Press release
Increasing Demand For Solutions Offering Time-Saving Data Search Capabilities Is Expected To Drive Enterprise Search Market Growth Till 2024
Technological advancements and the emergence of cloud computing and Software as a Service (SaaS) are driving the adoption of hosted enterprise search solutions in the small and medium enterprises. Added benefits offered by these solutions, including low maintenance and reduced installation cost, along with minimum technical support, are positively impacting the market growth. The trend is likely to continue in the near future as well. However, the availability of the open source free enterprise search solution may pose a challenge to companies operating in the market.
Google, Inc. (Google Search Appliance), HP Autonomy (Verity), SharePoint Search (Acquired by Microsoft), and IBM corporation are the leading players dominating the market. However, Microsoft Corporation has recently stopped the commercialization of standalone products, namely ‘Fast’ and ‘Transfer’. The large numbers of enterprises are using enterprise search platforms ‘Fast’ and ‘Transfer’ in the current scenario.
Further key findings from the study suggest:
• Banking and financial services are expected to be a high-growth segment; in 2015, it accounted for over 33% of the enterprise search market. Data sharing and interconnectivity are expected to be the key factors driving growth across this segment
• The large enterprises end-use segment is expected to dominate the market over the next eight years.This can be credited to the increasing need to search for accurate data across a vast database extracted from different sources. The pay-per-use model offered by the cloud (SaaS) enterprise search solutions providers is expected to have a wide adoption across the small and medium enterprises at a rate higher than the global average over the forecast period
• North America emerged as a market leader in terms of market revenue and accounted for over 35% of the global enterprise search market in 2015. Technological advancements along with the presence of the key market players have contributed to the regional market growth
• The key industry participants include HP Autonomy, Google Inc., SharePoint Search (Acquired by Microsoft), and IBM Corp. Strategic collaborations, in order to provide mass market solutions while serving the niche markets, remain a strategic initiative that is followed by the leading players
Grand View Research has segmented the global enterprise search market on the basis of end-use, enterprise size, and region:
Enterprise Search End-Use Outlook (Revenue, USD Million, 2013 - 2024)
• Government & Commercial Offices
• Banking & Financial Services
• Healthcare
• Retail
• Others
Enterprise Search Enterprise Size Outlook (Revenue, USD Million, 2013 - 2024)
• Small Enterprises
• Medium Enterprises
• Large Enterprises
Enterprise Search Regional Outlook (Revenue, USD Million,2013 - 2024)
• North America
o U.S.
o Canada
o Mexico
• Europe
o UK
o Germany
• Asia Pacific
o China
o India
o Japan
• Latin America
o Brazil
• Middle East and Africa
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About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
Press Contact
Sherry James - Corporate Relations Specialist
28 2nd Street, Suite 3036
San Francisco, CA 94105
United States
Phone: 1-415-349-0058
Email: sales@grandviewresearch.com
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