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Impact Analysis of Covid-19

The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.

Enterprise search is the practice of making content from multiple enterprise-type sources including intranets and databases, which can be searched by a defined audience. Enterprise search is used to describe the software of search information within an enterprise. It indexes information and data from sources such as database, internet, email, and document management system. Furthermore, enterprise search can provide higher productivity since it can reduce time spent-up to 15-30% but the employees searching the information.

The global enterprise search market is estimated to be valued at US$ 4,583.3 million in 2021 and is expected to exhibit a CAGR of 11.5% over the forecast period (2021-2028).

Recent Developments:

  • In January 2020, X1 Technologies Inc., a provider of data discovery and compliance software, announced the addition of the X1 Social Discovery technology into the RelativityOne and Relativity server platforms.
  • In March 2021, Microsoft released a public preview of Azure Purview powered search within Azure Synapse Analytics Studio.
  • In March 2021, Microsoft launched Azure Cognitive Search. Azure Cognitive Search is a cloud search service that gives developers infrastructure, APIs, and tools for building a rich search experience over private, heterogeneous content in web, mobile, and enterprise applications.

North America held dominant position in the global enterprise search market in 2020, accounting for 32.5% share in terms of volume, followed by Europe and Asia Pacific, respectively.

Figure 1. Global Enterprise Search Market Value (US$ Mn), by Region, 2020

Enterprise Search  | Coherent Market Insights

Market Dynamics- Drivers

Increasing need to make search more relevant is expected to drive growth of the global enterprise search market during the forecast period. Information search is an expensive process in terms of economy since some sources available on the platform are paid. Enterprise search saves time and offers organized data to the user. The primary objective of information search is to access information efficiently wherein an enterprise search provides desired results. Many industries such as telecommunication, IT, pharmaceutical, banking, and finance are adopting enterprise search to convert distributed information into operational advantage. Furthermore, enterprise search provides relevant content in databases and servers and is developed privately among organizations. Thus, these advantages are expected to drive growth of the global enterprise search market during the forecast period.

Availability of technologies is expected to propel the global enterprise search market growth over the forecast period. Enterprise search provides availability of technologies such as business analytics and cloud computing. These technologies empower employees to achieve their business goals efficiently. Cloud computing has witnessed significant adoption due to rising need for enterprises to save money. Moreover, the initial investment for cloud computing is significantly less as compared to on premise deployments.

Market Opportunities

Convergence of search and information technologies can present lucrative growth opportunities. Enterprise search is an integrated part of each organization’s information search system. These systems are based on the convergence of software, telecommunication, and computing industries. The multifaceted dimension of these industries and their technologies such as big data is providing multiple opportunities for the market. The wide product portfolio and service offerings contribute to increasing the sales. The estimated global data volume was 1.8 Zetta Byte and it is estimated that in 2015 the global data will be 7.9 ZB.

The concentration of vendors and the development of enterprise search drives the distinct market of integration tools, applications, and development tools on one platform. In such a context, challengers have to negotiate intensively to form strategic relationships with major industry players. The concentration of vendors drives the market of application and integration tools together. Accordingly, the large suppliers have the opportunity to build some alliances with other partnerships seeking ES vendors in order to provide interoperable and standardized products. This will put the leading players in a better and strong position because they would be supplying the platform and middleware tools along with integrated tools.

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Enterprise Search Market Report Coverage

Report Coverage Details
Base Year: 2020 Market Size in 2021: US$ 4,583.3 Mn
Historical Data for: 2017 to 2020 Forecast Period: 2021 to 2028
Forecast Period 2021 to 2028 CAGR: 11.5% 2028 Value Projection: US$ 9,801.6 Mn
Geographies covered:
  • North America: U.S., Canada
  • Latin America: Argentina, Brazil, Mexico, Rest of Latin America
  • Europe: Germany, U.K., France, Italy, Russia, Rest of Europe
  • Asia Pacific: China, India, Japan, Australia, South Korea, ASEAN, Rest of Asia Pacific
  • Middle East & Africa: GCC Countries, South Africa, Rest of Middle East & Africa
Segments covered:
  • By End-user: Government and commercial offices, Banking and financial Offices, Retail, Healthcare, Others (Media and Entertainment, Aerospace and Defense, Construction)
  • By Enterprise Size: Large Scale, Medium Scale, Small Scale
Companies covered:

IBM Corporation, Lucid Work Incorporation, Microsoft Corporation, Dassault Systems S.A., Oracle Corporation, X1 Technologies Inc., SAP AG, Coveo Corporation, and Attivio Software Incorporation

Growth Drivers:
  • Increasing need to make search more relevant
  • Availability of technologies
Restraints & Challenges:
  • Uncertain meaning of keywords
  • Variety of enterprise repositories and search quality

Market Trends

Key players operating in the market are focused on research and development activities, in order to expand the product portfolio and gain a competitive advantage in the market. For instance, in January 2014, IBM Corporation launched cloud-delivered services to visualize big data insights, transform industrial R&D, and fuel analytics exploration. Furthermore, in January 2014, IBM Corporation the combination of unified content analytics and search with enterprise search V3.0.

Major companies in the market are involved in merger and acquisition activities, in order to enhance the market presence. For instance, in February 2014, IBM Corporation acquired Cloudant which helped it to develop web applications and big data. In February 2014, Oracle acquired Bluekai which was a leading cloud-based big data platform that enables the company to personalize mobile, online, and offline marketing with more useful information.

Figure 2. Global Enterprise Search Market Share, By End-user, 2020

Enterprise Search  | Coherent Market Insights

Key Takeaways of the Graph:

  • The Banking and financial Offices segment held dominant position in the market and accounted for 36.8% share in the global enterprise search market in 2020. The segment is expected to reach US$ 3,646.2 million in 2028, owing to the increasing need to proficiently supervise large volumes of data in an organization in order to develop the operational efficiency.

Market Dynamics- Restraints

Uncertain meaning of keywords is expected to restrain growth of the global enterprise search market during the forecast period. A major challenging factor in the market is that most words have more than one meaning and without context is difficult to get the intended meaning. Web search has overcome this problem by providing links between the pages on the internet to know the intended meaning. However, this system does not work in enterprise research as links between documents on an intranet rarely exist. Moreover, current enterprise search is not accurate enough and too slow. The solution for this difficulty is to provide computers the ability to know the intended meaning of a word and Spring Sense’s meaning recognition technology is the first solution to offer fast and accurate search with 82.4% precision.

Variety of enterprise repositories and search quality is expected to hamper the global enterprise search market growth over the forecast period. A search is undertaken by an employee to retrieve a significant amount of information that is relevant in terms of the subject. It is quite possible that the information retrieved is older and not in a format that is currently supported so search engines should be able to translate the information in the format that can be read by the employee. This is a challenge for enterprise search vendors to provide the information in a particular format. Enterprise Search is a description of information retrieval applications that use different core technologies to search for enterprise repositories.

Competitive Section

Key companies operating in the global 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.

Key Developments

  1. Major market players are involved in partnerships and collaborations, in order to gain a competitive edge in the market. For instance, in June 2020, IBM Corporation extended its partnership with SAP AG to develop several new offerings designed to create a more predictable journey for businesses.
  2. Major companies are focused on product launches, in order to enhance the market presence. For instance, in May 2020, Lucid Work Incorporation introduced advanced linguistic package to augment search precision for global companies.

Enterprise search is the process of creating content from a variety of enterprise-type sources, including intranet and databases, searchable by a specified audience. Rather than having users sift through pages of results produced by standard searches, enterprise search creates searchable content relevant to the user's query from a variety of sources. It is a complex undertaking. Creating a high relevancy entity for a query used in an Enterprise Search project usually involves building a customized web search box. The basic logic involved in the building of an enterprise search engine query is the same, although this time the resulting web search box can be customized to display results based on the user's input.

Market Dynamics

Sophistication offered by artificial intelligence is expected to boost the global enterprise search market growth over the forecast period. Intelligent enterprise search uses artificial intelligence (AI) technologies such as semantic search, natural language processing (NLP), and machine learning to provide relevant search experience. Moreover, it provides single point-of-access to enterprise content sources enabling structured and unstructured data to be analyzed, searched, and enriched.

Moreover, increasing need for specific information quickly and reliably from diverse enterprise data is expected to accelerate growth of the global enterprise search market in the near future.

Key features of the study

  • This report provides in-depth analysis of the enterprise search market, and provides market size (US$ Million) and compound annual growth rate (CAGR%) for the forecast period (2021–2028), considering 2020 as the base year
  • It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrices for this market
  • This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, market trends, regional outlook, and competitive strategies adopted by key players
  • It profiles key players in the global enterprise search market based on the following parameters – company highlights, products portfolio, key highlights, financial performance, and strategies
  • Key companies covered as a part of this study include IBM Corporation, Lucid Work Incorporation, Microsoft Corporation, Dassault Systems S.A., Oracle Corporation, X1 Technologies Inc., SAP AG, Coveo Corporation, and Attivio Software Incorporation.
  • Insights from this report would allow marketers and the management authorities of the companies to make informed decisions regarding their future product launches, type up-gradation, market expansion, and marketing tactics
  • The global enterprise search market report caters to various stakeholders in this industry including investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts
  • Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the global enterprise search market

Detailed Segmentation:

  • Global Enterprise Search Market, by End-user:
    • Government and commercial offices
    • Banking and financial Offices
    • Retail
    • Healthcare
    • Others (Media and Entertainment, Aerospace and Defense, Construction)
  • Global Enterprise Search Market, by Enterprise Size:
    • Large Scale
    • Medium Scale
    • Small Scale
  • Global Enterprise Search Market, by Region:
    • North America
    • Europe
    • Asia Pacific
    • Latin America
    • Middle East and Africa
  • Company Profiles
    • IBM Corporation*
      • Company Overview
      • Product Portfolio
      • Financial Performance
      • Key Strategies
      • Recent Developments
      • Future Plans
    • Lucid Work Incorporation
    • Microsoft Corporation
    • Dassault Systems S.A.
    • Oracle Corporation
    • X1 Technologies Inc.
    • SAP AG
    • Coveo Corporation
    • Attivio Software Incorporation

*Browse all the market data tables and figures on “Global Enterprise Search Market- Forecast to 2028”

Table of Contents

  1. Research Objectives and Assumptions
    • Research Objectives
    • Assumptions
    • Abbreviations
  2. Market Purview
    • Report Description
      • Market Definition and Scope
    • Executive Summary
      • Market Snippet, By End-user
      • Market Snippet, By Enterprise Size
      • Market Snippet, By Region
    • Coherent Opportunity Map (COM)
  3. Market Dynamics, Regulations, and Trends Analysis
    • Market Dynamics
      • Drivers
      • Restraints
      • Market Opportunities
    • Regulatory Scenario
    • Industry Trend
    • Merger and Acquisitions
    • New System Launch/Approval
    • Impact of COVID-19 Pandemic on Global Enterprise Search Market
  4. Global Enterprise Search Market, By End-user, 2017-2028 (US$ Million)
    • Introduction
      • Market Share Analysis, 2020 and 2028 (%)
      • Segment Trends
    • Government and commercial offices
      • Introduction
      • Market Size and Forecast, 2017–2028, (US$ Million)
    • Banking and financial Offices
      • Introduction
      • Market Size and Forecast, 2017–2028, (US$ Million)
    • Retail
      • Introduction
      • Market Size and Forecast, 2017–2028, (US$ Million)
    • Healthcare
      • Introduction
      • Market Size and Forecast, 2017–2028, (US$ Million)
    • Others (Media and Entertainment, Aerospace and Defense, Construction)
      • Introduction
      • Market Size and Forecast, 2017–2028, (US$ Million)
  5. Global Enterprise Search Market, By Enterprise Size, 2017-2028 (US$ Million)
    • Introduction
      • Market Share Analysis, 2020 and 2028 (%)
      • Segment Trends
    • Large Scale
      • Introduction
      • Market Size and Forecast, 2017–2028, (US$ Million)
    • Medium Scale
      • Introduction
      • Market Size and Forecast, 2017–2028, (US$ Million)
    • Small Scale
      • Introduction
      • Market Size and Forecast, 2017–2028, (US$ Million)
  6. Global Enterprise Search Market, By Region, 2017-2028  (US$ Million)
    • Introduction
      • Market Share Analysis, By Region, 2020 and 2028(%)
    • North America
      • Regional Trends
      • Market Size and Forecast, By End-user, 2017–2028 (US$ Million)
      • Market Size and Forecast, By Enterprise Size, 2017–2028 (US$ Million)
      • Market Share Analysis, By Country, 2020 and 2028(%)
        • U.S.
        • Canada
    • Latin America
      • Regional Trends
      • Market Size and Forecast, By End-user, 2017–2028 (US$ Million)
      • Market Size and Forecast, By Enterprise Size, 2017–2028 (US$ Million)
      • Market Share Analysis, By Country, 2020 and 2028(%)
        • Argentina
        • Brazil
        • Mexico
        • Rest of Latin America
    • Europe
      • Regional Trends
      • Market Size and Forecast, By End-user, 2017–2028 (US$ Million)
      • Market Size and Forecast, By Enterprise Size, 2017–2028 (US$ Million)
      • Market Share Analysis, By Country, 2020 and 2028(%)
        • U.K.
        • Germany
        • Italy
        • France
        • Russia
        • Rest of Europe
    • Asia Pacific
      • Regional Trends
      • Market Size and Forecast, By End-user, 2017–2028 (US$ Million)
      • Market Size and Forecast, By Enterprise Size, 2017–2028 (US$ Million)
      • Market Share Analysis, By Country, 2020 and 2028(%)
        • China
        • India
        • ASEAN
        • Japan
        • Australia
        • South Korea
        • Rest of Asia Pacific
    • Middle East & Africa
      • Regional Trends
      • Market Size and Forecast, By End-user, 2017–2028 (US$ Million)
      • Market Size and Forecast, By Enterprise Size, 2017–2028 (US$ Million)
      • Market Share Analysis, By Country, 2020 and 2028(%)
        • GCC Countries
        • South Africa
        • Rest of Middle East & Africa
  7. Competitive Landscape
    • Company Profiles
      • IBM Corporation
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Lucid Work Incorporation
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Microsoft Corporation
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Dassault Systems S.A.,
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Oracle Corporation
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • X1 Technologies Inc.
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • SAP AG
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Coveo Corporation
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Attivio Software Incorporation  
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
  8. Section
    • References
    • Research Methodology
    • About Us and Sales Contact

*Browse market data tables and figures on “Global Enterprise Search Market-forecast to 2028”

FAQgrowicon

Frequently Asked Questions

The global enterprise search market is estimated to be valued at US$ 4,583.3 million in 2021 and is expected to exhibit a CAGR of 11.5% over the forecast period (2021-2028).
Increasing need to make search more relevant is expected to drive growth of the market during the forecast period.
Uncertain meaning of keywords is expected to restrain growth of the market during the forecast period.
Convergence of search and information technologies can present lucrative growth opportunities.
Research and development activities among market players is one of the prominent trends in the market.
Key companies operating in the 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.
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