The Global Enterprise Search Market is estimated to be valued at US$ 6.27 Bn in 2024 and exhibit a CAGR of 10.9% over the forecast period 2024-2031. A growing need among enterprises to integrate internal and external sources of unstructured data with their existing systems to enhance search capabilities is driving the market. Furthermore, increasing adoption of cloud-based enterprise search solutions is bolstering market growth.
Market Dynamics:
The growth of the global enterprise search market is primarily driven by the increasing adoption of cloud technology and growing need for data integration. Cloud-based enterprise search allows organizations to search databases, files and documents located on public and private clouds. It provides access to relevant information from across internal and external systems to users from remote locations. Additionally, integration of structured and unstructured data sources through enterprise search helps organizations make informed decisions through a unified view of information. Big data integration is another key driver as it allows enterprises to gain valuable insights by consolidating diverse client information from varied internal and external databases. These factors are expected to boost the demand for enterprise search over the forecast period.
Growing Need for Improving Internal Employee Productivity is Driving the Global Enterprise Search Market
One of the major drivers of the global enterprise search market is the growing need within organizations to improve internal employee productivity. As companies grow in size and become more complex, it is increasingly difficult for employees to find the right information they need to do their jobs efficiently. This leads to wasted time searching through documents and emails. Enterprise search solutions help solve this problem by allowing employees to search all internal data sources from a single interface. This centralized search capability improves information discovery and streamlines workflows. Many organizations are investing in these tools in order to empower their workforce with quick access to critical knowledge resources.
Increased Focus on Delivering Personalized Customer Experiences is Another Key Growth Driver
Another driver fueling growth in the global enterprise search market is the rising focus of companies on delivering personalized customer experiences. Today's customers expect engagements that are tailored to their individual needs and preferences. This requires businesses to gain deep insights into each customer's profile and behavior. Enterprise search tools facilitate this by allowing companies to tap into customer data residing across different systems. They help analyze this data through powerful search and analytics capabilities. This supports creating highly customized product recommendations, targeted offers, and streamlined service experiences for customers. More enterprises are implementing these solutions as a means to strengthen customer relationships and loyalty through personalization.
Budget Constraints Pose a Restraint on Wider Adoption of Advanced Enterprise Search Solutions
One major restraint hampering the adoption of advanced enterprise search solutions is budget constraints faced by potential customers. Enterprise search platforms offer a range of powerful functionalities but often come with high price tags. While acknowledging the benefits these tools provide, cost-conscious companies may hesitate to make big investments, especially during economic downturns. This limits the uptake of premium versions or add-ons from established vendors. It gives an edge to low-cost or free offerings from new entrants, which however lack robust features of their premium competitors. Overall, pricing pressures remain a challenge restraining wider penetration of sophisticated enterprise search within organizations.
Technical Expertise Required for Implementation and Management is Another Hurdle
Another restraint for the global enterprise search market is the technical skills and expertise needed to implement, integrate, and optimize such solutions. Advancing search technologies come with increasing complexity that organizations may find difficult to handle using in-house resources alone. Expert manpower is vital for activities like taxonomy development, query rewriting rules configuration, template customization, entity extraction model training, etc. But high costs of deploying dedicated technical teams discourage adoption in smaller companies or business units within large enterprises. Even for those able to invest, talent shortages further limit customization potential. This expertise barrier poses adoption challenges, especially for new generation artificial intelligence-powered enterprise search platforms.
Growing Market for AI-Powered Personalized Experiences Presents an Opportunity
One of the key opportunities emerging in the global enterprise search market is the increasing demand for AI-powered personalized experiences. Advancements in machine learning algorithms now allow search platforms to deeply understand each user's interests, preferences and context. This powers highly customized responses tailored for unique needs of every individual. As personalization becomes integral to user experience across industries, demand will rise for solutions that leverage data and AI/ML to deliver seamless personalized engagements. Enterprises are recognizing search's pivotal role and actively exploring conversational, visual and recommendation-based personalized search tools to stay ahead. This presents a massive growth opportunity for vendors.
Growing Momentum around Augmented Workforces is Another Promising Avenue
Another opportunity surface is the rising momentum around augmented workforces - where technology is used to bolster human capabilities rather than replace jobs. As AI becomes mainstream, enterprises want solutions enhancing employee productivity rather than threatening job security. Augmented enterprise search platforms with capabilities like knowledge curation, process automation, decision support and skill development are gaining traction. They empower employees with AI assistants that can understand natural language queries, retrieve and summarize insights from across data sources. This helps workers perform complex jobs more efficiently. The augmented workforce concept has attracted huge interest and investments in recent years. Leading vendors are well positioned to tap into this promising opportunity area.
Link - https://www.coherentmarketinsights.com/market-insight/enterprise-search-market-4756
Key Developments:
- In January 2023, Microsoft's Azure and OpenAI extended their partnership to accelerate AI breakthroughs, integrating OpenAI's models across various products and services, including consumer and enterprise applications, to further solidify Microsoft's commitment to AI innovation.
- In May 2023, Amazon Web Services (AWS) further advanced its enterprise search capabilities by integrating Amazon Kendra and Amazon Recognition, enabling businesses to develop advanced image search engines that leverage the strengths of both services.
- In December 2022, SAP SE enhanced its enterprise search capabilities by introducing new features in the 2208 cloud edition, allowing key users to create customized search models that meet their unique requirements.
- In January 2021, Amazon Web Services (AWS) enhanced its search capabilities by introducing new instances that offer improved availability and performance at the same pricing as the previous instances. These new instances are direct replacements for the existing ones but utilize newer generation EC2 instances, ensuring enhanced stability for the domains.
- In March 2021, Microsoft introduced Azure Cognitive Search, a cloud-based search service that enables developers to build advanced search experiences across various content types in web, mobile, and enterprise applications by providing the necessary infrastructure, APIs, and tools.
Key Players:
Amazon.com, Inc., Attivio Inc., Autonomy Corporation Plc, Coveo Solutions Inc., Elastic N.V., Endeca Technologies, Inc., Exa Corporation, FAST Search & Transfer ASA, Google LLC, IBM Corporation, IHS Markit Ltd., Lucidworks Inc., Microsoft Corporation, MicroStrategy Incorporated, Northrop Grumman Corporation, NTT Ltd., Salesforce.com, Inc., Sinequa, Theobald Software GmbH, and Verity Inc.
