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Knowledge Management Software Market size was valued at USD 24.4 billion in 2019 and is poised to grow from USD 27.45 billion in 2023 to USD 62.61 billion by 2031, growing at a CAGR of 12.5% in the forecast period (2024-2031).

The market for knowledge management software is highly fragmented, and suppliers are utilizing growth tactics to get an advantage over rivals. These methods include concentrating on technology advancements to deliver a cost-effective product range. Latest acquisitions and mergers among the major players have been an approach used by corporate organizations to expand their consumer base. 'Freshworks Inc.', 'Atlassian Corporation Plc', 'Bloomfire', 'ComAround', 'Guru Technologies', 'HCL Technologies', 'Igloo Software', 'KMS Lighthouse', 'KnowledgeOwl', 'Lucidea', 'MangoApps', 'Microsoft', 'M-Files', 'ProProfs', 'RightAnswers', 'Salesforce', 'SAP', 'SAS Institute', 'ServiceNow', 'Spoke'

One of the most effective competences in businesses that help them shift their settings to customer-centric environments is the use of customer-oriented business practices. Through knowledge management, businesses can improve their relationships with their key clients, resulting in devoted clients and a competitive advantage. 

Increase in technological development: Knowledge management procedures have a potential to be gradually integrated thanks to the development and eventual growth of information systems. 

Based on the region, North America currently dominates the knowledge management software market. In terms of value, North America dominated the knowledge management software market in 2022. Due to its strong infrastructure and rapid adoption of new technology, North America is projected to hold a substantial market share. Because of the expanding demand across numerous industries and the widespread acceptance of different management software, North America leads the knowledge management software market. A strong infrastructure that supports new technology adoption and a high propensity to learn new technologies are driving growth in the regional market. On the other hand, because of the region's tremendous economic growth, Asia-Pacific is predicted to have the highest growth from 2023 to 2030.

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Global Knowledge Management Software Market

Product ID: SQMIG45E2163