to 2032 and is projected to maintain its lead position during the forecast period. The growth of this segment is mainly driven by the cost-efficient solutions provided by various organizations.
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Based on component, the global enterprise search market size was dominated by the solution segment in 2022 and is expected to maintain its dominance in the upcoming years, owing to advances in technologies enabling enterprise search to transform several industries globally. However, the service segment is expected to witness the highest growth, as enterprise search services help to reduce the time and costs associated with optimizing systems in the initial phase of deployment.
By region, North America dominated the market share in 2022 for the enterprise search industry. The increasing investment in advanced technologies such as cloud computing, IoT, AI, ML, business analytics solution, and virtual assistant to improve businesses and customer experience are anticipated to propel the growth of the enterprise search market. However, Asia-Pacific is expected to exhibit the highest growth during the forecast period. This is due to the increase in penetration of digitalization and higher adoption of advanced technology which are expected to provide lucrative growth opportunities for the market in this region.
Leading Market Players: –
• OpenText Corporation
• Microsoft Corporation
• IBM Corporation
• Amazon Web Services, Inc.
• Oracle Corporation
• Google LLC
• SAP SE
• EMC Corporation
• X1 Discovery, Inc.
The report provides a detailed analysis of these key players in the enterprise search market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different countries. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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