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Enterprise Search Market

Enterprise Search Market
Enterprise Search Market - Increasing Use Of Enterprise Search And Other Enterprise Tools
Across Industries In High Opportunity Markets
According to a recent market study published by Transparency Market Research (TMR), titled
“Enterprise Search Market - Global Industry Analysis, Size, Share, Growth, Trends and
Forecast 2013 - 2019”, the global enterprise search market is expected to reach US$3,993.7 million
by 2019, increasing from US$1,777.5 million in 2012 and expanding at a 12.2% CAGR from 2013
to 2019. Enterprise search system makes content from databases, intranets, data management
systems, email, and other sources searchable. Such systems enhance the productivity and efficiency
of business processes and can save as much as 30% of the time spent by employees searching
information.The need to obtain relevant information quickly and the availability of technological
applications to obtain it are the main factors set to drive the global enterprise search market.
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However, uncertain meaning of keywords, having multiple data repositories, and tools such as
customized internet search are some factors that inhibit market growth. Among the several end
users, the banking and financial services segment held the largest market share, accounting for
34.9% of the enterprise search market’s revenue in 2012. Secure and effective data sharing through
intranet between different branches and offices of financial institutions is leading to market growth.
For instance, Recommind Inc., a leading information management, enterprise search, and email
management solution provider firm, has provided customized solutions to several leading
investment banks in the world. Government and commercial offices was registered as the second
largest end-use segment in 2012 and will exhibit strong growth in the near future. Growing use of
intranet and communication tools within organizations to improve workflow and improve the
efficiency has driven demand from this end-use segment of the global enterprise search market.
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In terms of enterprise size, the enterprise search market is segmented into large scale, medium scale,
and small scale. Large scale enterprise accounted as the largest segment, holding a 61.0% market
share in 2012. However, owing to increase in medium size businesses, the medium scale enterprise
segment will exhibit the fastest growth during the forecast period. On the basis of geographical
distribution, the global enterprise search market is divided into four regions, namely North America,
Asia Pacific, Europe, and Rest of the World (RoW). Among the regional markets, North America
dominated the market in 2012, accounting for a 34.2% revenue share. Technological advancements
across industry sectors and the presence of major enterprise search industry players in the region
have augmented growth of the North America enterprise search market.dditionally, increasing use
of enterprise search and other enterprise tools across industries in high opportunity markets such as
Germany and Canada has been a major driving force. To capitalize on opportunities present in the
European regional markets, major market players in the U.S. are tying up with European vendors to
provide enterprise search solutions.Asia Pacific is expected to be the fastest growing regional
enterprise search market, growing at a 13.5% CAGR from 2013 to 2019.
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