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:
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
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.
| 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: |
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| Segments covered: |
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| 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 |
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| Growth Drivers: |
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| Restraints & Challenges: |
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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
Key Takeaways of the Graph:
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
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
Detailed Segmentation:
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