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, 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, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc
Phone: 1-415- 349-0058
Toll Free: 1-888- 202-9519
Email: sales@grandviewresearch.com
For More Information: https://www.grandviewresearch.com
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