Knowledge Management Software Market Size to grow by USD 25304.64 million between 2024-2028
According to a research report “ Knowledge Management Software Market” by Deployment (On-premises, Cloud-based) End-user (Large enterprises, SMEs) Geography (North America, APAC, Europe, South America, Middle East and Africa)- Global Forecast to 2028 published by Technavio, the market size is estimated to grow by USD 25304.64 million, at a CAGR of almost 14.41% during the forecast period. In today's business landscape, professionals are prioritizing continuous learning and skill development to advance their careers and contribute valuable knowledge to their organizations. This trend is particularly prevalent among software professionals, who are mandated to stay updated with the latest technologies such as big data analytics and cloud computing. This shift towards digitized learning is observed among professionals of all age groups within IT companies. Convenience and flexibility offered by online certification programs on digital platforms have made them a preferred choice over traditional classes. As a result, the increasing adoption of online learning solutions is anticipated to significantly drive the growth of the knowledge management software market in developed countries throughout the forecast period.
Browse market data tables, figures, and in-depth TOC on “Knowledge Management Software Market” by Deployment (On-premises, Cloud-based) End-user (Large enterprises, SMEs) Geography (North America, APAC, Europe, South America, Middle East and Africa) Global Forecast to 2028. Download Free Sample
By Deployment, the On-premises segment is projected to dominate the market size in 2024
In the global knowledge management software market, large enterprises held a substantial market share in 2023. This trend is expected to persist due to the increasing demand for employee productivity and operational efficiency. Large industries such as banking, financial services, and insurance (BFSI), IT, and telecom are major adopters of knowledge management software solutions. These solutions enable end-users, particularly in the BFSI sector, to update customer data and information effectively. A primary growth driver for the knowledge management software market in large enterprises is the need for customer retention and satisfaction on a global scale. Furthermore, large enterprises have the financial capacity to invest in advanced technologies, including knowledge management software, which is anticipated to fuel their growth and, in turn, propel the expansion of the global knowledge management software market throughout the forecast period.
By End-user, Large enterprises segment is expected to hold the largest market size for the year 2024
In the realm of Knowledge Management Systems (KMS), on-premises deployment continues to be a preferred choice for industries with stringent security requirements, such as banking, financial services, and insurance (BFSI), and healthcare sectors. The on-premises model offers enterprises complete control, with monitored and restricted access ensuring high security. However, this model comes with significant operational expenses, including software licensing, IT staffing for management, regular software upgrades, and data protection solutions installation. Despite these costs, the on-premises segment is projected to experience a decline in market share due to the escalating trend towards cloud-based KMS solutions.
North America is forecasted to hold the largest market size by region in 2024
The North American knowledge management software market is projected to expand significantly during the forecast period, driven by the region's advanced technological infrastructure and early adoption of knowledge management platforms. With the United States leading the way in digital technology and boasting a high penetration of internet-enabled devices, the market is poised for growth. Additionally, increasing enterprise awareness of knowledge management software as a vital tool for effective business communication with customers is fueling market expansion. Consequently, numerous vendors in countries such as the US are introducing innovative solutions to enhance customer experience and provide industry-specific navigation, further bolstering market growth.
The Knowledge Management Software Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:
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Research Analysis Overview
The Knowledge Management Software (KMS) market encompasses a range of tools and platforms designed to help organizations effectively manage, organize, and share knowledge and information. These tools include Representation Platforms for visualizing data, Extraction Tools for extracting insights from unstructured data, Integration Software for connecting different systems, Acquisition Systems for capturing new knowledge, Creation Platforms for creating and editing content, Discovery Tools for finding relevant information, Mapping Software for visualizing relationships, and Capture Solutions for automating knowledge capture. Additionally, Transfer Tools facilitate the movement of knowledge between systems, Data Retrieval tools help access information quickly, Repository Software stores and manages content, and Collaboration Tools and Sharing Platforms enable teamwork and information sharing. Overall, Information Management Systems and Document Systems are the broader categories that encompass these tools, with the goal of improving Data Organization and Management within an organization.
Market Research Overview
The Knowledge Management Software (KMS) market is witnessing significant growth due to the increasing demand for cloud-based solutions that offer advanced features such as Natural Language Processing (NLP) and Semantic Analysis. These technologies enable organizations to extract insights from unstructured data and make it accessible through knowledge repositories. Expert systems, knowledge mapping, workflow automation, and search functionality are other key components of KMS. Cloud-based KMS solutions offer various utilization tools, retention solutions, and lifecycle management features. They also provide analytics tools, data analytics, and machine learning capabilities to help organizations make informed decisions. Security software and governance systems ensure data protection and compliance with regulations. KMS architecture solutions offer visualization platforms, representation platforms, extraction tools, integration software, acquisition systems, creation platforms, discovery tools, mapping software, capture solutions, transfer tools, and data retrieval. These solutions help organizations manage data organization and information management effectively. Collaboration tools and sharing platforms enable teams to work together on knowledge creation and dissemination. Enterprise solutions offer accessibility solutions for employees, making it easier for them to access and utilize knowledge. Overall, KMS plays a crucial role in enhancing the productivity and competitiveness of organizations by providing them with the tools to effectively manage and utilize their knowledge assets.
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Jesse Maida
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UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
