The Evolution of Enterprise Search: Integrating AI, ML, and NLP for Enhanced Insights

The global enterprise search market size was valued at USD 4.21 billion in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 8.9% from 2023 to 2030. This growth can be attributed to the growing requirement to effectively manage and improve data accessibility across organizations. The businesses are showing greater interest in search solutions that can facilitate time-saving data search. Enterprise search solutions make the required data or information available to the businesses from a pool of databases, emails, intranet, data management systems, etc. These solutions not only increasing the business efficiency but also offer security by providing authorized access to the information.

The technological advancements such as artificial intelligence and machine learning capabilities for these solutions is expected to further transform the outlook of enterprise search market. For instance, in January 2023, Microsoft Azure expanded its service with integration of OpenAI, an advanced artificial intelligence model to the general customer base. The artificial intelligence integration enables efficient search and feature deployment for enterprises. These technologies can make more information accessible through machine vision, optical character recognition, scanning of documents, and analysis of various data types.

Moreover, the rising trend of hashing technology is expected to positively impact the market due to performance boost in search output. The technology further sorts data based on its hash values for easy search functions. For instance, in September 2022, Algolia, a proprietary search engine company, completed the acquisition of Search.io, a company with expertise in hashing technology. The acquisition enabled Algolia to offer faster and efficient search results to its clients.

Additionally, the growing trend of digitization in the industrial sector is significantly driving the market growth as employees use enterprise search solutions to search through terabytes of data instantaneously. Enterprise search solutions are crucial to companies since it reduces search times significantly that translates to an increased productivity. Moreover, enterprise search service providers offer a level of security to the data to prevent unauthorized access. As there are multiple levels of employees in an enterprise, a security layer assists in granting data access only to specific personnel.

Detailed Segmentation:

End-use Insights

Banking & financial segment is estimated to expand at a notable CAGR of over 9% from 2023 to 2030 owing to the interconnectivity and sharing of data in different outlets.

Type Insights

The hosted search segment is expected to attain the highest CAGR of around 10% during the forecast period from 2023 to 2030. This growth can be attributed to the increasing popularity of cloud based data hosting in enterprises due to its benefit of remote data access.

Enterprise Size Insights

Small enterprises segment is estimated to record a CAGR of over 7% from 2023 to 2030 with increasing demand for enterprise search solutions across these enterprises.

Regional Insights

North America accounted for the largest market share of around 35% in 2022. This can be attributed to the strong presence of several major industry participants in the region and technological developments initiated by them.

Key Companies & Market Share Insights

October 2022, adesso SE, an IT service provider, announced patnership with Sinequa, an enterprise search solution provider, to develop an enterprise search competence center. The partnership was undertaken to exchange respective expertise of the two companies. Some prominent players in the global enterprise search market include:

• Attivio

• Coveo Solutions Inc.

• Dassault Systemes Inc.

• Dieselpoint Inc.

• EMC Corporation

• Expert System Inc.

• Alphabet Inc

• HP Autonomy

• IBM Corporation

• Lucidworks Inc.

• MarkLogic Corporation

• Oracle

Global Enterprise Search Market Report Segmentation

Grand View Research has segmented the global enterprise search market report based on type, end-use, enterprise size, and region:

• Type Outlook (Revenue, USD Million, 2018 - 2030)

  • Local Search

  • Hosted Search

  • Search Appliance

• End-use Outlook (Revenue, USD Million, 2018 - 2030)

  • Government & Commercial Offices

  • Banking & Financial

  • Healthcare

  • Retail

  • Media

  • Manufacturing

  • Others

• Enterprise Size Outlook (Revenue, USD Million, 2018 - 2030)

  • Small

  • Medium

  • Large

• Regional Outlook (Revenue, USD Million, 2018 - 2030)

  • North America

    • US

    • Canada

    • Mexico

  • Europe

    • UK

    • Germany

    • France

    • Italy

    • Russia

  • Asia Pacific

    • China

    • India

    • Japan

    • South Korea

  • South America

    • Brazil

    • Argentina

    • Colombia

  • MEA

    • UAE

    • Saudi Arabia

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