Global Enterprise
Search Market strategic research study
offers company accounts, industry investors, and industry members with
consequential insights to enable them to make reliable strategic decisions
regarding the opportunities in the global market.
In this report, we
thoroughly examine and analyse the Global market for Enterprise Search so that
market participants can improve their business strategy and ensure long-term
success. This report provides players with useful information and suggests
result-based ideas to give them a competitive advantage in the global Enterprise
Search industry. It will show how other players compete in the global Enterprise
Search Market and explain the strategies you use to differentiate yourself from
other participants.
This Research Report
Answers the Following Questions:
·
How Enterprise
Search market will
grow in the coming year?
·
Will the COVID-19 pandemic surge the demand for such platforms?
·
How are key companies planning to promote benefits of Enterprise Search?
·
What are the industry growth drivers, obstacles, and dynamics?
·
Which segment is expected to lead in the coming years?
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The global enterprise
search market is anticipated to reach USD 8.90 billion by 2024. Global enterprise
search demand is expected to witness a steady growth on account of increasing
use of data. Enterprise is designed to make content available to the users from
multiple sources including databases and intranets. Enterprise search software
has structured as well as unstructured data in their collection. They form a
vertical search for any enterprise.
Time-saving information and
cost efficient search solutions are the key factors driving the overall
enterprise search market. Data management has turned out to be a crucial
activity as a result of increasing data volumes. Data is made available to the
user through various databases, emails, data managements systems and intranet.
Time saving is another factor which is expected to drive the overall industry
in near future. Enterprise search solution enables quick search of information
and therefore saving operational time. This helps in increasing the
productivity and efficiency. It also adds a security layer by disallowing data
access for unauthorised users.
These applications software
as a service (SAAS) and cloud computing have provided bright prospects for
overall industry growth. Development of technology and high demand of necessary
information has favoured the market growth in recent years. High implementation
cost is a major barrier to overall industry growth. Furthermore, high costs
associated with maintenance and installation cost is expected to pull down the
market in near future. Also, lack of skilled technical support staffing has
been hindering the industrial growth in recent years. Availability of
alternatives in the form of online search engines is expected to offer
challenges in near future.
Companies in various
sectors are expected to invest in enterprise search applications. These investments
come in the form of new implementations or updates. The various verticals where
these applications are primarily expected to be implemented include banking,
financial institutions, logistics, military, telecommunications, and
healthcare, retail, energy, and government institutions. Increasing demand from
these sectors provides great opportunities which in turn are expected to propel
the overall market growth over the forecast period.
Banking and finance are
anticipated to be the most lucrative industry in near future. Data sharing and
interconnectivity is the major factor for driving the industry in the banking
sector. Government and educational institutes are expected to show great
opportunities over the forecast period on account of increasing use of intranet
for data sharing. Healthcare sector has been using this technology to obtain
information associated with critical treatment. Military, aerospace, media,
entertainment and construction are other end use industries which offer
significant prospects for enterprise search applications.
North America has been the
major market on account of computerisation. The dominance is expected to
continue with major demand from financial and government sector. High
investments from the government have led to innovative solutions for various
departments. Regional demand is followed by Asia-Pacific mainly on account of
the high presence of emerging economies including India, China, and South
Korea. Large scale implementation in the retail, banking, IT and telecommunication
has propelled the demand in this region.
Europe has shown a steady
growth in recent however the market showed a decline owing the economic
turmoil. Manufacturing sector provides great opportunities in Europe especially
in countries such as Germany, France and Austria. South America and Africa is expected
to witness a slow growth mainly on account of lack of IT infrastructure and
absence or underdeveloped application industries.
Key players in the industry
include IBM Corp, Polyspot & Sinequa Inc, Coveo Corp, HP Autonomy,
Lucidworks, Esker Software Corp., Perceptive Software Inc, Expert System Inc,
Dassault Systemes Inc, and Marklogic Inc. Companies have been focusing on
entering into a strategic collaboration in order to provide diverse market
solutions and create their presence in niche markets.
Merger and acquisitions
have been a recent trend seen in the market in order to increase the product
portfolio and cater to untapped markets. In 2012, IBM acquired Vivisimo with an
intention to help customers in taking better decisions. OmniFind is an enterprise
search service by IBM which provides enhanced capabilities. OmniFind is a
bundled product along with Infosphere and Biginsights. The HP autonomy has
content management applications which help customers eradicate problems related
to productivity and large data volumes.
After sales service is a
key component in increasing client satisfaction. This is achieved by the
organisations by deploying training and customer support to improve overall
business performance. Vendors focus on establishing separate sales and
marketing channel for acquiring customers, mainly through undertaking complete
IT implementations. Companies are working on research and development
especially in the field of robotics. They are also trying to integrate
artificial intelligence with mobile technology.
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