Enterprise Search Market to grow at a CAGR of 9.95% during 2024-2028
The Enterprise Search Market is expected to grow at a CAGR of 9.95% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 3.61 billion. The enterprise search market is witnessing a significant shift towards digital assistants and voice searches, driven by the increasing integration of these technologies into various devices and systems. This trend is anticipated to revolutionize the global enterprise search software industry. With the rise of smart homes and the Internet of Things (IoT), digital assistants and voice search are poised for substantial growth. These technologies, born out of the proliferation of technology and growing technical literacy worldwide, are set to surpass mobile phones and expand into other smart devices during the forecast period.
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Technavio analysts predict that the Local search subsegment will lead the Type segment during 2024 and 2028 The local search segment held a significant market share in the global enterprise search landscape in 2023. This trend is anticipated to persist throughout the forecast period, driven by the increasing priority given to optimizing online presence within specific geographical areas. With a growing emphasis on catering to local audiences, particularly small businesses and startups, local search offers numerous advantages. These include enhancing business profiles, boosting online visibility, driving more footfall to physical locations, attracting targeted traffic, and optimizing online directories and citations. Key industries benefiting from local search include dental clinics, real estate, and legal firms, among others.
Here are the various ways based on which the market is segmented:
There are several factors that are causing the market to flourish upsurge in penetration of internet worldwide
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The Enterprise Search Market is experiencing significant growth as businesses seek to make their Unstructured and Structured data more accessible and searchable. Unstructured data, such as emails, social media postsings, and multimedia files, can be challenging to search using traditional methods. Natural Language Processing (NLP) and Artificial Intelligence (AI) technologies, including Machine Learning and OpenAI, are being used to improve Enterprise Search Solutions. Data silos, created by the use of different systems and applications, can hinder effective data accessibility. Cloud-based technologies, Big Data, and SAAS solutions are helping to break down these silos, allowing for more integrated and efficient Data Management and Search Solutions. The Banking and Finance industry, with its Sensitive Data, is a major player in the Enterprise Search Market. Hashing technology and Optical Character Recognition are being used to securely search and manage this data. Authorized Access and Security are critical considerations, with Machine Vision and AI being used to enhance these capabilities. Enterprise Search Solutions are essential for Business Efficiency, enabling employees to quickly find the information they need. Integration tools are being developed to make it easier to search across multiple systems and databases, including Intranets, Emails, and Databases. The future of Enterprise Search lies in the continued development of advanced AI and NLP technologies, ensuring Personalized Search Experiences for users.
According to Technavio, the global enterprise search market is a segment of the expansive global IT software market, specifically the systems software sector. The IT software market encompasses businesses involved in the creation and distribution of application and systems software, as well as database management software. The systems software market, in turn, focuses on the development and management of application development and management software, cloud computing software, data centers, hosting software, IT management software, mobility software, networking software, security software, and storage software, excluding home entertainment software. Technavio's market analysis for the systems software market calculates its size based on the consolidated revenue generated by organizations providing various types of systems software, including cloud-based solutions.
The Enterprise Search Market is experiencing significant growth, fueled by the upsurge in penetration of internet worldwide. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
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