USD 3.87 billion
Report ID:
SQMIG45F2106 |
Region:
Global |
Published Date: October, 2024
Pages:
165
|Tables:
64
|Figures:
75
Enterprise Search Market size was valued at USD 4.58 Billion in 2023 and is poised to grow from USD 4.99 Billion in 2024 to USD 9.88 Billion by 2032, growing at a CAGR of 8.9% during the forecast period (2025-2032).
Rapidly increasing volume of data generation in organizations around the world on the back of rapid digitization is slated to primarily drive enterprise search market growth in the future. Growing emphasis on improving customer support and customer experience is also estimated to promote the adoption of advanced enterprise search solutions and tools in the long run. Moreover, rising number of organizations migrating to cloud platforms and technologies are also expected to bolster the importance of enterprise search solutions going forward. Prioritization of workplace collaboration and the need for efficient data management and access in enterprises will also promote the demand for enterprise search solutions and services through 2031 and beyond. Growing need for better data security and data privacy regulation compliance will also create new opportunities for enterprise search companies in the future. On the contrary, high costs of implementation, challenges in maintaining search relevance, and complexity in integration with legacy systems are slated to be key constraints for companies as per this enterprise search market forecast study.
US Enterprise Search Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 3.87 billion
Largest Segment
Medium
Fastest Growth
Medium
Growth Rate
8.9% CAGR
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Global Enterprise Search Market is segmented by component, type, deployment mode, enterprise size, industry and region. Based on component, the market can be segmented into solution, and service. Based on type, the market is segmented into conversational search, multimedia search, and multilingual search. Based on deployment mode, the market is segmented into on-premise, and cloud. Based on Enterprise Size, the market is segmented into large enterprises, and small & medium-sized enterprises. Based on industry, the market is segmented into BFSI, healthcare, retail & e-commerce, travel & hospitality, media & entertainment, and others. Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Enterprise Search Market Analysis by Deployment
On-premises deployment of enterprise search holds a dominant enterprise search market share. Increasing emphasis on improving data security and privacy is projected to help promote the popularity of on-premises enterprise search solutions. High flexibility and control offered by on-premises enterprise search solutions is also expected to contribute to the high share of this segment over the coming years. This type of deployment is projected to be preferred by large enterprises with high spending potential. Enterprises dealing with highly sensitive data are more inclined to opt for on-premises enterprise search solutions going forward.
On the other hand, the demand for cloud-based enterprise search solutions is slated to increase at a notable pace across the study period and beyond. Advancements in cloud technologies and growing migration of multiple organizations to cloud platforms is projected to help this segment offer lucrative opportunities for enterprise search companies in the long run. Small and medium enterprises are slated to be the prime adapters of cloud-based enterprise search solutions in the future. High flexibility, scalability, and affordability of cloud-based enterprise search offerings will create new opportunities for market players across the study period.
Enterprise Search Market Analysis by Industry
The healthcare industry is projected to account for a notable enterprise search market share over the coming years. The growing digitization of the healthcare industry and the rising need for easily accessible healthcare data are projected to bolster the adoption of enterprise search in this industry through 2031 and beyond. Drug discovery, electronic health records, and clinical trial data are some key healthcare applications where the use of enterprise search is projected to increase going forward. Growing adoption of telemedicine and telehealth practices around the world will also present new opportunities for enterprise search providers and bolster the dominance of this segment.
Meanwhile, the demand for enterprise search in BFSI (banking, financial services, insurance) industry is slated to rise at a robust pace in the long run. Efforts to transform complex datasets in the BFSI industry to valuable resources will primarily promote the adoption of enterprise search in this segment over the coming years. Growing digitization of the finance industry and rising demand for better data sharing and accessibility are expected to create new business scope for market players going forward. Enterprise search companies can develop custom solutions for the BFSI industry to make the most of this segment through 2031 and beyond.
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North America is projected to spearhead the global enterprise search market size going forward. Rapid adoption of advanced technologies, growing data generation volume in enterprises, and rising emphasis on improving data accessibility are some key factors that help this region lead the demand for enterprise search. The presence of a strong technological infrastructure and presence of top enterprise search companies will also aid the dominance of North America. Canada and the United States are slated to bring in the most revenue for enterprise search providers operating in this region. Use of artificial intelligence and automation could also create new opportunities in North America.
Rapidly increasing digital transformation in the Asia Pacific region makes it the fastest-growing market for enterprise search providers in the world. Increasing emphasis on improving customer experience and rising adoption of advanced enterprise data technologies are also slated to create an opportune setting for market growth in the future. Targeting India and China will offer lucrative returns for all enterprise search companies in the Asia Pacific region. Cloud-based enterprise search solutions will emerge in popularity in this region owing to their high affordability and scalability. Increasing number of data and enterprise start-ups in this region will also boost enterprise search market growth potential in the long run.
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Enterprise Search Market Driver
Increase in Enterprise Data Volumes
Emphasis on Customer Experience Enhancement
Restraints
High Costs of Implementation
Difficulty in Ensuring Search Relevance
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Rapidly expanding infrastructure development activities and imposition of stringent regulatory mandates for enterprise assets are slated to be key factors that enterprise search companies should focus on going forward. Launching new enterprise search solutions and services with advanced capabilities will be the prime focus of all enterprise search providers. Expansion of business scope by integrating advanced technologies such as artificial intelligence and predictive analytics will also be a key strategy for enterprise search companies.
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, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, the growing volume of data generation and increasing emphasis on customer experience enhancement are projected to bolster the demand for enterprise search over the coming years. However, high costs of implementation and challenges in maintaining search relevance are slated to be key constraints for enterprise search market development in the future. North America is slated to lead the global enterprise search market forecast owing to the presence of a strong technological infrastructure and key enterprise search providers in this region. Use of artificial intelligence and development of mobile-friendly enterprise search solutions will be the key trends for companies to target in the long run.
Report Metric | Details |
---|---|
Market size value in 2023 | USD 4.58 Billion |
Market size value in 2032 | USD 9.88 Billion |
Growth Rate | 8.9% |
Base year | 2024 |
Forecast period | 2025-2032 |
Forecast Unit (Value) | USD Billion |
Segments covered |
|
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) |
Companies covered |
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Customization scope | Free report customization with purchase. Customization includes:-
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the 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 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.
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Enterprise Search Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Enterprise Search Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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Report ID: SQMIG45F2106
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