April 24, 2024
Enterprise Search Market
Ict

Enterprise Search Market Is Estimated To Witness High Growth Owing To Advancement In AI And Machine Learning

The enterprise search market enables organizations to search through their internal data repositories. It allows employees to locate the right information quickly by searching through documents, emails, files, databases, and collaboration platforms within the organization. Enterprise search solutions provide significant advantages over siloed search tools with a centralized index and relevance-based algorithms that deliver precise results. The growing need for streamlining information access and optimizing knowledge worker productivity are driving the adoption of enterprise search solutions across various industries.

The global enterprise search market is estimated to be valued at US$ 6564.18 Mn in 2024 and is expected to exhibit a CAGR of 14% over the forecast period from 2024 to 2031.

Key Takeaways

Key players operating in the enterprise search market are Abbott Laboratories, QIAGEN N.V., Myriad RBM, Thermo Fisher Scientific Inc., Athena Diagnostics, Bio-Rad Laboratories, Inc., AbaStar MDx, Inc., Acumen Pharmaceuticals, Banyan Biomarkers, Inc., Alseres Pharmaceuticals, Inc., Proteome Sciences, Immunarray Pvt. Ltd., Quanterix Corporation, and Diagenic ASA.

The rising demand for personalized customer experiences and transforming customer interactions are creating new growth opportunities in the industry. Rapid advancements in AI and machine learning technologies are enabling more comprehensive and intelligent search capabilities. Enterprise search solutions deploying AI and machine learning can understand user intent better, offer predictive suggestions, and continuously learn from user interactions to deliver improved results over time.

Technological advancements such as natural language processing, deep neural networks, and advanced entity extraction are powering the next generation of enterprise search experiences. AI-powered search solutions can extract meaningful insights from various data sources and understand relationships between people, places, and concepts. They can analyze both structured and unstructured data to deliver personalized and contextual search experiences.

Market Drivers

The growing reliance of organizations on digital content and repositories to streamline operations is a key driver for the adoption of enterprise search solutions. As data volume and complexity increase, it is challenging for organizations to navigate through disparate internal information systems. Enterprise search provides a centralized gateway to access relevant information and improvise workforce productivity. It allows knowledge workers to locate documents, experts and answers within the organization seamlessly. The need for optimizing knowledge discovery processes and driving operational efficiencies is propelling the Enterprise Search Market Trends

Current Challenges in the Enterprise Search Market
As enterprises globally generate huge volumes of both structured and unstructured data every day, managing and deriving insights from this data through conventional search methods has become challenging. With employees and teams dispersed across various locations and time zones, centralized search functionality is needed for faster information retrieval and better collaboration. Legacy search tools often lack advanced capabilities for natural language processing, query understanding and contextual relevance required to deliver personalized search experiences. Data security and accessibility also remain key concerns for enterprises reluctant to move their search infrastructure to the cloud. Going forward, balancing search accuracy with computational efficiency will be important to support diverse online and mobile user needs.

SWOT Analysis
Strength: Enterprise search solutions offer a centralized place to search across all internal and external sources of data. This unified view enhances productivity.
Weakness: On-premise deployment requires high upfront costs and dedicated IT resources for management and maintenance. Data silos within large organizations also impact search effectiveness.
Opportunity: Growing cloud adoption provides an opportunity for search vendors to offer scalable SaaS solutions. Integration of AI/ML capabilities can make search more intuitive and context-aware.
Threats: Open source search tools threaten commercial vendors by offering basic features free of cost. Stricter data privacy laws pose compliance challenges for cloud deployment models.

North America currently accounts for the largest share of the global enterprise search market in terms of value. This is attributed to early technology adoption and widespread awareness among enterprises regarding the benefits of centralized search solutions. The Asia Pacific region is projected to witness the fastest growth during the forecast period, driven by growing investments in digital transformation across industries in China, India and other emerging countries.

In terms of value, the United States and Canada collectively represent the most concentrated geographical region within the enterprise search market. This is due to strong demand from large enterprises across sectors like banking, healthcare, manufacturing etc. seeking to enhance productivity and decision making through discoverability of internal information. The cloud deployment model is also seeing increased preference over on-premise systems in this region.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it.