Enterprise Search Market Reach USD 12.2 Billion by 2032, Key Factors Behind Market's Growth

Allied Market Research published a new report, titled, " The Enterprise Search Market Reach USD 12.2 Billion by 2032, Key Factors Behind Market's Growth." The report offers an extensive analysis of key growth strategies, drivers, opportunities, key segment, Porter's Five Forces analysis, and competitive landscape. This study is a helpful source of information for market players, investors, VPs, stakeholders, and new entrants to gain thorough understanding of the industry and determine steps to be taken to gain competitive advantage.

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.

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The global enterprise search market was valued at USD 5 billion in 2022, and is projected to reach USD 12.2 billion by 2032, growing at a CAGR of 9.6% from 2023 to 2032.

The enterprise search market is segmented into component, type, deployment mode, enterprise size, industry vertical, and region. The report provides information on various components including solution and service. By type, it is categorized into conversational search, multimedia search and multilingual search. Based on deployment mode, it is divided into on-premise and cloud. On the basis of enterprise size, it is categorized by large enterprises and small & medium-sized enterprises. The details of the industry vertical- namely BFSI, healthcare, government, retail and e-commerce, travel and hospitality, media & entertainment, and others are also provided in the report. In addition, it analyzes the current market trends across different regions such as North America, Europe, Asia-Pacific, and LAMEA.

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Key Findings of the Study

● By component, the solution segment accounted for the largest enterprise search market share in 2022.
● By type, the conversational search segment accounted for the largest enterprise search market share in 2022.
● By deployment mode, the on-premise segment accounted for the largest Enterprise search market share in 2022.
● On the basis of enterprise size, the large enterprise segment accounted for the largest enterprise search market share in 2022.
● Depending on industry vertical, the BFSI sector accounted for the largest enterprise search market share in 2022.
● Region wise, North America generated the highest revenue in 2022.

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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.

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.

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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.

The key players that operate in the enterprise search market analysis are OpenText Corporation, Microsoft Corporation, IBM Corporation, Amazon Web Services, Inc., Oracle Corporation, Google LLC, SAP SE, EMC Corporation, Attivio, and X1 Discovery, Inc. These players have adopted various strategies to increase their market penetration and strengthen their position in the enterprise search industry.

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