USD 3.75 billion
Report ID: SQSG45F2021 | Region: Global | Published Date: November, 2022 | Pages: 165 | Tables: 64 | Figures: 65
Enterprise Search Market Size was valued at USD 3.75 billion in 2021, and it is expected to reach a value of USD 7.84 billion by 2028, at a CAGR of 11.75% over the forecast period (2022 - 2028).
The primary driver of Enterprise Search Market expansion for business search is expected to be the rising need for time-saving data search solutions. It is necessary to manage the growing amounts of data that huge organizations are sourcing from many sources. Due to their assistance in managing and organizing this data, many organizations have used enterprise search solutions widely. Enterprise search solutions make it possible for users to access the necessary data or information from a variety of databases, emails, intranets, data management systems, and other sources. By effectively organizing information and quickly finding the needed information, it helps the business save time and money throughout operations. It also adds a degree of protection by limiting access to information to those who are permitted.
Over the course of the forecast period, the demand for pertinent information and the advent of technologies like Software as a Service (SAAS) and cloud computing are also expected to boost the expansion of the Enterprise Search Market. These technologies' low maintenance and installation costs and lack of need for technical support personnel are expected to drive the growth of the enterprise search market. Data ambiguity and expensive implementation costs could limit the market's growth. Information and search technology convergence may offer significant growth potential. Every organization's information search system incorporates enterprise search. The confluence of the software, telecommunications, and computing industries forms the foundation of these systems. These industries' diverse nature and the technologies they use, like big data, are giving the market a variety of opportunities. The extensive product line-up and service selections help to boost sales. The volume of global data is expected to increase to 7.9 ZettaBytes in 2021 from the current estimate of 1.8 Zetta Bytes.
The market for integration tools, applications, and development tools is driven by a small number of vendors and the growth of enterprise search on a single platform. Challengers in such a situation must engage in intense haggling to build strategic alliances with significant industry players. The Enterprise Search Market for application and integration tools is driven together by the concentration of vendors. As a result, the large suppliers have the chance to form partnerships with other organizations looking for ES vendors in order to offer standardized and interoperable products. Because they would be providing the platform and middleware tools in addition to integrated tools, this would improve and strengthen the position of the major players.
US Enterprise Search Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 3.75 billion
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Global Enterprise Search Market is segmented based on Enterprise Size, End Use, and Region. Based on Enterprise Size the Enterprise Search Market is further sub segmented into Small, Medium, and Large. Based on End Use the Enterprise Search Market is further sub segmented into Government & Commercial Offices, Banking & Finance, Healthcare, and Retail. Based on Region, the Enterprise Search Market is further sub segmented into North America, Europe, Asia Pacific, South America, and MEA.
Enterprise Search Market Analysis by End Use
Over the next eight years, it is expected that the worldwide enterprise search market will continue to see banking & finance as a large end-use category. The segment's main driver of growth is the interconnection and exchange of data across various channels. Due to the growing use of the intranet to communicate data and information over the projected period, the growth of government and commercial offices is expected to be significant. Enterprise search tool solutions can be utilized in the healthcare and medical sectors to acquire crucial treatment information, enabling the quick and effective operation of medical institutions. Defence, aerospace, construction, media, and entertainment are some further end-use industries.
Enterprise Search Market Analysis by Enterprise Size
On the basis of the number of employees, the size of the businesses can be categorized. Depending on their needs, large, medium, and small businesses use enterprise search solutions. Any huge company's extensive database makes it a laborious procedure to search for correct data. The most effective way to handle these problems, save time, and improve operational efficiency is through enterprise search solutions.
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Due to the presence of the major industry players and technological improvements, North America is expected to be the important regional Enterprise Search Market throughout the projection period. Additionally, the fusion of information technology and enterprise security solutions may open up new business opportunities in North America. Due to the expansion of the information technology industry in nations like India, China, Japan, South Korea, and the Philippines, the Asia Pacific region is predicted to have significant growth through the year 2024.
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Enterprise Search Market Driver
Enterprise Search Market Restraint
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Due to the existence of a small number of significant companies, the Enterprise Search Market is moderately consolidated. Leading players also participate in partnerships, product launches, mergers, and acquisitions to expand their product lines.The following are a few of the leading companies in the Enterprise Search market.
Enterprise Search Market Top Player’s Company Profiles
Enterprise Search Market Recent Development
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected using Primary Exploratory Research backed by robust Secondary Desk research.
According to our analysis, the banking & finance segment dominated the global Enterprise Search Market in 2021 and is expected to maintain its dominance throughout the forecast period. In 2021, North America dominated the global Enterprise Search Market owing to the region's highly aware and economically stable population.
|Market size value in 2021||USD 3.75 billion|
|Market size value in 2028||USD 7.84 billion|
|Forecast period||2022 - 2028|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
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MARKET DYNAMICS & OUTLOOK
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For the Global Enterprise Search Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Enterprise Search Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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Product ID: SQSG45F2021