Published Date: 31-Mar-23
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According to a new report, published by KBV research, The Global Enterprise Search Market size is expected to reach $6.9 billion by 2028, rising at a market growth of 8.3% CAGR during the forecast period.
The Hosted Search segment is showcasing a CAGR of 8.7% during (2022 - 2028). The segment's expansion can be ascribed to the growing acceptance of cloud-based data hosting in businesses due to the convenience and accessibility of remote data. For example, in 2022, Gartner, Inc. predicted that by 2025, cloud computing would account for more than half of commercial IT spending. Additionally, it is anticipated that the pandemic and the rise of data digitization will propel enterprises to use cloud-based data platforms.
The Large Size Organizations segment is leading the Global Enterprise Search Market by Organization Size in 2021 thereby, achieving a market value of $4.8 billion by 2028. This can be attributed to the rising need for effective tools for precise data search in large organizations because they have massive databases. In addition, multinational businesses that operate globally require a database search option to aid staff in cooperation projects with multiple teams at various levels and locations.
The BFSI segment has shown the growth rate of 7.3% during (2022 - 2028). The networking and data exchange across outlets is responsible for the segment's expansion. Data accessibility presents problems for banks and other financial entities. As a result, they spend money on enterprise search tools to make the most of their huge database and enable speedy information retrieval for their staff. The financial organizations' outdated datasets can be converted into useful resources owing to clever search tools.
The North America market dominated the Global Enterprise Search Market by Region in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $2.4 billion by 2028. The Europe market is exhibiting a CAGR of 7.6% during (2022 - 2028). Additionally, The Asia Pacific market would display a CAGR of 9.2% during (2022 - 2028).
Full Report: https://www.kbvresearch.com/enterprise-search-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of Microsoft Corporation, IBM Corporation, Google LLC (Alphabet, Inc.), Amazon Web Services, Inc. (Amazon.com, Inc.), OpenText Corporation, Oracle Corporation, X1 Discovery, Inc., Attivio, Inc., SAP SE, and Dassault Systemes SE.
By Organization Size
Unique Offerings from KBV Research
North America Enterprise Search Market size & Opportunities 2022-2028
Europe Enterprise Search Market & Growth Forecast 2022-2028
Asia Pacific Enterprise Search Market Share & Industry Outlook to 2028
LAMEA Enterprise Search Market Growth, Trends & Forecasts 2022-2028