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The Enterprise Search Market size is projected to increase by USD 3.61 billion with a growth at a CAGR of 9.95% between 2023 and 2028. The growth rate of the market depends on several factors, including the upsurge in penetration of the Internet worldwide, the leveraging of software data to derive deep knowledge, and the growing focus on improving business efficiency. Enterprise search refers to the process of querying digital content from multiple data sources via a single search bar. It is typically used for web, e-commerce, customer service, and knowledge access.
The report offers extensive research analysis on the Enterprise Search Market, with a categorization based on Type, including local search and hosted search. It further segments the market by End-user, encompassing large enterprises and small and medium enterprises. Additionally, the report provides Region segmentation, covering APAC, Europe, North America, Middle East and Africa, and South America. Market size, historical data (2018-2022), and future projections are presented in terms of value (in USD billion) for all the mentioned segments.
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One of the key factors driving the enterprise search market growth is the upsurge in penetration of the Internet worldwide. The increasing penetration of the Internet across the world is driving the global enterprise search market. In addition, with the penetration of the Internet being at an all-time high, more people, as well as enterprises, are coming online and going digital. Therefore, the ever-increasing Internet infrastructure and its penetration across the world is one of the primary drivers for the growth of the global enterprise search market.
Moreover, this surge in adoption and implementation of the Internet is supplemented by improved infrastructure and technology advances such as 5G and broadband. In addition, these technologies are increasingly becoming cheaper, which is eventually lessening the costs of the service provider and is driving worldwide Internet penetration. Hence, such factors are positively impacting the market. Therefore, it is expected to drive the market growth during the forecast period.
A key factor shaping the enterprise search market growth is the upsurge of digital assistants and voice search. Digital assistants and voice search are expected to transform the rudiments of the global enterprise search software market. In addition, a massive shift toward voice search and digital assistants is expected in the coming years.
Moreover, with the advent of smart homes and smart devices, these technologies are poised for tremendous growth as they are increasingly integrated across different technologies and systems. In addition, digital assistants are expected to move beyond mobile phones and into other smart devices. Furthermore, both these technologies are a direct product of increasing technology proliferation and technical literacy across the world. Therefore, it is expected to drive the market growth during the forecast period.
Concerns related to cyberattacks are one of the key challenges hindering the enterprise search market growth. The growing large-scale deployment of IoT devices and sensors has resulted in the generation of large volumes of sensitive data, such as asset value and equipment monitoring data, among others. In addition, the interconnection of multiple technologies and the adoption of cloud services to support computing and search demands for these deployments are leading to concerns related to data and device security.
Moreover, the end-users are increasingly being cyber-attacked and are facing major issues in maintaining production efficiency. In addition, the lack of proper search engine security is marking enterprise systems vulnerable to threats, thus resulting in cyberattacks such as distributed denial-of-service (DDoS), which are aimed at disrupting business operations. Hence, such factors are hindering the market growth during the forecast period.
The local search segment is estimated to witness significant growth during the forecast period. The local search segment dominated the global enterprise search market due to the growing focus on optimizing a website in a specific local area. In addition, there is a growing focus on reaching local audiences due to growing development for small businesses and startups. Furthermore, local search is beneficial for small businesses, especially dental clinics, real estate, legal firms, and other small businesses.
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The local search segment was the largest segment and was valued at USD 2.37 billion in 2018. Moreover, local search helps in providing a unique geographical area by targeting to obtain higher traffic in a particular region. Furthermore, local search also helps optimize a website for a business profile, propels online visibility, provides more traffic to a brick-and-mortar location, helps attract targeted traffic, and optimizes online directories and citations, among others. Hence, such factors are fuelling the growth of this segment which in turn drives the market growth during the forecast period.
The rising employee productivity and operational efficiency demands will fuel large enterprises segment which in turn drives the market growth. Large enterprises including BFSI, IT, telecom, and others are highly adopting enterprise search solutions as they help end-users such as BFSI and IT, among others, to effectively manage and improve data accessibility across organizations, enable time-saving data search, and retrieve data. In addition, one of the key factors fueling the growth of the global enterprise search market across large enterprises is the increasing use of data-driven decision-making on a global scale. Moreover, enterprise search helps in enhancing security tools deployed in such solutions for safeguarding data from breaches and unauthorized access. Hence, such factors are fuelling the growth of this segment which in turn drives the market growth during the forecast period.
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North America is estimated to contribute 46% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. As countries such as the US and Canada are among the most technologically advanced countries and pioneers in the global adoption of enterprise search platforms, it is fuelling the market growth in the region. In addition, with the US being one of the global leaders in digital technology, the country records a high penetration of internet-enabled digital devices. Moreover, The regional market is also fuelled by the increasing deployment of digital technologies like AI, and big data analytics for effective data search. Hence, such factors are driving the market growth in North America during the forecast period.
The enterprise search market report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Enterprise Search Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Alphabet Inc: The company offers enterprise search such as Vertex AI Search formerly known as Enterprise Search on Gen App Builder, which is a platform for developers to quickly build generative AI powered search engines for websites, unstructured and structured data.
Attivio Inc: The company offers enterprise search such as Attivio enterprise grade solution which organizes unstructured information, analyzing documents, attachments, and files, and fueling applications with richer, more certain insights.
Coveo Solutions Inc: The company offers enterprise search such as Coveo AI-powered enterprise search for simple and streamlined content.
The research report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The enterprise search market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018 to 2028.
Enterprise Search Market Scope |
|
Report Coverage |
Details |
Page number |
165 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 9.95% |
Market Growth 2024-2028 |
USD 3.61 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
9.34 |
Regional analysis |
North America, APAC, Europe, South America, and Middle East and Africa |
Performing market contribution |
North America at 46% |
Key countries |
US, Canada, China, UK, and Germany |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Alphabet Inc., Attivio Inc., Coveo Solutions Inc., Dassault Systemes SE, Dell Technologies Inc., Dieselpoint Inc., EXPERT.AI, HP Inc., Hyland Software Inc., International Business Machines Corp., Lucidworks Inc., Microsoft Corp., Open Text Corp., Oracle Corp., Progress Software Corp., Reveal, SAP SE, Sinequa Inc., Thunderstone Software LLC, and X1 Discovery Inc. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by End-user
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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