The global enterprise search market is expected to reach USD 8.90 billion by 2024, according to a new study by Grand View Research, Inc. The increasing demand for solutions offering time-saving data search capabilities is expected to be a key factor driving the market growth over the next eight years. The growing need to efficiently supervise large volumes of data in an organization in order to improve the operational efficiency is propelling the adoption of enterprise search solutions. These solutions offer an enhanced security layer, allowing access to information only for the authorized personnel. This is also promoting the market growth over the forecast period. The increasing demand for several value-added services, along with the search capabilities, is encouraging the adoption of enterprise search solutions in the organization with large changes in operational practices.
Technological
advancements and the emergence of cloud computing and Software as a Service
(SaaS) are driving the adoption of hosted enterprise search solutions in the
small and medium enterprises. Added benefits offered by these solutions,
including low maintenance and reduced installation cost, along with minimum
technical support, are positively impacting the market growth. The trend is
likely to continue in the near future as well. However, the availability of the
open source free enterprise search solution may pose a challenge to companies operating
in the market.
Google,
Inc. (Google Search Appliance), HP Autonomy (Verity), SharePoint Search
(Acquired by Microsoft), and IBM corporation are the leading players dominating
the market. However, Microsoft Corporation has recently stopped the commercialization
of standalone products, namely ‘Fast’ and ‘Transfer’. The large numbers of
enterprises are using enterprise search platforms ‘Fast’ and ‘Transfer’ in the
current scenario.
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Further key
findings from the study suggest:
- Banking and
financial services are expected to be a high-growth segment; in 2015, it
accounted for over 33% of the enterprise search market. Data sharing and
interconnectivity are expected to be the key factors driving growth across
this segment
- The large
enterprises end-use segment is expected to dominate the market over the
next eight years.This can be credited to the increasing need to search for
accurate data across a vast database extracted from different sources. The
pay-per-use model offered by the cloud (SaaS) enterprise search
solutions providers is expected to have a wide adoption across the small
and medium enterprises at a rate higher than the global average over the
forecast period
- North America
emerged as a market leader in terms of market revenue and accounted for
over 35% of the global enterprise search market in 2015. Technological
advancements along with the presence of the key market players have
contributed to the regional market growth
- The key
industry participants include HP Autonomy, Google Inc., SharePoint Search
(Acquired by Microsoft), and IBM Corp. Strategic collaborations, in order
to provide mass market solutions while serving the niche markets, remain a
strategic initiative that is followed by the leading players
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Grand View Research has
segmented the global enterprise search market on the basis of end-use,
enterprise size, and region:
Enterprise Search
End-Use Outlook (Revenue, USD Million, 2013 - 2024)
- Government & Commercial Offices
- Banking & Financial Services
- Healthcare
- Retail
- Others
Enterprise Search
Enterprise Size Outlook (Revenue, USD Million, 2013 - 2024)
- Small Enterprises
- Medium Enterprises
- Large Enterprises
Enterprise Search
Regional Outlook (Revenue, USD Million,2013 - 2024)
- North America
- U.S.
- Canada
- Mexico
- Europe
- UK
- Germany
- Asia Pacific
- China
- India
- Japan
- Latin America
- Brazil
- Middle East and Africa
About Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco. The
company provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, we offer
market intelligence studies ensuring relevant and fact-based research across a
range of industries, from technology to chemicals, materials and healthcare.
For more info visit @ https://www.grandviewresearch.com
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