Enterprise Search Market to Reach $12.2 Billion by 2032 at 9.6% CAGR: Allied Market Research

The growing trend of digital transformation initiatives that accelerate across Industries is one of the major factors driving the global market growth. In addition, diversity of data, increase in adoption of document management solution in e-commerce sectors, and increase in usage of chatbots and virtual assistants are expected to propel the growth of the market during the forecast period.

PORTLAND, Ore., Nov. 15, 2023 /PRNewswire/ — Allied Market Research published a report, titled, “Enterprise Search Market by Component (Solution and Service), Type (Conversational Search, Multimedia Search and Multilingual Search), Deployment Mode (On-Premise and Cloud), Enterprise Size (Large Enterprises and Small & Medium-Sized Enterprises), and Industry Vertical (BFSI, Healthcare, Government, Retail and E-Commerce, Travel and Hospitality, Media and Entertainment, and Others): Global Opportunity Analysis and Industry Forecast, 2022-2032″. According to the report, the enterprise search industry generated $5 billion in 2022, and is projected to reach at $12.2 billion by 2032, witnessing a CAGR of 9.6% from 2023 to 2032.

Prime determinants of growth

The growing trend of digital transformation initiatives that accelerate across Industries is one of the major factors driving the global market growth. In addition, diversity of data, increase in adoption of document management solution in sectors, and increase in usage of chatbots and virtual assistants are expected to propel the growth of the market during the forecast period. Furthermore, a surge in technological advancements is expected to create numerous opportunities for the growth of the market. However, data privacy and security concerns hamper the growth of the market.

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The solution segment to maintain its leadership status throughout the forecast period

Based on component, the solution segment held the highest market share in 2022, accounting of nearly two-thirds of the enterprise search market revenue, and is estimated to maintain its leadership status throughout the forecast period. The surge in technological breakthroughs in several industries has proliferated numerous opportunities for the solution segment in the market. However, the service segment is expected to portray the largest CAGR of 11.8% from 2023 to 2032 and is projected to maintain its lead position during the forecast period as enterprise search services are increasingly implemented in various industries.

The conversational search segment to maintain its leadership status throughout the forecast period

Based on type, the conversational search segment held the highest market share in 2022, accounting for nearly three-fifths of the enterprise search market revenue, and is estimated to maintain its leadership status throughout the forecast period. Conversational search offers a range of benefits that enhance the way users interact with digital platforms and find information. However, the multimedia search segment is projected to manifest the highest CAGR of 12.0% from 2023 to 2032. This technology is increasingly integrated into various applications and platforms, enhancing content discoverability in a visually driven digital landscape.

The on-premise segment to maintain its leadership status throughout the forecast period

Based on deployment mode, the on-premise segment held the highest market share in 2022, accounting for two-fifths of the enterprise search market revenue, and is estimated to maintain its leadership status throughout the forecast period. The industries prefer on-premise model owing to high data security and less data breach as compared to cloud based deployment models, which drives the demand for on-premises deployment model within the sectors. However, the cloud segment is projected to manifest the highest CAGR of 11.2% from 2023 to 2032. The rise in the integration cloud based solution for cost-effective and secure bank operations in various industries is further expected to propel global market growth.

The large enterprises segment to maintain its lead position during the forecast period

Based on enterprise size, the large enterprises segment accounted for the largest share in 2022, contributing of nearly two-thirds of the enterprise search market revenue, as enterprise search solutions are increasingly being deployed in these organizations. These factors further drive the demand for this segment in the global market. However, the small and medium-sized enterprises segment is expected to portray the largest CAGR of 12.2% from 2023 to 2032 and is projected to maintain its lead position during the forecast period. The growth of this segment is mainly driven by the cost-efficient solutions provided by various organizations.

The BFSI segment to maintain its leadership status throughout the forecast period

Based on industry vertical, the BFSI segment held the highest market share in 2022, accounting for nearly one-third of the enterprise search market revenue, and is estimated to maintain its leadership status throughout the forecast period. The increase in demand for enterprise search solutions in BFSI sector further creates lucrative opportunities for this segment in the global market. However, the healthcare sector is projected to manifest the highest CAGR of 14.5% from 2023 to 2032. The increase in security breaches related to medical records, life support systems, and device data in healthcare organizations is fueling the demand for enterprise search solutions.

North America region to maintain its dominance by 2032

Based on region, the North America segment held the highest market share in terms of revenue in 2022, accounting for nearly two-fifths of the enterprise search market revenue. The increasing investment of businesses and government bodies in advanced technologies such as cloud-based services, AI, ML, and IoT to improve customer experience are anticipated to propel the growth of the enterprise search market. However, Asia-Pacific is expected to witness the fastest CAGR of 13.8% from 2023 to 2032, and is likely to enhance the market growth during the forecast period. This is attributed to the increase in penetration of digitalization and higher adoption of advanced technology which are expected to provide lucrative growth opportunities for the market in this region.

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Leading Market Players: –

OpenText CorporationMicrosoft CorporationIBM CorporationAmazon Web Services, Inc.Oracle CorporationGoogle LLCSAP SEEMC CorporationAttivioX1 Discovery, Inc.  

The report provides a detailed analysis of these key players in the enterprise search market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different countries. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

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