Enterprise Search Software Market Size, Share, Growth, And Industry Analysis, By Type (Cloud Based and Web Based), By Application (Large Enterprises and SMEs), Regional Insights, and Forecast From 2024 To 2031

Updated On: 08 April 2024

Enterprise Search Software Market Report Overview

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The global enterprise search software market size is estimated to be USD 5401.2 million in 2022 and is expected to reach USD 16003.03 million in 2031, exhibiting a CAGR of 12.8% during the forecast period.

Software of this kind, known as enterprise semantic search software, enables enterprises to use semantics to locate and retrieve data from within their internal networks. For enterprises, this kind of software can be crucial since it can enhance teamwork and communication while also enabling greater data utilization.

Increasing IoT technology use in enterprise mobility solutions is anticipated to drive market expansion over the course of the forecast period. Data security is provided through enterprise mobility, and users can connect to corporate resources with ease. Additionally, one of the key factors anticipated to boost the enterprise mobility market in the region over the forecast period is the digital transformation in Asia Pacific countries, which is being driven by an increase in smartphone adoption, expansion of the eCommerce industry, and an increase in government initiatives to digitalize the economy.

COVID-19 Impact: Decline of Industrial Sector to Hamper Market Growth

The global COVID-19 pandemic has been unprecedented and staggering, with Enterprise Search Software experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden decline in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.

COVID-19 undoubtedly had an effect on all facets of society. Along with having a serious impact on the health of millions of individuals around the world, COVID-19 has also had a devastating impact on businesses and economies. The new Coronavirus had negative effects on both the industrial and health sectors and enterprise search software. that ongoing data science production sets have also been dramatically impacted. When shopping and traffic patterns changed, supply chains were disrupted, and borders were closed, many segmentation and forecasting models began to break down. As a result of Covid-19, cloud-based data platforms and data and analytics have a significant role to play in this, from establishing the framework for new processes to anticipating what will come next and stabilizing the firm.

Latest Trends

"New Innovative Softwares to Augment Market Growth  "

Over the course of the forecast period, the demand for pertinent information and the advent of technologies like Software as a Service (SAAS) and cloud computing are also anticipated to boost the expansion of the corporate search market. These technologies' low maintenance and installation costs and lack of need for technical support personnel are anticipated to drive the growth of the enterprise search market. Data ambiguity and expensive implementation costs could limit the enterprise search software market growth.

Enterprise Search Software Market Segmentation

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• By Type Analysis

According to type, the market can be segmented into cloud based and web based.

In terms of product, cloud based is the largest segment.

• By Application Analysis

Based on application, the market can be divided into large enterprises and SMEs.

In terms of application, large enterprises is the largest segment.

Driving Factors

"Rise in Online Data to Propel Market Growth"

The primary driver of market expansion for business search is anticipated to be the rising need for time-saving data search solutions. It is necessary to manage the growing amounts of data that huge organizations are sourcing from many sources. Due to their assistance in managing and organizing this data, many organizations have used enterprise search solutions widely. Enterprise search solutions make it possible for users to access the necessary data or information from a variety of databases, emails, intranets, data management systems, and other sources. By effectively organizing information and quickly finding the needed information, it helps the business save time and money throughout operations. It also adds a layer of protection by permitting only authorized people to access information.

"Banking and Financing Institutions to Enhance Market Sales"

Over the next few years, it is anticipated that the worldwide enterprise search market will continue to see banking and finance as a large end-use category. The segment's main driver of growth is the interconnection and exchange of data across various channels. Due to the growing use of intranet to communicate data and information over the projected period, the growth of government and commercial offices is anticipated to be significant. Enterprise search tool solutions can be utilized in the healthcare and medical sectors to acquire crucial treatment information, enabling the quick and effective operation of medical institutions. Defense, aerospace, construction, media, and entertainment are some further end-use industries.

Restraining Factors

"Expensive Installation to Impede Market Expansion"

The initial implementation is the only potential issue that a business might experience. Those who are using the system may need some time to get a handle on it and figure out how to use it to their greatest advantage. It is a good idea to ensure that everyone who has to use the system has received training on it and has a contact person they can turn to with any inquiries they may have about the enterprise search in order to minimize this potential problem.

Enterprise Search Software Market Regional Insights

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"North America to Dominate the Market Due to Large Investments By Market Players"

The highest revenue portion of the market came from North America and it owns largest part of enterprise search software market share. The expansion is attributable to the participation of well-known companies like IBM Corporation, Microsoft Corporation, and Google, Inc. Additionally, these businesses are consistently investing in research and development projects to provide cutting-edge Enterprise Search solutions that will aid businesses in efficiently gaining insights from their data and achieving their goals.

Due to the growing adoption of cloud-based enterprise semantic search software by SMEs and mid-size businesses due to its cost-effective pricing plans along with its easy implementation features offered by these vendors, Asia Pacific is predicted to experience significant growth over the course of the forecast period. Additionally, the need for information technology (IT) services has increased as a result of expanding digitization across numerous industries, including healthcare and life sciences, retail and e-commerce, telecoms and IT services, which will further fuel market expansion over the next eight years.

Key Industry Players

"Key Players Focus on Partnerships to Gain a Competitive Advantage "

To meet the needs of specialist markets as well as the mass market, the top businesses are forming strategic alliances. IBM Corporation purchased Vivisimo, a developer of enterprise search software, in order to diversify its offerings and assist clients in making data-intensive decisions. With improved search tools and bundled services including interaction with the InfoSphere and BigInsights version, IBM Corporation also provides its own enterprise search service called OmniFind. By managing enormous data volumes, numerous data repositories, cloud and mobility services, and other factors, content management solutions from HP Autonomy assist businesses in overcoming productivity bottlenecks.

List of Market Players Profiled

• AddSearch (Finland)
• Algolia (U.S.)
• Amazon CloudSearch (U.S.)
• Apache Solr (U.S.)
• Clerk.io (Denmark)
• Coveo (Canada)
• Elasticsearch (U.S.)
• FishEye (China)
• IBM Watson Discovery (U.S.)
• iManage Work (U.S.)

Report Coverage

This research profiles a report on enterprise search software with extensive studies that take into description the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, restraints, etc. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.