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.
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).