The Global Enterprise Search Market size is expected to reach $6.9 billion by 2028, rising at a market growth of 8.3% CAGR during the forecast period.
The process of making content from various enterprise-type sources, like intranets anddatabases, searchable for a specific audience is known as enterprise search. The term enterprise searchis specificallyused to describe the information-searching software utilized by businesses. Enterprise search can be compared with desktop search, using searching technology to access data on a single computer, and web search, which uses search technology to access documents on the public web.
In addition to filing systems, document management systems, intranets,e-mail, and databases, enterprise search systems also index documents anddata from various sources. Unstructured and structured information are frequently combined in the collections of enterprise search engines. Access restrictions are another tool used by enterprise search systems to make their users adhere to a security policy.
An organization's vertical search can be viewed as an enterprise search. Though enterprise search and web search are similar in certain aspects, they function very differently and have different goals. Employees are allowed to use enterprise search tools. They gather data from all forms of data that a company keeps, likestructured data (found in databases) and unstructured data (found in media and documents like PDFs).
Enterprise search is evolving into something new, according to IT industry analysts. For instance, Gartner introduced the Insight Engines category of enterprise search in 2017. By absorbing, organizing, and analyzing data, these technologies assist businesses in synthesizing information interactively or even proactively. This new category is known as Cognitive Search.
The leading players in the market are competing with diverse innovative offerings to remain competitive in the market. The illustration shows the percentage of revenue shared by some of the leading companies in the market. The leading players of the market are adopting various strategies in order to cater demand coming from the different industries. The key developmental strategies in the market are Partnerships & Collaborations.
The major strategies followed by the market participants are partnerships. Based on the Analysis presented in the Cardinal matrix; Google LLC and Microsoft Corporation are the forerunners in the Enterprise Search Market. Companies such as SAP SE, IBM Corporation and Oracle Corporation are some of the key innovators in Enterprise Search Market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Microsoft Corporation, IBM Corporation, Google LLC (Alphabet, Inc.), Amazon Web Services, Inc. (Amazon.com, Inc.), OpenText Corporation, Oracle Corporation, X1 Discovery, Inc., Attivio, Inc., SAP SE, and Dassault Systemes SE.
The process of making content from various enterprise-type sources, like intranets anddatabases, searchable for a specific audience is known as enterprise search. The term enterprise searchis specificallyused to describe the information-searching software utilized by businesses. Enterprise search can be compared with desktop search, using searching technology to access data on a single computer, and web search, which uses search technology to access documents on the public web.
In addition to filing systems, document management systems, intranets,e-mail, and databases, enterprise search systems also index documents anddata from various sources. Unstructured and structured information are frequently combined in the collections of enterprise search engines. Access restrictions are another tool used by enterprise search systems to make their users adhere to a security policy.
An organization's vertical search can be viewed as an enterprise search. Though enterprise search and web search are similar in certain aspects, they function very differently and have different goals. Employees are allowed to use enterprise search tools. They gather data from all forms of data that a company keeps, likestructured data (found in databases) and unstructured data (found in media and documents like PDFs).
Enterprise search is evolving into something new, according to IT industry analysts. For instance, Gartner introduced the Insight Engines category of enterprise search in 2017. By absorbing, organizing, and analyzing data, these technologies assist businesses in synthesizing information interactively or even proactively. This new category is known as Cognitive Search.
COVID-19 Impact Analysis
Slack, Google Meet, Microsoft Teams,and Zoom are a few collaboration tools that gained popularity with companies. Companies thus neededto store more digital interactions, including challenging file types like sizable video files from numerousvirtual meetings. In addition, the need for appropriate searchdrovebusinesses to invest in technology that allows cognitive data and analytics capabilities. Therefore, demand for search solutions increased during the pandemic owing to the higher dependence on technology, which aided in the expansion of the enterprise search market.Market Growth Factors
Increasing recognition of the benefits of dedicated search systems
These tools enable the search for correct results, whichreduces the likelihood of making duplicate attempts. It is simpler to maintain the source of data and archive out-of-date data when all the information is in one place. Large intranets with separate areas for each department are common in many businesses. Search engines can assist in making sense of the data and returning more pertinent results. Getting a phone number or email address is made simpler. In addition to looking up contact by name, looking up internal specialists by job description or expertise can be helpful. Therefore, as more companies realizethe benefits of enterprise search tools, it is expanding the market.
The leading players in the market are competing with diverse innovative offerings to remain competitive in the market. The illustration shows the percentage of revenue shared by some of the leading companies in the market. The leading players of the market are adopting various strategies in order to cater demand coming from the different industries. The key developmental strategies in the market are Partnerships & Collaborations.
Growing rate of production of data every year
Social mediaand business software remain the most accessed things. The IT infrastructure is getting more complex and can produce much data as more IoT connections, and diversified end-user devices are added. More storage space is required because the installation of such devices is developing and expanding quickly. Enterprise search solutions must therefore give companies the tools they need to quickly and securely searchdata, as well as to collect data from all devices and platforms. This is driving up demand for enterprise search tools and thus expediting the growth of the market.Market Restraining Factors
Lack of understanding of ambiguous search keywords
The inability to search ambiguous keywords is still a major challenge for search solutions. Since most words have multiple meanings and are difficult to understand without context, this presents a significant difficulty. However, developments like offering linkages between websites so users may understand the intended meaning and web searches have solved this issue. Nevertheless, as linkages between papers on an intranet are few, this technique is ineffective for enterprise research. Moreover, the present enterprise search is both excessively slow and insufficiently accurate. Therefore, these inabilities of enterprise search systems are the major factor hampering the market's growth.Type Outlook
Based on type, the enterprise search market is categorized into local search, hosted search, and search appliance. The local search segment garnered the highest revenue share in the enterprise search market in 2021. Due to the extensive data hosting on regional business websites, the segment has more growth prospects. Since no third party canaccess any data, the issue of data security isalleviated by local data storage. Additionally, it is anticipated that the segment would be driven by the trend of data sorting by type and format.
End-Use Outlook
On the basis of end-use, the enterprise search market is divided into government & commercial offices, BFSI, healthcare, retail & e-commerce, media, manufacturing, and others. The healthcare segment witnessed a promising growth rate in the enterprise search market in 2021. The growing need for enterprise search systems in this industry to efficiently utilize the massive volumes of unstructured data might be credited with the market share. The examination of clinical trial data and the entire development process are made possible by enterprise search tools. The category expansion in the upcoming years will be aided by the ongoing rise in data volume, which calls for sophisticated search tools.Organization Size Outlook
Based on Organization size, the enterprise search market is segmented into large size enterprises and small & medium sized enterprises. The small and medium sized enterprises segment procured a remarkable growth rate in the enterprise search market in 2021. The segment's expansion is aided by the rising number of small businesses worldwide. More small enterprises are utilizing enterprise search solutions as they ease the process of gathering data, which otherwise tends to be more expensive. Furthermore, due to their accessibility and usefulness for business processes, enterprise search solutions are anticipated to be in high demand among small businesses as a result of technology advancements.Regional Outlook
On the basis of region, the enterprise search market is analyzed across North America, Europe, Asia Pacific, and LAMEA. The North America region acquired the highest revenue share in the enterprise search market in 2021. This can be ascribed to the region's strong involvement of several important industry players and the technological advancements they helped to start. In addition, the fusion of enterprise search solutions withsecurity solutions as well as information technologies will further fuel regional market expansion. Also, the regional companies are facilitating quick technological development and acceptance of the solution.The Cardinal Matrix - Enterprise Search Market Competition Analysis
The major strategies followed by the market participants are partnerships. Based on the Analysis presented in the Cardinal matrix; Google LLC and Microsoft Corporation are the forerunners in the Enterprise Search Market. Companies such as SAP SE, IBM Corporation and Oracle Corporation are some of the key innovators in Enterprise Search Market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Microsoft Corporation, IBM Corporation, Google LLC (Alphabet, Inc.), Amazon Web Services, Inc. (Amazon.com, Inc.), OpenText Corporation, Oracle Corporation, X1 Discovery, Inc., Attivio, Inc., SAP SE, and Dassault Systemes SE.
Strategies Deployed in Enterprise Search Market
Partnerships, Collaborations and Agreements:
- Feb-2023: IBM collaborated with NASA, an independent agency of the U.S. federal government. Through this collaboration, companies build artificial intelligence-based models to simplify the mining of large datasets to develop scientific knowledge about Earth and help the world to adapt to a changing environment.
- Jan-2023: Microsoft came into partnership with OpenAI, a US-based artificial intelligence research laboratory. Through this partnership, Microsoft would democratize AI and advance cutting-edge AI research as the latest technology platform. Moreover, in this partnership businesses and developers across industries would have access to better models, toolchains, and AI Infrastructure with Azure to run and create their applications.
- Jan-2023: Microsoft partnered with HDFC Bank, an India-based private sector bank. This partnership would aim to leverage Microsoft Azure to modernize and consolidate the enterprise data landscape and improve employee productivity and customer experience through the Microsoft Power Platform.
- Oct-2022: Google announced a partnership with Elastic, a search company engaged in creating self-managed and software as a service. The partnership would aim to help businesses more easily observe, search, and secure their data and workloads.
- Oct-2022: OpenText partnered with Google, an American multinational technology company. This partnership would combine OpenText™ Core Content, a public cloud content service platform, with Google Workspace. The integration would allow users to sync content to various devices for offline access, and accelarate and digitize workflows.
- Jul-2022: Oracle collaborated with Microsoft Corporation, a US-based information Technology company. Through this collaboration, Oracle Database Service for Microsoft Azure would be introduced by both companies. Additionally, users can create or migrate the latest application on Azure and then connect to high-availability and high-performance managed Oracle Data services like Autonomous Database running on Oracle Cloud Infrastructure.
- Feb-2022: Dassault Systèmes announced a partnership with Cadence Design Systems, Inc., a company engaged in electronic system design, building, and computational software expertise. This partnership leverages the Cadence Allegro platform and the Dassault Systemes 3DEXPERIENCE platform to advance the entire value chain for electromechanical systems design, simulation, modeling, and product lifecycle management.
Product Launches and Product Expansions:
- Feb-2023: Google announced updates in Google Lens and multi-search by adding new AI-powered features. The company would use AI to better its search features, consisting of the popular Google Lens and the latest multi-search feature. With the latest features, Users would be able to search text and images simultaneously.
- Dec-2022: X1 announced updates in the X1 Enterprise Collect Platform with eDiscovery, which enhances the process of searching, preserving, and collecting data. The addition of the latest capability pushed by X1’s patented index-in-place technology now enables X1 Enterprise Collect to carry out fast iterative searches and targeted collections of MS 365 mail in the Cloud.
- Nov-2022: Amazon Web Services, Inc. announced new capabilities in its offering of AI services including Amazon Transcribe Call Analytics, Amazon Kendra support, Amazon HealthLake Imaging, Amazon HealthLake Analytics, and Amazon Textract Analyze Lending. The new enhancements aimed to improve AWS's AI suite at the top of its three-layer Machine Learning Stack. Moreover, customers from various industries use AWS AI services to enhance efficiency and decrease operational costs.
- Nov-2022: Microsoft released Microsoft 365, the new app to offer a central hub for accessing Microsoft's apps and services for both consumers and business customers. Through this launch, users start a new document, access files, and shared content, and also view personalized recommendations and insight.
- Nov-2021-Nov IBM introduced updates to Watson Discovery, an artificial intelligence search & text analytics platform. The latest features would allow consumers to train Watson Discovery to understand, read & surface accurate answers from complex, large & industry-specific skills, without the requirement of data science skills.
- May-2021: Google Cloud announced Vertex AI, a new managed machine learning platform that is meant to make it easier for developers to deploy and maintain their AI models. it enables serious deployments for a new generation of AI that will empower data scientists and engineers to do fulfilling and creative work. Ultimately, our goal with Vertex is to reduce the time to ROI for these enterprises, to make sure that they cannot just build a model but get real value from the models they’re building.
Acquisition and Mergers:
- Jan-2023: OpenText completed the acquisition of Micro Focus International, a provider of software technology and services. Following this acquisition, OpenTexts would broaden to help enterprise professionals protect their operations, observe more insight into their information, and better manage highly complex and hybrid digital fabric with the latest generation of tools that consists of digital operations management, cybersecurity, artificial intelligence, and analytics and applications modernization.
- Jul-2022: IBM took over Databand.ai, a leading provider of data observability software. This acquisition aimed to provide IBM with the most comprehensive set of observability offerings for IT across applications, data, and machine learning and would continue to provide IBM's customers and partners with the technology they require to provide trustworthy data and AI at scale.
- Jul-2022: SAP SE took over Askdata, a company focused on search-driven analytics. Following this acquisition, SAP strengthened its capability to help businesses take well-informed decisions by leveraging AI-based natural language searches. Moreover, Users would be able to search, interact and collaborate on live data to enhance business insight.
Scope of the Study
By Type
- Local Search
- Hosted Search
- Search Appliance
By Organization Size
- Large Size Organizations
- Small & Medium Sized Organizations
By End-use
- Retail & E-commerce
- BFSI
- Healthcare
- Media
- Government & Commercial Offices
- Manufacturing
- Others
By Geography
- North America
- US
- Canada
- Mexico
- Rest of North America
- Europe
- Germany
- UK
- France
- Russia
- Spain
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Singapore
- Malaysia
- Rest of Asia Pacific
- LAMEA
- Brazil
- Argentina
- UAE
- Saudi Arabia
- South Africa
- Nigeria
- Rest of LAMEA
Key Market Players
List of Companies Profiled in the Report:
- Microsoft Corporation
- IBM Corporation
- Google LLC (Alphabet, Inc.)
- Amazon Web Services, Inc. (Amazon.com, Inc.)
- OpenText Corporation
- Oracle Corporation
- X1 Discovery, Inc.
- Attivio, Inc.
- SAP SE
- Dassault Systemes SE
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Table of Contents
Chapter 1. Market Scope & Methodology
Chapter 2. Market Overview
Chapter 3. Competition Analysis - Global
Chapter 4. Global Enterprise Search Market by Type
Chapter 5. Global Enterprise Search Market by Organization Size
Chapter 6. Global Enterprise Search Market by End-use
Chapter 7. Global Enterprise Search Market by Region
Chapter 8. Company Profiles
Companies Mentioned
- Microsoft Corporation
- IBM Corporation
- Google LLC (Alphabet, Inc.)
- Amazon Web Services, Inc. (Amazon.com, Inc.)
- OpenText Corporation
- Oracle Corporation
- X1 Discovery, Inc.
- Attivio, Inc.
- SAP SE
- Dassault Systemes SE
Methodology
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