Enterprise search is about searching content and information as well as about applying the knowledge and using it for business to do something useful and profitable. Enterprise search offers the right tools for information search to get specific information. It indexes information and data from sources such as database, email, intranet, and document management systems. Enterprise Search makes the business process more effective and more productive for data-intensive companies. Enterprise search system provides access control to enforce security policy to its users. The information is restricted to the authorized persons only and other than these persons no one can else access the information.
Market Statistics:
The global enterprise search market is expected to surpass US$ 9,801.6 Mn in terms of value by the end of 2028.
Market Driver
Availability of relevant information is expected to propel the global enterprise search market during the forecast period. Information is the foundation of every business landscape and the volume of information is growing rapidly. The world information doubles every two years and working with this huge amount of data is difficult. As a result of this, an employee can spend more time searching and analyzing the information. Enterprise search system provides a limited amount of data to the user that holds the useful part and that makes sense to the organization. According to International Data Corporation (IDC), employees spend on average 48% of their time on searching and analyzing the information (9.5 hours and 9.6 hours per week, respectively). Enterprise search system makes this tedious task easier and manageable for the user. The impact of this driver is high at present and expected to have a high impact during the forecast period too.
Market Opportunity
Emerging markets such as Asia Pacific, Latin America, and Middle East & Africa offers major growth potential for market players. Rising population and growing adoption of advanced technology can aid market players to expand their revenue share by providing expanding product portfolio. Furthermore, increasing adoption of enterprise search across various end-use industries can provide major business opportunities in the near future.
Global Enterprise Search Market: Recent Developments
- In April 2021, Sinequa, a provider of intelligent enterprise search, integrated its intelligent enterprise search tool with Microsoft Azure to improve process of data finding among large companies across multiple sources.
- In January 2021, X1 Technologies Inc. announced the extension of its ground breaking X1 Enterprise Platform to include data collection from network file shares and cloud storage platforms Dropbox and OneDrive.
- In March 2021, during the Microsoft Ignite 2021 conference, Microsoft rolled out a semantic search capability in Azure Cognitive Search that enables developers to deliver search results based on intent, as opposed to only keywords.
- Major companies in the market are focused on product launches, in order to enhance the product portfolio. For instance, in February 2019, Dassault Systems S.A. launched new portfolio of apps for small firms including 3DExperience.
- Key players are involved in partnership and collaboration, in order to gain a competitive edge in the market. For instance, in June 2019, Microsoft Corporation partnered Oracle Corporation enabling customers to migrate and run mission-critical enterprise workloads.
Market Restraint
Concerns regarding security are expected to hinder the global enterprise search market growth during the forecast period. Although enterprise search offers various advantages, security concerns regarding its application remains a major obstacle. Challenges associated with data breach, unauthorized access, data leaks, etc. are hindering adoption of enterprise search.
Global Enterprise Search Market - Impact of Coronavirus (Covid-19) Pandemic
Since the outbreak of COVID-19 pandemic in December 2019, many industries and markets have faced various challenges. The global enterprise search market witnessed a sharp decline in revenue do to stringent regulations on physical distancing and nationwide lockdown policies. The enterprise search has gained significant traction in the BFSI industry as it assists in efficiently managing the information access and adhere to security policies. However, sharp decline and stagnation in the economic activities during the pandemic has hindered growth of the global enterprise search market. That being said, many countries have started uplifting their bans on international travel and relaxing COVID-19 regulations, which could aid in growth of the market.
To know the latest trends and insights prevalent in the Global Enterprise Search Market, click the link below:
https://www.coherentmarketinsights.com/market-insight/enterprise-search-market-4756
Key Takeaways:
- The global enterprise search market was valued at US$ 4,189.4 Mn in 2020 and is forecast to reach a value of US$ 9,801.6 Mn by 2028 at a CAGR of 11.5% between 2021 and 2028. This is owing to the increasing need to make search more relevant.
- The large scale segment held dominant position in the market and accounted for 56.8% share in the global enterprise search market in 2020, owing to the growing adoption of advanced technologies in large scale
Market Trends
Key companies in the market are focused on partnership and collaboration activities, in order to enhance the market presence. For instance, in February 2014, Microsoft Corporation partnered with DocuSign to get e-Signature for the customers using Office 365. Furthermore, in January 2014, IBM Corporation and Accenture plc partnered with Quant5 Inc. to provide an integrated suite of cloud-based analytics solutions.
Major companies in the market are involved in contracts and agreements, in order to enhance the market presence. For instance, in February 2014, Microsoft Corporation entered into an agreement with Voxx Electronics for android devices to provide better mobile applications. In November 2013, Attivio Software Incorporation entered into an OEM agreement with Actian Corporation.
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.
