The enterprise search market comprises of software and solutions that allow businesses to search internal data stored on servers, employee desktops and mobile devices. Enterprise search products help organizations effectively search through structured and unstructured data like emails, documents, presentations, intranet content and Customer Relationship Management (CRM) systems. It improves the productivity of employees by providing quick access to required information.
The Global Enterprise Search Market is estimated to be valued at US$ 6.27 Bn in 2024 and is expected to exhibit a CAGR of 10.9% over the forecast period 2024 To 2031.
Key Takeaways
Key players operating in the enterprise search 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, Diagenic ASA, and Psynova Neurotech.
The growing digitization across industries has increased the volume of enterprise data. This has boosted the demand for enterprise search solutions to enable efficient Enterprise Search Market Trends and retrieval of required information. Furthermore, the remote working culture accelerated during the pandemic has strengthened the need for such solutions.
The major vendors in the market are focusing on geographic expansion into high growth regional markets to leverage the opportunities. For instance, many players are targeting Asia Pacific owing to rapid digital transformation of enterprises in countries like China and India.
Market Key Trends
The rising adoption of artificial intelligence (AI) and machine learning (ML) capabilities in enterprise search is one of the key trends in the market. AI helps query understanding, provides enhanced search results and personalized search experience to users. It also enables advanced analytics on user search patterns. With ML, Enterprise Search Market Size And Trends are empowered to continuously learn and improve search results. This is boosting the demand for AI-powered enterprise search platforms.
Porter's Analysis
Threat of new entrants: Low barrier of entry into the enterprise search market leads to moderate threat.
Bargaining power of buyers: Buyers have high bargaining power due to availability of multiple alternatives in the market.
Bargaining power of suppliers: Suppliers have low bargaining power as there are many alternatives in the market.
Threat of new substitutes: Low threat of substitution as enterprise search serves niche purposes that cannot be substituted.
Competitive rivalry: High competition due to presence of global and regional players offering innovative solutions.
Geographical regions
The value concentration of the enterprise search market is currently in North America due to rapid technological adoption and digital transformation initiatives across sectors.
The Asia Pacific region is poised to be the fastest growing geographical segment during the forecast period. Countries like China, India are witnessing increased spending on cloud-based solutions as well as expanding SME sector driving the demand.
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Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. (https://www.linkedin.com/in/ravina-pandya-1a3984191)
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