Enterprise Search Market, By Component (Solution and Service), By Type (Conversational Search, Multimedia Search, and Multilingual Search), By Industry (BFSI, Healthcare, Government, Retail and E-commerce, Travel and Hospitality, Media and Entertainment, and Others), By Geography (North America, Latin America, Asia Pacific, Europe, Middle East, and Africa)

Published In : Jun 2024

Code : CMI4756

Pages :170

Formats :

Excel and PDF

Industry : Information and Communication Technology

Market Challenges: High upfront costs for deployment and maintenance

High upfront costs have been a major restraint for the growth of the global enterprise search market. Implementing an effective enterprise search solution requires heavy investment in procuring software licenses, configuring, and customizing the system as per organizational needs, extensive employee training for effective use, and integrating it with multiple internal applications and databases. This entails high deployment costs running into several thousand or even millions of dollars depending on the enterprise size. Additionally, maintaining and upgrading the solution over the years also incurs recurrent operational expenses.

Market Opportunities: Integration of AI and machine learning capabilities

The integration of artificial intelligence and machine learning capabilities promises to be a tremendous opportunity for growth in the global enterprise search market. As enterprises continue to amass vast troves of structured and unstructured data from various sources, the need for intelligent search tools to glean insights from this information will only intensify. AI-powered solutions can analyze user search queries, behaviors and feedback to continuously learn and improve over time. This allows enterprise search functions to become more intuitive, predictive and personalized for individual work styles and information needs.