February 19, 2025
Enterprise Search Market
Ict

Enterprise Search Software Is The Largest Segment Driving The Growth Of Enterprise Search Market

Market Overview:
Enterprise search software helps organizations search through the large amount of internal data across various platforms like emails, documents, notes, files, intranet portals and customer records among others. It improves employee productivity by providing faster access to relevant information from centralized locations.

Market key trends:
One of the major trends driving the growth of the enterprise search market is the increasing adoption of cloud-based deployment models. Cloud-based enterprise search solutions offer several advantages like reduced IT infrastructure costs, scalability, easy deployment and remote access to search applications. More businesses are migrating their search functionalities to cloud platforms to remove the requirement of infrastructure maintenance. The rising popularity of software-as-a-service delivery model is positively impacting the demand for cloud-based enterprise search solutions.

SWOT Analysis
Strength: Enterprise search allows organizations to easily search through large volumes of structured and unstructured data across internal systems to find relevant information quickly. This improves worker productivity.
Weakness: Proper implementation of enterprise search requires significant upfront costs. It also needs ongoing maintenance to keep the search indexes updated.
Opportunity: The growth of digitization within organizations is resulting in exponential growth of digital data. This increases the need for effective enterprise search solutions to locate and access critical information buried in large volumes of data.
Threats: Open-source enterprise search solutions provide similar features at no cost, threatening the revenue of commercial vendors. Rising customer expectations around artificial intelligence (AI) and machine learning (ML) in search also increases pressures on vendors to continually enhance their offerings.

The global Enterprise Search Market Demand is estimated to be valued at US$ 5698.07 Mn in 2023 and is expected to exhibit a CAGR of 11% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Key Takeaways

The global Enterprise Search Market is expected to witness high growth, exhibiting a CAGR of 11% over the forecast period, due to increasing digitization within organizations. The rise of remote work has also accelerated the need for search technologies to help workers quickly find internal information from any location.

Regional analysis: North America is expected to dominate the global enterprise search market, owing to early adoption of advanced technologies. However, Asia Pacific is likely to exhibit the highest CAGR during the forecast period due to rising investments in digital transformation by Chinese and Indian organizations.

Key players operating in the 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. IBM maintained its position as the largest vendor in 2022, leveraging its broad software and services portfolio. Lucid Works and Coveo have emerged as promising mid-tier players focusing on AI-powered search.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it

Money Singh
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Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. 

Money Singh

Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. 

View all posts by Money Singh →