Press release
Knowledge Management Software Market 2018 – 2023 Major Key Leaders: Freshworks Inc, Lucidea, Atlassian Corporation Plc, eXo Platfor, Bitrix, Inc, Yonyx Inc., MangoApps Inc
Knowledge management software standardises information collection, storage, evaluation and access. Knowledge management software emphasizes building knowledge out of information and also includes concept building tools and search tools which present information in manner easy to comprehend and draw meaningful conclusions.
Global Knowledge Management Software Market is expected to grow at USD ~33 Billion by 2023, at ~12% of CAGR between 2017 and 2023.
Major Key Players of Knowledge Management Software Market:
Freshworks Inc. (U.S.), Lucidea (Canada), Atlassian Corporation Plc (Australia), eXo Platform (U.S.), Bitrix, Inc. (U.S.), Yonyx Inc. (U.S.), MangoApps Inc. (U.S.), EduBrite Systems Inc. (U.S.), ProProfs (U.S.), and Callidus Software Inc. (U.S.), among others.
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Key Trends in the Knowledge Management Software Market
• Mergers and acquisitions are expected to thrive. For example, in August, 2017, Lucidea acquired Eloquent Systems, Inc., to provide the support powerful knowledge management capabilities and mobile-friendly knowledge management software to the clients and professionals, who manages archive, libraries, museums records and others.
• Knowledge management software is increasingly leveraging cloud computing technologies due to advantages such as remote access, decrease handling time, reduce training times, increase customer satisfaction and others.
• Another advancements has been visual search approaches including Tree traversal, Taxonomy navigation, Tag Cloud search, Matrix/Heat Map search, and others.
• An Open Source business models have been utilised with systems such as eXo Platform, OpenKM, Collective Knowledge.
• Companies are creating and focusing the Minimum viable product model to build basic systems which are then developed by incorporating modules based on the need of the customer. Thus customisation is taking a lead in the market.
• Social media integration with knowledge management software is expected to grow and flourish
• Knowledge management software is expected to include enterprise Collaboration
• With rising mobile phone adoption and mobile technology becoming a primary means of accessing the web, mobile technology is expected to be at the forefront of Knowledge management software
• Visuals search results are expected to replace listing files names so as to help users navigate more easily
• External Processes such as communicating, scheduling, project management, content creation and other activities are expected to be integrated with the Knowledge management software
• User Interface development is expected to yield the highest returns and result in better sales.
Market dynamics of Global Knowledge Management Software Market:
Drivers
• Capability to integrate with multiple platforms and internal systems and scalability of the system
• Ability to access information in different languages and possibility of remote and cloud access
• Systematic classification and timely action based on historic timely data
• Greater returns on investment due to avoidance of legal complications and reduced cost of noncompliance
Restraints
• High cost of the system
• Technological lag and need for business process restructuring
• Scarcity of trained manpower and need for strong information technology policies
Regional analysis of Knowledge Management Software Market:
North America is the leading region across the world in terms of market share in knowledge management software market due to larger demand emanating from developed healthcare market, advanced economy and developed industry. Europe region is expected to secure second position and is expected to be led by Germany, U.K., France and others.
Asia-Pacific countries especially Japan, China, India and South Korea are expected to be emerging markets for knowledge management software market. The Middle East and Africa market is expected to result in moderate growth due to poor socio economic conditions and lack of awareness.
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Segments of Knowledge Management Software Market:
• Type (Mobile - Android Native, Mobile - iOS Native, Others)
• Deployment Type (On Premises, Cloud, Hybrid, Others)
• Organization Type (Small & Medium Scale Enterprise, Large Scales Enterprise)
• End - Users (Government and defence, Manufacturing, BFSI, Pharmaceuticals, IT & Telecommunication, Others).
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