Press release
Enterprise Search Market to See Exponential Growth, Expected to Reach $12.2 Billion by 2032
Enterprise Search Market
Enterprise search refers to an organization's ability to index data, from any data source within the company, and present the most pertinent information to the user. Major search engines such as Google, Amazon, and YouTube continuously push the limits of search engines with the most used search engines evolving and becoming more advanced as users are naturally coming to expect faster searches, intelligent recommendations, intricate personalization, and more, regardless of their inputting their queries.
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Similarly, customer service has become more advanced, leading to an increased expectation of customer-facing processes like sales and support. This is enhancing organizations to improve the way they accommodate customers' requirements, as well as the productivity and efficiency of their in-house teams. These factors are expected to propel the enterprise search market forecast.
For instance, in January 2023, C3 AI, the Enterprise AI application software firm, launched the C3 Generative AI Product Suite with the release of its first product "C3 Generative AI for Enterprise Search. C3 Generative AI for enterprise search provides enterprise users with a transformative user experience using a natural language interface to rapidly locate, retrieve, and present all relevant data across the entire corpus of an enterprise's information systems.
Based on industry vertical, the BFSI segment held the highest market share in 2022, accounting for nearly one-third of the enterprise search market revenue, and is estimated to maintain its leadership status throughout the forecast period. The increase in demand for enterprise search solutions in BFSI sector further creates lucrative opportunities for this segment in the global market. However, the healthcare sector is projected to manifest the highest CAGR of 14.5% from 2023 to 2032. The increase in security breaches related to medical records, life support systems, and device data in healthcare organizations is fueling the demand for enterprise search solutions.
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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 components, the global enterprise search market size was dominated by the solution segment in 2022 and is expected to maintain its dominance in the upcoming years, owing to advances in technologies enabling enterprise search to transform several industries globally. However, the service segment is expected to witness the highest growth, as enterprise search services help to reduce the time and costs associated with optimizing systems in the initial phase of deployment.
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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By region, North America dominated the market share in 2022 for the enterprise search industry. The increasing investment in advanced technologies such as cloud computing, IoT, AI, ML, business analytics solution, and virtual assistant to improve businesses and customer experience are anticipated to propel the growth of the enterprise search market. However, Asia-Pacific is expected to exhibit the highest growth during the forecast period. This is due 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 pandemic has highlighted the necessity of digital solutions in the healthcare sector. Post-COVID-19, there are increased opportunities for cloud, AI, ML and other advanced technology in the industries. Such trends are expected to provide numerous opportunities for the enterprise search market. In addition, the pandemic has accelerated digital transformation, emphasizing the importance of remote work capabilities and the need for more advanced search solutions to support collaboration and data accessibility for remote teams. Moreover, the rise of remote work has led to a focus on user-friendly interfaces and mobile optimization, ensuring that employees can easily search for and access vital information from various locations. Opportunities arising from the pandemic include a growing market as organizations recognize the importance of efficient knowledge management, improved data security, and compliance in a remote work setting. The industry's response to these trends and opportunities has been pivotal in helping businesses navigate the challenges posed by the pandemic and embrace the possibilities of a more flexible and digital work environment.
Key Findings of the Study
1. By component, the solution segment accounted for the largest enterprise search market share in 2022.
2. By type, the conversational search segment accounted for the largest enterprise search market share in 2022.
3. By deployment mode, the on-premise segment accounted for the largest Enterprise search market share in 2022.
4. On the basis of enterprise size, the large enterprise segment accounted for the largest enterprise search market share in 2022.
5. Depending on the industry vertical, the BFSI sector accounted for the largest enterprise search market share in 2022.
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