According to a research report "Enterprise Search Market by Component (Solution Services), Application (Search Discovery, Knowledge Management), Technology (ML Deep Learning and NLP), Deployment Mode, Organization Size, Vertical and Region - Global Forecast to 2027" published by MarketsandMarkets, The global enterprise search market size to grow from USD 4.2 billion in 2022 to USD 7.3 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 11.7% during the forecast period. A range of factors such as the demand for faster decision-making and data simplicity are expected to drive the adoption of enterprise search market.
AI-driven search solution for better workplace productivity
Every day knowledge workers spare an enormous amount of time seeking data across corporate intranets and other enterprise systems but cannot find the exact information. Enterprise search delivers unparalleled enterprise search experiences that explicitly focus on users to deliver highly personalized and relevant outcomes.
Facilitate the corporate knowledge management process
For an enterprise to be productive, a robust knowledge management strategy plays a vital role in propelling the organization market growth. Enterprise search solutions decrease gaps in the knowledge process, create redundant documents, and remove needlessly duplicating information. Moreover, enterprise search eases and enhances the knowledge management process within the organization.
Healthcare and Life Sciences segment to gain traction in coming years
The enterprise search market by vertical is segmented into BFSI, Government, Retail and eCommerce, Healthcare and Life Sciences, IT and ITeS, Travel and Hospitality, Media and Entertainment, and others (Telecom, Education, Automotive, and Utilities). Enterprise search solutions support healthcare institutions to improve healthcare quality and business performance by analyzing unstructured data. The rising need to instantly search and filter critical information such as patient care policies, procedures, and patient medical records to drive the growth of enterprise search solutions across the healthcare sectors.
North America to have the largest market size during the forecast period
Due to the presence of the key enterprise search vendors and various technological advancements, North America is expected to hold the largest market share during the projection period. Moreover, the integration of information technology (IT) and enterprise security solutions paves the way for new business opportunities in North America. Major economies such as the US and Canada to implement enterprise search solutions and services to empower employees to achieve their business goals efficiently.
Major vendors in the global enterprise search market include Microsoft (US), IBM (US), Google (US), AWS (US), OpenText (Canada), EMC (US), X1 Technologies (US), Attivio (US), Sinequa (France), Coveo (Canada), SAP (Germany), Lucidworks (US), Algolia (US), and Micro Focus (UK).
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