Enterprise Search Market to Grow with a CAGR of 8.39% Globally through to 2028
Enterprise Search is increasing due to growing
adoption across diverse industries globally driven by focus on data-driven
decision making and digital transformation initiatives in the forecast period,
2024-2028.
According to TechSci Research report, “Global Enterprise
Search Market - Industry Size, Share, Trends, Competition Forecast &
Opportunities, 2028 Global Enterprise Search market has witnessed
tremendous growth in recent years, reaching a valuation of USD 4.46 billion in
2022. The market is projected to continue its strong upward trajectory, posting
a CAGR of 8.39% from 2024 to 2028.
Enterprise search solutions have gained significant
prominence in recent years owing to their widespread adoption across diverse
industries globally. Critical sectors such as healthcare, finance, and
technology recognize enterprise search as a vital tool for knowledge management
and decision making. Stringent regulatory standards governing data privacy
and security have compelled organizations to invest heavily in advanced
enterprise search platforms. Industries like banking and pharmaceuticals rely
on robust enterprise search capabilities to ensure compliance with information
governance requirements.
To address unique information needs, companies are
partnering with leading enterprise search providers to develop customized
solutions. These collaborations have resulted in integrated offerings
empowering personalized search experiences, real-time insights and streamlined
workflows. Advanced enterprise search platforms equipped with AI, machine
learning and automation are enabling predictive analytics and enhanced decision
making.
The development of innovative search features such as
semantic search, knowledge graphs and expanded query understanding is also
fueling market growth. Such innovations allow evaluating broader aspects of
information needs.
Automation and integration of enterprise search
capabilities with business applications and digital touchpoints are poised to
revolutionize productivity and efficiency. This fusion of technology promises
improved search relevance, reduced task completion times and optimized resource
use.
Government support through regulations mandating data
protection best practices will continue driving investments in intelligent
information management infrastructure. As industries increasingly rely on
data-driven operations, demand for advanced enterprise search solutions is
projected to rise.
In conclusion, the global enterprise search market is
undergoing rapid transformation led by widespread adoption across sectors.
Strong industry drivers and focus on compliance and risk mitigation point
towards continued market expansion in the coming years.
Browse over XX market data Figures spread
through XX Pages and an in-depth TOC on "Global Enterprise
Search Market.”
The global enterprise search market is
segmented by type of solution, search features, industry vertical and region. By type of solution, the market is
segmented into on-premises, cloud-based and hybrid. The cloud-based segment
currently dominates with around 60% market share owing to advantages like
scalability, flexibility and low costs. However, the hybrid segment is expected
to grow at the fastest pace during the forecast period due to flexibility of
deployment options.
By search features, the market is
segmented into natural language processing, machine learning & AI, and
security & compliance. The machine learning & AI segment dominates with
30% share due to ability to enhance search capabilities using technologies like
advanced NLP and predictive analytics. This segment is also projected to
witness highest growth.
By industry vertical, the market covers
BFSI, healthcare, manufacturing, retail, government and legal. The BFSI segment
accounts for the largest share of over 20% due to stringent regulatory norms.
Meanwhile, the healthcare vertical is poised for fastest growth at a CAGR of
over 12% driven by rising healthcare data volumes.
Regionally, North America dominates the
global enterprise search market with a 35% share due to presence of major
vendors and early technology adoption. However, Asia Pacific is expected to
emerge as the fastest growing regional market during the forecast period.
In summary, while the cloud-based
deployment type and machine learning & AI search features currently lead
their respective segments, hybrid solutions and healthcare vertical are likely
to demonstrate highest growth in the coming years.
Major companies operating in Global Enterprise
Search Market are:
- Microsoft Corporation
- Google Inc
- IBM Corporation
- DRUID
- Amazon Web Services
- SAP SE
- Lucidworks
- Elasticsearch
- Coveo
- MarkLogic
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“Global Enterprise Search market has witnessed
significant expansion driven by increasing digital transformation initiatives
across industries. Public sector organizations have increasingly relied on
advanced enterprise search solutions to optimize knowledge management and
decision making through data-driven insights.
Enterprise search solutions enable real-time access to
centralized information repositories, analytics capabilities and personalized
search experiences. This allows agencies to generate predictive analysis,
automate workflows and ensure regulatory compliance. Such solutions help
customize information governance programs, streamline processes for cost
savings and strengthen overall controls.
Leading public entities have partnered with major
enterprise search vendors to digitally transform their knowledge and
information functions. The solutions improve interdepartmental collaboration,
provide situational awareness through personalized access and facilitate
compliance management.
Vendors continue advancing their solutions through
innovations in areas like AI, cloud and cybersecurity. This ensures secure,
interoperable and scalable solutions for diverse public sector information
needs.
Ongoing R&D and growing acceptance of data-driven
strategies indicate enterprise search solutions will play an increasingly
important role in optimizing public sector operations. Partnerships and
compliance with emerging standards are expected to sustain the high growth
momentum of this market. The long-term outlook for enterprise search in the
public sector remains positive.” said Mr. Karan Chechi, Research Director with
TechSci Research, a research-based management consulting firm.
“Enterprise
Search Market by
Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028, Segmented by Type of Solution
(On-Premises, Cloud-Based, Hybrid), By
Search Features (Natural Language Processing (NLP), Machine Learning and AI, Security and Compliance) By Industry Vertical (Banking, Financial Services, and Insurance (BFSI), Healthcare,
Manufacturing, Retail, Government, Legal) By Region, By Competition”, has evaluated the future growth potential of Global
Enterprise Search Market and provides
statistics & information on market size, structure and future market
growth. The report intends to provide cutting-edge market intelligence and help
decision makers take sound investment decisions. Besides, the report also
identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in Global Enterprise Search Market.
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