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Enterprise Search Market
Digital transformation, diverse data, e-commerce document solutions, and chatbots drive global market growth, boosting expansion ahead.
WILMINGTON, DE, UNITED STATES, December 30, 2024 /EINPresswire / -- Enterprise search refers to an organization's ability to
index data, from any data source within the company, and present the most pertinent information to the user. Major search engines such as Google, Amazon, and YouTube continuously push the limits of search engines with the most used search engines evolving and becoming more advanced as users are naturally coming to expect faster searches, intelligent recommendations, intricate personalization, and more, regardless of their inputting their queries.
Similarly, customer service has become more advanced, leading to an increased expectation of customer-facing processes like sales and support. This is enhancing organizations to improve the way they accommodate customers' requirements, as well as the productivity and efficiency of their in-house teams. These factors are expected to propel the enterprise search market forecast.
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For instance, in January 2023, C3 AI, the Enterprise AI application software firm, launched the C3 Generative AI Product Suite with the release of its first product“C3 Generative AI for Enterprise Search. C3 Generative AI for enterprise search provides enterprise users with a transformative user experience using a natural language interface to rapidly locate, retrieve, and present all relevant data across the entire corpus of an enterprise's information systems.
According to the report, the global enterprise search market 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.
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 the adoption of document management solutions in sectors, and increase in usage of chatbots and virtual assistants are expected to propel the market growth 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.
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Based on deployment mode, the on-premise segment held the highest market share in 2022, accounting for two-fifths of the enterprise search market revenue, and is estimated to maintain its leadership status throughout the forecast period. The industries prefer on-premise model owing to high data security and less data breach as compared to cloud based deployment models, which drives the demand for on-premises deployment model within the sectors. However, the cloud segment will manifest the highest CAGR of 11.2% from 2023 to 2032. The rise in the integration cloud cloud-based solution for cost-effective and secure bank operations in various industries is further expected to propel global market growth.
Based on industry vertical, the BFSI segment held the highest market share in 2022, accounting for nearly one-third of the enterprise search market revenue, and is estimated to maintain its leadership status throughout the forecast period. The increase in demand for enterprise search solutions in BFSI sector further creates lucrative opportunities for this segment in the global market. However, the healthcare sector is projected to manifest the highest CAGR of 14.5% from 2023 to 2032. The increase in security breaches related to medical records, life support systems, and device data in healthcare organizations is fueling the demand for enterprise search solutions.
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 components, the solution segment held the highest market share in 2022, accounting of nearly two-thirds of the enterprise search market revenue, and is estimated to maintain its leadership status throughout the forecast period. The surge in technological breakthroughs in several industries has proliferated numerous opportunities for the solution segment in the market. However, the service segment is expected to portray the largest CAGR of 11.8% from 2023 to 2032 and is projected to maintain its lead position during the forecast period as enterprise search services are increasingly implemented in various industries.
Based on type, the conversational search segment held the highest market share in 2022, accounting for nearly three-fifths of the enterprise search market revenue, and is estimated to maintain its leadership status throughout the forecast period. Conversational search offers a range of benefits that enhance the way users interact with digital platforms and find information. However, the multimedia search segment will manifest the highest CAGR of 12.0% from 2023 to 2032. This technology is increasingly integrated into various applications and platforms, enhancing content discoverability in a visually driven digital landscape.
Based on region, the North America segment held the highest market share in revenue in 2022, accounting for nearly two-fifths of the enterprise search market revenue. The increasing investment of businesses and government bodies in advanced technologies such as cloud-based services, AI, ML, and IoT to improve customer experience are anticipated to propel the growth of the enterprise search market. However, Asia-Pacific is expected to witness the fastest CAGR of 13.8% from 2023 to 2032, and is likely to enhance the market growth during the forecast period. This is attributed 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.
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Leading Market Players: -
OpenText Corporation
Microsoft Corporation
IBM Corporation
Amazon Web Services, Inc.
Oracle Corporation
Google LLC
SAP SE
EMC Corporation
Attivio
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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