Future of Enterprise Search: Market Trends and Innovations to Watch by 2032

According to a new report published by Allied Market Research, titled, "Enterprise Search Market," The enterprise search market was valued at $5 billion in 2022, and is estimated to reach $12.2 billion by 2032, growing at a CAGR of 9.6% from 2023 to 2032.

Enterprise search is the process of retrieving digital content from multiple data sources through a unified search interface. It is widely used in web, e-commerce, customer service, and knowledge management. Enterprise search tools enable employees to access relevant information across various platforms like Salesforce, Google Drive, SharePoint, Slack, and more. As a primary search solution within organizations, enterprise search must scale across vast document volumes and diverse data types. By providing quick and accurate information, it enhances productivity, employee satisfaction, and overall business efficiency. The growing need for seamless data accessibility to manage large datasets is driving the expansion of the enterprise search market.

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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.

Solution Segment to Lead the Market Through 2032

By component, the solution segment dominated the enterprise search market in 2022, contributing nearly two-thirds of the total revenue. This segment is expected to maintain its leadership position throughout the forecast period, driven by rapid technological advancements across industries that create new opportunities. However, the service segment is anticipated to record the highest CAGR of 11.8% from 2023 to 2032, fueled by the increasing adoption of enterprise search services across various sectors.

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Conversational Search to Maintain Market Leadership

Based on type, the conversational search segment accounted for the largest market share in 2022, representing nearly three-fifths of enterprise search revenue. This segment is expected to sustain its dominance due to its ability to enhance user interactions with digital platforms and streamline information retrieval. Meanwhile, the multimedia search segment is projected to grow at the fastest CAGR of 12.0% from 2023 to 2032, as its integration into various applications boosts content discoverability in visually driven digital landscapes.

On-Premise Deployment to Remain the Preferred Choice

By deployment mode, the on-premise segment held the highest market share in 2022, accounting for two-fifths of the total revenue. Its continued dominance is attributed to industries prioritizing high data security and reduced risk of breaches compared to cloud-based models. However, the cloud segment is expected to exhibit the fastest CAGR of 11.2% from 2023 to 2032, as businesses increasingly adopt cloud-based solutions for cost-effective and secure operations.

Large Enterprises Segment to Continue Leading

In terms of enterprise size, large enterprises contributed nearly two-thirds of market revenue in 2022, as they increasingly implement enterprise search solutions to enhance operational efficiency. This segment is expected to retain its leading position. However, the small and medium-sized enterprises (SMEs) segment is projected to grow at the highest CAGR of 12.2% from 2023 to 2032, driven by cost-effective solutions tailored for SMEs.

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BFSI Sector to Dominate, While Healthcare Shows Fastest Growth

By industry vertical, the BFSI segment accounted for nearly one-third of the enterprise search market revenue in 2022 and is expected to maintain its leadership throughout the forecast period. Growing demand for enterprise search solutions within the financial sector continues to drive growth. However, the healthcare sector is anticipated to register the fastest CAGR of 14.5% from 2023 to 2032, as rising security breaches related to medical records and device data increase the need for secure and efficient search solutions.

North America to Lead, While Asia-Pacific Shows Highest Growth Rate

Regionally, North America dominated the enterprise search market in 2022, contributing nearly two-fifths of total revenue. This growth is fueled by significant investments in cloud computing, AI, ML, and IoT by businesses and government entities. However, Asia-Pacific is expected to witness the fastest CAGR of 13.8% from 2023 to 2032, driven by increasing digitalization and widespread adoption of advanced technologies, offering lucrative opportunities in the 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.

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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.

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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