Enterprise Search Market

Enterprise Search Market - Growing Use Of Internet And Communication Tools Within
Organizations To Improve Workflow
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 internet 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. Additionally, 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.