Global Enterprise Search Market: Snapshot
Enterprise search is about making contents from various sources of information resting on range of databases searchable to people within the company or stakeholders outside the company. In an ever-changing business landscape, there is a need for accessing structured and unstructured data files from multiple databases, particularly from companies’ emails and intranets. Notable databases used are numerous content management systems, application database, company’s website, and email servers. One of the key functions of using enterprise search solutions is for integrating structured content with unstructured data so that interested end users can search them easily. One of the key business propositions driving adoption of products in the enterprise search market is making proprietary knowledge and data easily accessible. The framework is aimed at breaking organizational silos and makes unification of information possible for enterprises and other entities across the value chain
The proliferation of sources of data and documents in organizations across the globe is a key catalyst to the growing demand in the enterprise search market. The banking, financial services and insurance (BFSI) industry has been a prominent end user in the enterprise search market. Other broad application areas are government, commercial, and healthcare sectors. Enterprise search solutions are available on cloud, on premise, or on a hybrid infrastructure.
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Global Enterprise Search Market: Growth Dynamics
Need for locating specific information quickly and reliably from a wide array of enterprise data parked in several platforms is a key factor propelling the need for enterprise search functionality. Incorporation of machine learning algorithms makes enterprise search generate the most relevant information and with less time.
Over the years, enterprise search has occupied a central role in employee collaboration and engagement as it helps end users leverage the benefits of digitalization of data. The use of text analytics techniques and assortment of artificial intelligence technologies has catalyzed promising opportunities for players in the enterprise search market. Companies are harnessing the capabilities of enterprise search by making the search more personalized to users.
Global Enterprise Search Market: Notable Developments
Businesses across the world are adopting enterprise search tools as one of the key enablers of understanding users’ experience and driving steady business results. They are putting bets on personalized experiences generated by enterprise search to hook users. End-use industries in the enterprise search market are attracted to the proposition of the potential of enterprise search for supporting key aspects of the customer journey. A case in point is the use of enterprise search solutions to reveal select business data to external customers. For instance, enterprise search enables them to retrieve select business data from external website or mobile site.
One of the new entrants which intend to help business by offering enterprise search solution is a U.S.-based startup Algolia. It recently bagged category Leader ranking in two G2 Grid Reports for Enterprise Search, which has geared its efforts to strengthen its position. Of note, rankings on G2 reports are highly valued.
Some of the well-entrenched players looking for sizable stakes in the global enterprise are
- Microsoft Corporations
- Coveo Solutions
- EMC Corporation
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Global Enterprise Search Market: Regional Assessment
Of the various key regions in the enterprise search market, North America has contributed sizable revenues to the global market over the past years. The vast appetite of new enterprise software among businesses of diverse industries has made the region increasingly lucrative for providers of enterprise search. Further, the regional market will see new avenues on the back of an array of novel solutions that have been launched in recent years. On the other hand, Europe is expected to be a promising regional market in coming years.
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