Enterprise search solutions enable organizations to search, organize and access crucial information from various internal systems and departments, such as ERP, CRM, and documents/files. These solutions help improve employees' productivity by providing quick access to relevant data. The growing adoption of digital technologies across industries has led to generation of massive volumes of internal data. Effective enterprise search is becoming critical for organizations to extract value from this data. With increasing digitalization of workflows, the need for advanced search capabilities to navigate large amounts of structured and unstructured data is expected to rise substantially over the coming years.
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 14.0% over the forecast period 2024 To 2031, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
The key market opportunity lies in increasing adoption of cloud-based enterprise search solutions. Organizations are shifting from on-premise to cloud-based deployments to gain scalability, flexibility and optimise costs. Cloud-based enterprise search provides the capability to instantly search metadata and content across cloud applications, files and systems. It allows multi-tenant usage and automates administration tasks. As digital transformation initiatives accelerate across industries, demand for cloud-based enterprise search from SMBs and large enterprises is expected to increase significantly. This growing demand can be met by key players focused on enhancing their cloud offerings with advanced AI, ML and analytics capabilities. Players delivering scalable and cost-effective cloud-based enterprise search solutions will be able to gain greater market share over the forecast period.
Porter's Analysis
Threat of new entrants: Low due to established network of incumbents and high capital requirements for R&D.
Bargaining power of buyers: Moderate as buyers have moderate choice of options.
Bargaining power of suppliers: Moderate as suppliers have no choice in demand but provide necessary materials and components.
Threat of new substitutes: Low as no major substitutes are available for enterprise search market.
Competitive rivalry: High due to presence of major players competing on technology and features.
SWOT Analysis
Strength: Enterprise search provides comprehensive insights and knowledge management which boosts organizational productivity. Growing digitalization further support market growth.
Weakness: High dependency on technology upgrades and extensive customization requirements increase costs. Data privacy and security challenges can undermine market prospects.
Opportunity: Emerging technologies like AI/ML provide new avenues to enhance search capabilities. Growing remote working culture augments demand for enterprise search solutions.
Threats: Economic slowdowns can decrease IT budgets and postpone upgrades. Open-source solutions emerge as affordable alternatives.
Key Takeaways
The Global Enterprise Search Market Demand is expected to witness high growth at a CAGR of 14% during the forecast period of 2024 to 2031. The North America region currently dominates the market backed by robust technology adoption. The market size for 2024 is estimated at US$ 6564.18 Mn.
Regional analysis –
North America has the largest share in the global enterprise search market and is expected to maintain its dominance during the forecast period as well. The growth in this region is driven by rising digital transformation initiatives and growing adoption of advanced technologies by organizations in the US and Canada.
Key players –
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, Diagenic ASA, and Psynova Neurotech.
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