Global Enterprise Search Market: Snapshot

Enterprise search is about making contents from various sources of information resting on range of databases searchable to people within the company or stakeholders outside the company. In an ever-changing business landscape, there is a need for accessing structured and unstructured data files from multiple databases, particularly from companies’ emails and intranets. Notable databases used are numerous content management systems, application database, company’s website, and email servers. One of the key functions of using enterprise search solutions is for integrating structured content with unstructured data so that interested end users can search them easily. One of the key business propositions driving adoption of products in the enterprise search market is making proprietary knowledge and data easily accessible. The framework is aimed at breaking organizational silos and makes unification of information possible for enterprises and other entities across the value chain

The proliferation of sources of data and documents in organizations across the globe is a key catalyst to the growing demand in the enterprise search market. The banking, financial services and insurance (BFSI) industry has been a prominent end user in the enterprise search market. Other broad application areas are government, commercial, and healthcare sectors. Enterprise search solutions are available on cloud, on premise, or on a hybrid infrastructure.

Global Enterprise Search Market: Growth Dynamics

Need for locating specific information quickly and reliably from a wide array of enterprise data parked in several platforms is a key factor propelling the need for enterprise search functionality. Incorporation of machine learning algorithms makes enterprise search generate the most relevant information and with less time.

Over the years, enterprise search has occupied a central role in employee collaboration and engagement as it helps end users leverage the benefits of digitalization of data. The use of text analytics techniques and assortment of artificial intelligence technologies has catalyzed promising opportunities for players in the enterprise search market. Companies are harnessing the capabilities of enterprise search by making the search more personalized to users.

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Global Enterprise Search Market: Notable Developments

Businesses across the world are adopting enterprise search tools as one of the key enablers of understanding users’ experience and driving steady business results. They are putting bets on personalized experiences generated by enterprise search to hook users. End-use industries in the enterprise search market are attracted to the proposition of the potential of enterprise search for supporting key aspects of the customer journey. A case in point is the use of enterprise search solutions to reveal select business data to external customers. For instance, enterprise search enables them to retrieve select business data from external website or mobile site.

One of the new entrants which intend to help business by offering enterprise search solution is a U.S.-based startup Algolia. It recently bagged category Leader ranking in two G2 Grid Reports for Enterprise Search, which has geared its efforts to strengthen its position. Of note, rankings on G2 reports are highly valued.

Some of the well-entrenched players looking for sizable stakes in the global enterprise are

  • Microsoft Corporations
  • IBM
  • Oracle
  • Coveo Solutions
  • SAP
  • EMC Corporation

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Global Enterprise Search Market: Regional Assessment

Of the various key regions in the enterprise search market, North America has contributed sizable revenues to the global market over the past years. The vast appetite of new enterprise software among businesses of diverse industries has made the region increasingly lucrative for providers of enterprise search. Further, the regional market will see new avenues on the back of an array of novel solutions that have been launched in recent years. On the other hand, Europe is expected to be a promising regional market in coming years.

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

2. Insights and Tools

The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

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