Enterprise Search Market Size & Share to Surpass $8.12 Billion by 2030 | Vantage Market Research

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WASHINGTON, May 15, 2023 (GLOBE NEWSWIRE) — The Global Enterprise Search Market is valued at USD 4.3 Billion in 2022 and is projected to reach a value of USD 8.12 Billion by 2030 at a CAGR (Compound Annual Growth Rate) of 9.5% over the forecast period 2023-2030.

Market Overview

The global demand for Enterprise Search is predicted to grow owing to the increasing need for enterprises to efficiently manage and improve data accessibility. Marketers are increasingly interested in search solutions that can help them save time while searching for data. Enterprise Search solutions provide enterprises with the necessary data or information from a pool of databases, emails, intranets, data management systems, and so on. These solutions not only improve business efficiency but also provide security by granting authorized access to information.

We forecast that the hosted search category in Enterprise Search market sales will account for more than 47% by 2030. This is due to the fact that company data is increasingly being housed on cloud platforms for remote work capabilities.

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Market Dynamics

Rising Trend of Hashing Technology will Support Market Expansion
The growing trend of hashing technology is likely to have a beneficial impact on the industry due to improved search output performance. For quick search functions, the further technology sorts data based on hash values. For example, in September 2022, Algolia, a private search engine firm, finalized the acquisition of Search.io, a hashing technology company. Algolia was able to provide its clients with faster and more efficient search results as a result of the acquisition.

Growing Trend of Digitization in the Industrial Sector to Drive Market Growth
Employees utilize business search solutions to search through terabytes of data instantly, considerably driving market growth. Enterprise Search solutions are critical for businesses because they drastically cut search times, which leads to greater productivity. Furthermore, Enterprise Search service providers secure the data to prevent unwanted access. When a company has numerous layers of employees, a security layer assists in providing data access exclusively to specific personnel.

Top Players in the Global Enterprise Search Market

• Attivio (Massachusetts, U.S.)
• Coveo Solutions Inc. (Canada)
• Dassault Systemes Inc. (France)
• Dieselpoint Inc. (Illionis, U.S.)
• EMC Corporation (U.S.)
• Expert System Inc. (Hong Kong)
• Alphabet Inc. (U.S.)
• HP Autonomy (UK)
• IBM Corporation (U.S.)
• Lucidworks Inc. (U.S.)
• MarkLogic Corporation (U.S.)
• Oracle Corporation (U.S.)
• Perceptive Software Inc. (U.S.)
• PolySpot (France)
• Recommind Inc. (U.S.)
• SAP AG (Germany)
• Sinequa Inc. (Paris)
• Thunderstone Software (U.S.)
• X1 Technologies (U.S.)
• ZyLabs (U.S.)

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Top Trends in Global Enterprise Search Market

• One trend that Vantage Market Research (VMR) expects to see in the Enterprise Search industry is the advancement of technology. Employees use corporate search solutions to swiftly search through terabytes of data, significantly driving market growth. Enterprise Search solutions are crucial for businesses because they significantly reduce search times, resulting in increased productivity. Moreover, Enterprise Search service providers safeguard the data to prevent unauthorized access when a corporation has multiple levels of employees. A security layer aids in restricting data access to certain personnel.
• Another trend that VMR predicts will continue in the Enterprise Search is its growing adoption of digitization. The use of Enterprise Search market goods makes proprietary records and data easily accessible to relevant personnel within and outside the firm. The architecture aims to overcome organizational storage constraints and enable information aggregation for enterprises and other entities throughout the value chain. The increasing number of data and document sources in businesses throughout the world is a major contributor to the expanding demand in the Enterprise Search market. In the corporate search market, the banking, financial services, and insurance (BFSI) industry has traditionally been a prominent end customer. Additional broad application areas include public and private organizations, commercial, retail, healthcare, and various other industries.

Top Report Findings

• The Hosted search category controls most of the Enterprise Search market’s revenue based on Type. Its expansion might be ascribed to the growing popularity of cloud-based data hosting in organizations due to the convenience of remote data access. For instance, Gartner, Inc. predicted in February 2022 that cloud computing will account for more than half of enterprise information technology spending by 2025. Furthermore, the trend of data digitization, coupled with the pandemic, is likely to boost market expansion by driving enterprises to embrace cloud-based data platforms.
• Based on the End-User, most of the Enterprise Search market’s revenue is controlled by Banking & Finance, attributed to the interconnectedness and exchange of data in numerous channels. Data accessibility is a difficulty for banks and financial institutions. As a result, they invest in Enterprise Search software to help their staff swiftly obtain information from their enormous database. Financial companies can use intelligent search technologies to convert their outdated datasets into accessible resources.
• Based on Enterprise Size, most of the Enterprise Search market’s revenue is controlled by Small categories. The expanding number of small businesses around the world is boosting the market growth. According to the US Small Business Administration, the number of small enterprises in the United States will reach 33.2 million by 2022. Furthermore, technology penetration is likely to fuel demand for Enterprise Search solutions among small businesses because of their cost and process benefits.

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Recent Developments in the Global Enterprise Search Market

• 2022: Adesso SE, an IT service provider, established a partnership with Sinequa, an Enterprise Search solution supplier, to develop an Enterprise Search competency center. The cooperation was formed in order for the two companies’ respective skills to be exchanged.

Hosted Search of the Global Enterprise Search Market Anticipated to Generate Nearly Half the Total Global Revenue

For better understanding, based on the Type, the Enterprise Search market is divided into local search, hosted search, and search appliance.

It is expected that the Hosted search segment will be the fastest-growing market. Its expansion might be linked to the increasing popularity of cloud-based data hosting in organizations due to the benefit of remote data access. Furthermore, the trend of data digitization, accompanied by the pandemic, forcing enterprises to embrace cloud-based data platforms is likely to boost market expansion.

On the other hand, it is anticipated that the Local Search industry will be the largest growing category in the Enterprise Search market. The segment’s strong market presence can be attributed to the prominent data hosting on local enterprise sites. The concern for data security is anticipated to be resolved by storing data locally, as no third party has access to any type of data. Furthermore, the trend of assorting data by type and form is expected to drive the local search segment in the Enterprise Search market.

North America Region of the Global Enterprise Search Market Anticipated to Generate a Considerable Amount of Revenue
North America dominates the market throughout the projection period. This is due to the region’s substantial presence of multiple key industry participants, as well as technological breakthroughs started by them. The convergence of enterprise security solutions and information systems will further boost the regional market growth. Furthermore, the region’s rapid technology improvements and acceptance are likely to positively impact the North American Enterprise Search market throughout the forecast period.

The Asia Pacific is expected to be the fastest-growing region in the Enterprise Search market, considering the growth of the information technology sector in nations such as China, India, South Korea, Japan, and the Philippines, to name a few. The region is seeing a significant increase in the number of small and large-scale software enterprises, creating an attractive potential for the sector.

Browse market data Tables and Figures spread through 142 Pages and in-depth TOC on Enterprise Search Market Forecast Report (2023-2030).             

Global Enterprise Search Market Segmentation

By Type

• Local Search
• Hosted Search
• Search Appliance

By End-Use

• Government & Commercial Offices
• Banking & Financial
• Healthcare
• Retail
• Media
• Manufacturing
• Other End Uses

By Enterprise Size

• Small
• Medium
• Large

By Region

• North America
  • United States
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • South-East Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Argentina
  • Rest of Latin America
• Middle East & Africa
  • GCC Countries
  • South Africa
  • Rest of MEA

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