The Global Enterprise Search Market is expected to reach USD 5.02 billion by 2020, according to a new study by Grand View Research, Inc. Increasing demand for solutions offering time-saving data search capabilities is expected to be a key factor driving market growth over the next six years. The need to manage large volumes of data efficiently in an organization so as to improve operational efficiency of an enterprise is also expected to propel the market through the forecast period. These solutions offer enhanced security layer that allows information access to only authorized personnel, which is also expected to fuel the enterprise search market over the forecast period. Increasing demand for several value-added services along with search capabilities due to changes in operational practices within organizations provide avenues for market growth.
Technological advancement, and emergence of cloud computing and Software as a Service (SaaS) is expected to drive market growth. Furthermore, these solutions offer several benefits such as low maintenance and installation cost along with minimum technical support, which is also expected to positively impact the market over the next few years. However, availability of online search engines may pose a challenge to companies operating in the market.
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Further key findings from the study suggest:
- Banking and financial services is expected to be a high growth segment; in 2013, it accounted for over 30% of the enterprise search market. Data sharing and interconnectivity are expected to be the key factors driving growth across this segment.
- The large enterprises segment is expected to dominate the market over the next six years, which can be credited to the need to search accurate data across a vast database. Small and medium enterprises are expected to grow at a rate higher than the global average over the forecast period.
- North America emerged as the leading regional segment, it accounted for over 35% of the global enterprise search market in 2013. Technological advancements along with the presence of key industry players contributed to regional market growth.
- Key industry participants include Coveo Corp., IBM Corp., SAP AG, Oracle, Microsoft, Dassault Systemes, etc. Strategic collaborations in order to provide mass market solutions while serving niche markets remains to be a major strategic initiative.
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About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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