Storing and managing the unfathomably increasing pool of data has emerged as a major global concern. Thanks to the ever-increasing amount of data created every day, it has become equally important to develop tools for extracting necessary information whenever required from the database. Enterprise search plays a crucial role in helping stakeholders access information they need from anywhere and in any format.
A contemporary market driven primarily by technological evolution, enterprise search has revolutionized the way organizational information is obtained. Leading organizations seek successful business intelligence, and in their quest of achieving it they device methods of accessing information through interactive systems, dashboards, and scorecards. Ensuring easy access to information in a comprehensible format fosters an enhanced opportunity to gain broader business insight.
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Benefits offered by Enterprise Search to Organizations
Enterprise search has emerged as the most preferred option among employees to search information. The technology not only offers higher productivity among employees but also reduces the time taken by an employee to search for information by 15 to 30%. Most importantly, enterprise search induces more effectiveness and productivity in data-intensive companies. For an organization dealing with data, nothing is more important than ensuring data safety against cyber crime and thefts. Enterprise search systems provide only limited access to information and only to authorized users, which significantly safeguards organizational information from illicit infringements.
Owing to the range of benefits it offers, the global enterprise search market will register a remarkable 12.2% compound annual growth rate between 2013 and 2019. Back in 2012, the market was valued at US$1,777.5 million and as per recently conducted market studies, the market is expected to reach a worth of US$3,993.7 million by the end of 2019.
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Data is both complex and complicate, hence uncertainty with regards to the meaning of keywords, and the constantly updating interest search algorithms puts forth inhibitions to market growth. To counter this challenge, organizations must upgrade their technology at regular intervals to keep pace with the changing paradigms of the internet.
Usage of Enterprise Search Highest in BFSO Sector
In terms of end-use organization, the global enterprise search market can be segmented into government and commercial offices, healthcare, banking and financial services, retail, and others. Banking and financial services dominated the enterprise search market in 2012 with a 34.9% share. Connected banks and financial offices share information through intranet, which enhances efficiency in data sharing without raising issues related to data security. This is one of the most crucial factors positively impacting the demand for enterprise search in the segment.
Government and commercial offices emerged as the second largest end-use segment in 2012. This segment is anticipated to witness rapid growth over the forthcoming years, owing to the increased use of intranet for information exchange.
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Among the various types of enterprises, large-scale enterprises dominated the enterprise search market in 2012, accounting for 61.0% of the global market. Medium-scale organizations emerged as the second largest segment in terms of revenue, followed by small-scale enterprises.
Asia Pacific to Emerge as the Fastest Growing Market for Enterprise Search
Geography-wise, North America was the largest market for enterprise search in 2012. The region accounted for 34.2% of the total market in terms of revenue. North America is home to leading industries that are proactive in adopting the latest technologies. This has significantly contributed to the growing demand for enterprise search in the region. However, Asia Pacific is expected to emerge as the fastest growing regional market for enterprise search. The enterprise search market in Asia Pacific is expected to grow at a 13.5% CAGR between 2013 and 2019.