Knowledge Management Market Size, Share, Growth, And Industry Analysis By Type (Knowledge Management Process, Knowledge Management Systems, Knowledge Management Mechanisms and Technologies, Knowledge Management Infrastructure), By Application (SME’s, Large Enterprise) and Regional Forecast to 2031

Updated On: 22 April 2024

Knowledge Management Market Report Overview

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The global knowledge management market size was USD 405000.0 million in 2021. As per our research, the market is expected to reach USD 1100000.0 million by 2027, exhibiting a CAGR of 18.12% during the forecast period. The COVID-19 pandemic has been unprecedented and staggering, with the market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market’s growth and demand returning to pre-pandemic levels.

Knowledge management software, also known as KM software, is part of a company's content management software, which typically includes a wide range of software that specializes in how data is stored, collected, and used. It is a type of ECM software or enterprise content management. This information is easily accessible with the click of a mouse. This helps maintain response consistency, shorten training sessions, improve management and increase customer delight, among other things. In addition, the strategy is based on cloud computing, which uses remote computers to collect and store information. In addition, it allows users to effectively use the information for multiple purposes.

Factors such as reduced call handling time, better management, training sessions and increased customer satisfaction are projected to fuel the KM software market over the forecast years. The main drivers of the KM solutions market are the growing need for customer satisfaction, inter-industry competition, the need to train employees to provide the best services, decreasing training costs, and at the same time lack of awareness is hampering the market.

COVID-19 Impact: Decline in Production Due To Pandemic Offering Reduced Market Growth

The epidemic has caused an unexpected upheaval in the software and IT solutions industry. The Covid-19 debacle has shaken the global IT and web application development business as the markets are interconnected. Preventive health measures took priority over information management software, and key sectors of developed companies were shut down. After the sudden outbreak of the pandemic, many factories and technical units are operating in a very limited number. Some of them had to temporarily stop production and close their businesses. Hence, the current material shortage in the data management software market exacerbated by delivery delays due to the coronavirus.

Latest Trends

"Growing Influence of Data Analytics in Digital Education Leading Market Extension"

The growing influence of data analytics in digital education is one of the major market trends accelerating market growth. With the rapid adoption of digital devices, educational institutions and individual learners can track and analyze their performance and progress in real time with built-in software analytics. The knowledge management solutions market is segmented by offering, organization size, applications, and regions. Based on the offering, the information management solutions market is classified into information management process, information management system, information management mechanisms and technologies, and information management infrastructure. Knowledge management is estimated to be the top market during the forecast period due to the growing needs to train employees to provide the best services to their customers.

Segmentation

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• By Type Analysis

According to type, the market can be segmented into knowledge management process, knowledge management systems, knowledge management mechanisms and technologies, knowledge management infrastructure.

Knowledge management process is anticipated to be the leading segment.

• By Application Analysis

Based on application, the market can be divided into SME’s, Large Enterprise. SME’s, Large Enterprise will be the dominating segment.

Driving Factors

"Growing Need for Customer Retention and Satisfaction to Fuel The Market"

The industrial world is moving from a product-centric framework to a customer-centric framework. Customer-oriented entrepreneurship is considered one of the most effective skills in companies that help transform their environments into customer-centric environments. Companies can use information to strengthen relationships with influential customer leadership that leads to loyal customers and competitive advantages. In addition, organizations can use knowledge management and information from customer relationship management to generate new ideas and improved and new services. Customer information, an important part of the relationship between information management and customer relationship management, can help organizations adapting our products and services and customer relationships to improve customer satisfaction and financial return.

"Rising Focus on Skill and Employment to Augment the Market Growth"

Skill and employment is one of the factors accelerating the knowledge management market growth. Working professionals focus on skill development to achieve career growth and increase the value of their skills. For example, software professionals must learn the latest technologies such as big data analytics and cloud computing. This trend has been observed across all age groups of working professionals. Moreover, most of the experienced professionals of IT companies opt for digitized courses to stay updated with the latest technology introduced. Accordingly, increased adoption of skill development through online certificates on digital platforms, especially in developed countries, is expected to drive market growth during the forecast period.

Restraining Factor

"Lack of Information about The Software to Hinder Market Expansion "

High implementation costs are expected to hinder market expansion. The data management software industry faces challenges due to ignorance during the forecast period. The industry needs to focus more on software advertising. The dynamic nature of the world complicates the information management process. A great use of knowledge management is to anticipate problems that may arise from these barriers and create a plan of attack to deal with them. These factors are limiting the market expansion.

Regional Insights

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"North America Is Projected To Be the Leading Region Due To Increasing Demand "

North America dominates the knowledge management market share due to increasing demand across multiple sectors and wide adoption of the various management software. The largest region in North America is the U.S. The reason is that large companies are involved in various businesses that require huge investments in information management. The growth of the North American market will also accelerate due to the increasing number of startups and SMEs during the forecast period.

Key Industry Players

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

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios. Key industry players in the antacid tablet market have a significant impact on market dynamics. These companies are at the forefront of research and development, consistently introducing innovative formulations and product variations. Their focus on convenience and effectiveness sets industry standards and influences market growth.

List of Market Players Profiled

• Chadha Software Technologies (U.S.)
• ProProfs (U.S.)
• Callidus Software Inc. (U.S.)
• Open Text Corporation (Canada)
• Right Answers (U.S.)
• IBM Global Services (U.S.)
• Computer Sciences Corporation(APQC) (U.S.)
• Moxie Software (U.S.)
• KMS Lighthouse (U.S.)
• EduBrite Systems (U.S.)

Report Coverage

The study encompasses a comprehensive SWOT analysis and provides insights into future developments within the market. It examines various factors that contribute to the growth of the market, exploring a wide range of market categories and potential applications that may impact its trajectory in the coming years. The analysis takes into account both current trends and historical turning points, providing a holistic understanding of the market's components and identifying potential areas for growth.

The research report delves into market segmentation, utilizing both qualitative and quantitative research methods to provide a thorough analysis. It also evaluates the impact of financial and strategic perspectives on the market. Furthermore, the report presents national and regional assessments, considering the dominant forces of supply and demand that influence market growth. The competitive landscape is meticulously detailed, including market shares of significant competitors. The report incorporates novel research methodologies and player strategies tailored for the anticipated timeframe. Overall, it offers valuable and comprehensive insights into the market dynamics in a formal and easily understandable manner.