Enterprise Search Market Expected to Reach $12.2 Billion by 2032—Allied Market Research

According to a new report published by Allied Market Research, titled, “Enterprise Search Market," The enterprise search market was valued at $5 billion in 2022, and is estimated to reach $12.2 billion by 2032, growing at a CAGR of 9.6% from 2023 to 2032.

Enterprise search refers to an organization’s ability to index data, from any data source within the company, and present the most pertinent information to the user. Major search engines such as Google, Amazon, and YouTube continuously push the limits of search engines with the most used search engines evolving and becoming more advanced as users are naturally coming to expect faster searches, intelligent recommendations, intricate personalization, and more, regardless of their inputting their queries. Similarly, customer service has become more advanced, leading to an increased expectation of customer-facing processes like sales and support. This is enhancing organizations to improve the way they accommodate customers’ requirements, as well as the productivity and efficiency of their in-house teams. These factors are expected to propel the enterprise search market forecast. For instance, in January 2023, C3 AI, the Enterprise AI application software firm, launched the C3 Generative AI Product Suite with the release of its first product “C3 Generative AI for Enterprise Search. C3 Generative AI for enterprise search provides enterprise users with a transformative user experience using a natural language interface to rapidly locate, retrieve, and present all relevant data across the entire corpus of an enterprise’s information systems.

On the basis of component, the global enterprise search market size was dominated by the solution segment in 2022 and is expected to maintain its dominance in the upcoming years, owing to advances in technologies enabling enterprise search to transform several industries globally. However, the service segment is expected to witness the highest growth, as enterprise search services help to reduce the time and costs associated with optimizing systems in the initial phase of deployment.

By region, North America dominated the market share in 2022 for the enterprise search industry. The increasing investment in advanced technologies such as cloud computing, IoT, AI, ML, business analytics solution, and virtual assistant to improve businesses and customer experience are anticipated to propel the growth of the enterprise search market. However, Asia-Pacific is expected to exhibit the highest growth during the forecast period. This is due to the increase in penetration of digitalization and higher adoption of advanced technology which are expected to provide lucrative growth opportunities for the market in this region.

The pandemic has highlighted the necessity of digital solutions in the healthcare sector. Post-COVID-19, there are increased opportunities for cloud, AI, ML and other advanced technology in the industries. Such trends are expected to provide numerous opportunities for the enterprise search market. In addition, the pandemic has accelerated digital transformation, emphasizing the importance of remote work capabilities and the need for more advanced search solutions to support collaboration and data accessibility for remote teams. Moreover, the rise of remote work has led to a focus on user-friendly interfaces and mobile optimization, ensuring that employees can easily search for and access vital information from various locations. Opportunities arising from the pandemic include a growing market as organizations recognize the importance of efficient knowledge management, improved data security, and compliance in a remote work setting. The industry's response to these trends and opportunities has been pivotal in helping businesses navigate the challenges posed by the pandemic and embrace the possibilities of a more flexible and digital work environment.

Key Findings of the Study

• By component, the solution segment accounted for the largest enterprise search market share in 2022.
• By type, the conversational search segment accounted for the largest enterprise search market share in 2022.
• By deployment mode, the on-premise segment accounted for the largest Enterprise search market share in 2022.
• On the basis of enterprise size, the large enterprise segment accounted for the largest enterprise search market share in 2022.
• Depending on industry vertical, the BFSI sector accounted for the largest enterprise search market share in 2022.
• Region wise, North America generated the highest revenue in 2022.

The key players that operate in the enterprise search market analysis are OpenText Corporation, Microsoft Corporation, IBM Corporation, Amazon Web Services, Inc., Oracle Corporation, Google LLC, SAP SE, EMC Corporation, Attivio, and X1 Discovery, Inc.  These players have adopted various strategies to increase their market penetration and strengthen their position in the enterprise search industry.