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
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
Enterprise Search Enterprise Size Outlook (Revenue, USD Million, 2013 - 2024)
Enterprise Search Regional Outlook (Revenue, USD Million,2013 - 2024)
Middle East and Africa
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