Increasing need for time-saving data search solutions is expected to be a key growth factor for the enterprise search market. With increasing data volumes in companies, the need to manage data is also growing. Enterprise search solutions enable availability of required data or information to the user from a pool of databases, emails, intranet, data management systems, etc. It efficiently manages information of any company and also allows searching required information, thus saving operation time and money for the enterprise. Additionally, it offers a security layer by allowing access only to authorized personnel.
Demand for relevant information and emergence of technologies such as software as a service (SAAS) and cloud computing is further expected to favor the enterprise search market growth over the forecast period. Low maintenance and installation cost along with the elimination of technical support staff associated with these technologies is expected to fuel enterprise search market growth. Data ambiguity and high implementation cost may act as a restraint to the market. Additionally, availability of online search engines may also hinder the enterprise search market over the forecast period.
Global enterprise search market by end-use (USD Million), 2012 - 2020
Banking & finance is expected to remain a sizable end-use segment in the global enterprise search market over the next six years. Interconnectivity and sharing of data in different outlets is a primary growth factor for the segment. Government and commercial offices are expected to grow at a considerable rate owing to increasing use of intranet to share data and information over the forecast period. In the healthcare and medical segments, enterprise search tool solutions can be used to obtain critical treatment information enabling fast and efficient functionality of medical institutes. Other end-use industries include defense, aerospace, construction, media and entertainment.
Enterprise Size Insights
Enterprise size can be classified based on their employee strength. Enterprise search solutions are implemented in large, medium and small enterprises depending on their requirements. Large enterprises are expected to grow considerably over the forecast period. Searching of accurate data is a complicated in any large enterprise owing to its vast database; enterprise search is increasingly used to save time and generate desired information. Medium and small enterprises are also expected to grow at a steady rate over the next six years.
North America is expected to be the key regional market over the forecast period owing to the presence of major industry participants and technological advancements. Additionally, the convergence of enterprise security solutions and information systems may provide opportunities to the enterprise search market in North America. Asia Pacific is expected to considerably grow over the next six years on account of growing information technology sector in nations such as India and China.
Key vendors in the enterprise search market are IBM Corp, Coveo Corp., Polyspot & Sinequa Inc., Expert System Inc., HP Autonomy, Lucidworks, Esker Software Corp., Dassault Systemes Inc., Perceptive Software Inc. and Marklogic Inc. Companies operating in the industry aim at strategic collaboration to provide mass market solutions as well as serving niche markets.
IBM acquired enterprise search software provider Vivisimo in 2012 to enhance its portfolio and help customers take data intensive decisions. IBM also offers its enterprise search service named OmniFind with enhanced search capabilities such as integration with InfoSphere and BigInsights edition as bundled service. Content management solutions from HP Autonomy help customers to address barriers to productivity by managing large data volumes, multiple data repositories and cloud and mobility services.
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