Enterprise Search Market Growth Accelerated By Increasing Demand For Effective Information Retrieval
Enterprise search provides solutions for organizations to search digital assets and data from internal sources across departments like HR, finance, Sales, etc. It helps employees find the right information quickly through a centralized search interface. The rising complexity and volumes of organizational data have increased the need for advanced search capabilities beyond basic keyword matching. Enterprise search uses techniques like natural language processing, AI, and machine learning to understand context and return more relevant results to user queries. It improves employee productivity by saving time spent on searches and provides a unified experience across platforms and file types.
The global Enterprise Search Market is estimated to be valued at Us$ 6564.18 Mn in 2023 and is expected to exhibit a CAGR Of 14.% over the forecast period 2024 To 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increasing demand for effective information retrieval is a key trend fueling the growth of the enterprise search market. Organizations today generate massive amounts of data every day from various sources. Finding the right information quickly amid this data deluge has become challenging. Enterprise search solutions help employees search through all internal data sources like documents, emails, intranet pages, CRM records etc. centrally using natural language queries. This has improved information discovery and knowledge sharing within enterprises. Advancements in AI, machine learning and Natural Language Processing technologies have enhanced the semantic understanding capabilities of enterprise search platforms. They can now extract contextual insights, understand user intent better and deliver more personalized search results. This is accelerating the adoption of these solutions globally.
Segment Analysis
The global enterprise search market is dominated by the IT and telecom segment. IT and telecom organizations have a large volume of data pertaining to customers, products, services, employees etc. that needs to be accessed and searched efficiently. Enterprise search solutions help improve employee productivity by enabling fast and accurate search of relevant information from internal databases and file repositories. This drives the adoption of advanced enterprise search tools in the IT and telecom segment.
Key Takeaways
The Global Enterprise Search Market Demand is expected to witness high growth over the forecast period.
Regional analysis:
North America is expected to hold the largest share of the global enterprise search market during the forecast period. This is attributed to significant investments in advanced technologies by enterprises in the region. Additionally, presence of leading enterprise search vendors and early adoption of digital technologies also support market growth. Asia Pacific is likely to witness the highest growth rate owing to rapid digital transformation of businesses and growing technology spending in countries such as China and India.
Key players operating in the enterprise search are Abbott Laboratories, QIAGEN N.V., Myriad RBM, Thermo Fisher Scientific Inc., Athena Diagnostics, Bio-Rad Laboratories, Inc., AbaStar MDx, Inc., Acumen Pharmaceuticals, Banyan Biomarkers, Inc., Alseres Pharmaceuticals, Inc., Proteome Sciences, Immunarray Pvt. Ltd., Quanterix Corporation, Diagenic ASA, and Psynova Neurotech. These players are focusing on new product launches and enhancing their existing product portfolio to cater to growing demand from enterprises. For instance, in 2021, QIAGEN N.V. launched new Artificial Intelligence and automation capabilities in its QIAGEN Digital Insights solution to drive operational excellence for pathology labs and molecular diagnostics customers.
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