Global Enterprise Search Market was US$ XX Bn in 2019 and is expected to grow at CAGR XX% in forecast period. The rising need to proficiently supervise large volumes of data in an organization to develop the operational efficiency boost the market growth and expected to reach US$ 9.5 Bn by 2027
Global Enterprise Search Market Overview:
In a continuously varying business environment, important thing is accessing structured and unstructured data files from multiple databases, particularly from company’s emails and intranets. Distinguished databases used are numerous content management systems, application database, email servers and company’s website. The enterprise search is about preparing contents from various sources of information stored on multiple databases searchable to employees within the company or even the stakeholders outside the company. The enterprise search solution is primarily used for integrating structured content with unstructured data helping interested end users and empowering them to search the required data easily. Enterprise search solutions are available on cloud, on premise, or on a hybrid infrastructure.
One of the key factors booming adoption of products in the enterprise search market is making proprietary records and data easily accessible to the related people within or outside the company. The framework is aimed at breaking organizational storage limitation and makes amalgamation of information possible for organizations and other entities through the value chain. The multiplying sources of data and documents in organizations across the globe are a key contributor to the growing demand in the enterprise search market. The banking, financial services and insurance (BFSI) industry is always been a most noticeable end user in the enterprise search market. Other broad application areas are public & Private enterprises, commercial, retail, healthcare and several other sectors.
The report study has analyzed revenue impact of covid-19 pandemic on the sales revenue of market leaders, market followers and disrupters in the report and same is reflected in our analysis.
Global Enterprise Search Market Dynamics:
An increasing demand for solutions offering time-saving data search capabilities is estimated to be a major factor driving the market growth over the forecast years. The rising need to proficiently supervise large volumes of data in an organization in order to develop the operational efficiency is boosting the adoption of enterprise search solutions worldwide. These solutions facilitate an enhanced security layer, offering access to information only for the authorized employees.
The major opportunity for the market growth is an increasing attraction of several value-added services, along with the search capabilities. The same is promising the adoption of enterprise search solutions in the organization with positive changes in operational practices. Moreover, technological advancements in the developed & developing countries around globe offer lucrative opportunities for the growth of the market. The development of cloud computing and Software as a Service (SaaS) are propelling the adoption of hosted enterprise search solutions in the small as well as medium enterprises. Other added benefits offered by these solutions, comprising low maintenance and reduced installation cost, along with minimum technical support, are positively driving the market growth. This trend is anticipated to continue in the forecasted period creating huge opportunity. However, the availability of the open source free enterprise search solution may emerge as a challenge to players operating in the market.
Global Enterprise Search Market Competitive Analysis:
Google, Inc., IBM corporation HP Autonomy and SharePoint Search (Acquired by Microsoft) are the leading players contributing the largest share in the market. Though, a moment ago the commercialization of standalone products, namely ‘Fast’ and ‘Transfer’ by Microsoft Corporation has stopped. In the current scenario, the huge numbers of enterprises around the globe are using these enterprise search platforms ‘Fast’ and ‘Transfer’.
One of the new entrants which anticipate in helping business by providing enterprise search solution is a U.S.-based startup namely Algolia. It recently caught category Leader rankingIn two G2 Grid Reports for Enterprise Search it caught the leading position, which has geared its efforts to strengthen its position. It is noticeable that, rankings on G2 reports are highly valued.
Whereas, leading players always focusing on strategic collaborations, in order to provide mass market solutions while serving the niche markets, remain a strategic initiative. End-use industries in the enterprise search market are attracted to the proposition of the potential of enterprise search for supporting key aspects of the customer journey. This has created the lucrative opportunity in the market forming healthy competition for the players in the forecasted period.
Global Enterprise Search Market Segmentation Analysis:
Banking and financial services are considered highest dominated segment in 2019, as it accounted for over 34% of the enterprise search market. Data sharing and interconnectivity are likely to be the key factors boosting the growth across this segment with CAGR of XX%. The large enterprises end-use segment is expected to dominate the market with share of US$ XX Bn by 2027 and grow with CAGR XX% over the forecasted years. This can be attributed to the increasing need to search for accurate data across a vast database extracted from numerous sources. The pay-per-use model offered by the cloud (SaaS) enterprise search solutions providers is estimated to have a large acceptance across the small and medium enterprises at a rate higher rate during the forecast period. Similarly, all the segments and their sub segments with their current market share, expected growth percentage, factors boosting & hampering the growth and region wise anticipated market share during the each year in forecast period along with their graphical representation are illustrated in the report.
Global Enterprise Search Market Regional Analysis:
In terms of market revenue the North America developed as a market leader and accounted for over 35% of the global enterprise search market in 2019. This trend is expected to continue in the forecast period due to continuous technological advancements along with the presence of the key market players have contributed to the regional market growth. Rapid adoption of advance technology in the developing countries of Asia Pacific like, China & India offer the prominent opportunity for the regional market. Owing to which, Asia Pacific is likely to grow with CAGR XX% and reach US$ XX Bn by the end of the 2027. The report provides the detail analysis of different regions around the globe like, North America, Europe, Asia Pacific, Latin America and Middle East & Africa. The current & forecasted market share with the CAGR and contribution of several players from each region is studied in detail and presented in the final report.
Objective of the Report:
The objective of the report is to present a comprehensive analysis of the Global Enterprise Search Market including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that includes market leaders, followers and new entrants. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers. The report also helps in understanding Global Enterprise Search Market dynamics, structure by analyzing the market segments and projects the Global Enterprise Search Market size. Clear representation of competitive analysis of key players by Application, price, financial position, Product portfolio, growth strategies, and regional presence in the Global Enterprise Search Market make the report investor’s guide.
Scope of the Global Enterprise Search Market Report:
Global Enterprise Search Market, By Size:
• Small Enterprises
• Medium Enterprises
• Large Enterprises
Global Enterprise Search Market, By End Use:
• Retail
• Government & Commercial Offices
• Banking & Financial Services
• Manufacturing
• Healthcare
• Consumer
Global Enterprise Search Market, By Region
• North America
• Europe
• Asia Pacific
• Middle East & Africa
• South America
Key players operating in the Global Enterprise Search Market
• Microsoft Corporations
• IBM
• Oracle
• Coveo Solutions
• SAP
• EMC Corporation
• HP Autonomy
• Google Inc.
• SharePoint Search (Acquired by Microsoft)
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