Enterprise Search Market Size, Share and Industry Growth 2020 | Microsoft Corporation, Attivio Inc., IBM Corporation, Oracle Corporation, Coveo Solutions, Inc., SAP AG, Lucid Work, Inc., EMC Corporations

Enterprise search technology is used to search necessary information, which can be located at and accessed from any end of an enterprise. The technology facilitates users to access information in efficient manner.

The technology is becoming increasingly popular across BFSI industry. It assists in efficiently managing the information access, adherence to security policies, overcome human constraints and optimizes time-cost by saving HR efforts. The study highlights key benefits that add competitive value to companies and facilitates effective business planning.

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The market is driven by factors such as sophistication of artificial intelligence software and converging robotics technology with mobile technologies. The market faces limitations due to time-consuming activities such as R&D, manufacturing and marketing. Better growth opportunities are perceived due to comparatively untapped markets in African countries and increasing defense spending, worldwide.

As per applications, market is classified into BFSI, government, commercial, healthcare, media & entertainment, retail and others. Among all applications, BFSI is commonly used and expected to drive the market in future. Banks need enterprise search solutions in order to provide core banking solutions and internet banking to customers.

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From the geographical perspectives, the market is categorized into regions such as North America, Asia-Pacific, Europe and rest of the world (RoW). North American region is driving the market with largest share due to early adoption of the technology. In future, Europe is expected to experience higher growth due to entry of multiple American players in the European countries.

Companies are adopting product launch strategies with innovations. For example, Coveo Solutions upgraded search engine for Sitecore websites. Some of the market players are Microsoft Corporation, Attivio Inc., IBM Corporation, Oracle Corporation, Coveo Solutions, Inc., SAP AG, Lucid Work, Inc., EMC Corporations, X1 Technologies and Mark Logic Corporation.

The bargaining power of customers is moderate due to entry of multiple companies in the market and high switch-over cost. Degree of intersegment rivalry is expected to rise higher as numerous players are present in the market and many other players are expected to step in. Threat of substitutes is low/moderate.

Key drivers that are propelling the growth of the market included in the report. Additionally, challenges and restraining factors that are likely to curb the growth of the market are put forth by the analysts to prepare the manufacturers for future challenges in advance.

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The market is evaluated based on its regional penetration, explaining the performance of the market in each regional market covering provinces such as North America (United States, Canada and Mexico), Europe (Germany, France, UK, Russia and Italy), Asia-Pacific (China, Japan, Korea, India and Southeast Asia), South America (Brazil, Argentina, Colombia), Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa)

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