Enterprise search technology helps in getting information 30% faster, saves employees time, and improves efficiency. The enterprise search helps in securing data by providing limited access to the information because only authorized individuals can access the data.
The enterprise search technology is widely used in the BFSI industry. Rising need for better and effective search solutions and growing amount of data in organizations have also grown the demand for enterprise search solutions immensely at the global level. Enterprise search solutions also provide better layers of security, efficient management of information, and allowing access only to the authorized person.
The global enterprise search market is expected to grow at a massive rate and has opened various opportunities for players contributing this market. According to the analysts, the global enterprise search market is expected to reach US$ 3.9 bn by the end of 2019. This market is estimated to expand at 12.2% of CAGR during the forecast period from 2013 to 2019.
The researchers of the global enterprise search market have categorized the report on the basis of end users, the size of the enterprise, and region. Based on the end user, the market for enterprise search segment includes government and commercial offices, retail, banking and financial services, healthcare, and others (media and entertainment, aerospace and defense, construction). Out of these segments, banking and financial services hold the larger market share. Factors that are driving the growth of this market is mainly because of increasing connectivity of banks and financial offices via, internet. These services help in increasing data shared between the branches and offices and are secured from external breaches.
Based on the size of the enterprise, the enterprise search is segmented into medium scale enterprise, large scale enterprise, and small scale enterprise. Among these segments, large scale enterprise is accounted to be the largest segment by holding 61% of shares in the global market. However, in the forthcoming years, medium scale enterprise is projected to be the fastest growing segment. Increased usage of internet search and data in the small and medium enterprise will also boost the demand for enterprise search solutions in the medium scale enterprise segment.
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Technological Advancements to Lead North America Market
Technological advancements and increasing organizational need for better search results have created the demand for enterprise search market across the globe. On the basis of geography, North America is expected to dominate the global enterprise search market. The total revenue share held by North America was 34.2% in past few years. Increasing technological advancements is the major reason for the growth of enterprise search in North America.
In addition, increasing use of enterprise tools and enterprise search across various industries in countries such as Germany, France, and the United Kingdom have created growth opportunities for this market.
To give a better understanding of the market, the report carries a competitive landscape in which various leading companies are analyzed such as Oracle Corporation, Coveo Solution Inc., Microsoft Corporation, IBM Corporation, and Attivio Inc.
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