Enterprise search Market

Enterprise search is a software that enables organizations to organize retrieval of stored data, whether that be data internal to an organization or externally facing sources like applications and websites. The enterprise search solutions enable users to securely enter and discover data across various data sources that includes databases, documents, applications, websites, and intranets.

The enterprise search market size will grow from USD 4.2 billion in 2022 to USD 7.3 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 11.7% during the forecast period. Several factors, such as the demand for faster decision-making and data simplicity are expected to drive the adoption of enterprise search market.

Attractive opportunities in the enterprise search Market

Market Dynamics

Driver: Rising demand for faster decision-making and data simplicity

Enterprise search is an efficient way of going through substantial amounts of data that has been indexed and made search friendly. It enables access to data quickly and allows organizations to make faster decisions as they do not waste time searching and filtering through paper documents.

Opportunity: Advent of AI and ML technologies for quicker search outcomes and real-time accessibility

Enterprise search software powered by AI and ML technologies effectively recognizes customer behavior to provide better search results and recommend relevant products, improving e-shop conversion rates and average order value. Enterprise search can deliver benefits across industries and enable real-time access to critical information that aids decision-making.

Challenge: Concerns with managing complex infrastructure

With the advancement in disrupting technologies, many vendors face issues in managing complex infrastructures. IT team must coordinate with vendors to make the front-end experience increasingly useful and the backend integrations more seamless.

Key Market Players in the market

The major players include Microsoft (US), IBM (US), Google (US), AWS (US), OpenText (Canada), EMC (US), X1 Technologies (US), Attivio (US), Sinequa (France), Coveo (Canada), SAP (Germany), Lucidworks (US), Algolia (US), and Micro Focus (UK).

Recent Developments:

• In September 2022, Algolia acquired Search.io, a leading provider of a vector search engine called Neuralsearch that utilizes hashing technology on top of vectors to provide unprecedented price performance at scale. With this acquisition, Algolia can empower business users with a better way to manage the automation of unique and engaging end-user experiences.
• In June 2022, OpenText announced to update of its OpenText Extended ECM for the government. The updated version CE 22.2 includes major updates to support specific government-related use cases and improve usability around complex public sector use cases.
• In May 2022, Elastic and AWS announced to collaborate to deliver frictionless access to Elastic Cloud on AWS and aims to generate new business across Amazon’s various cloud-focused sales organizations.
• In February 2021, Relativity and X1 announced the integration of cloud-based RelativityOne Collect with the X1 Enterprise Platform. The integration allows for more targeted collection capabilities from remote devices within X1’s platform, regardless of whether that data is stored locally on a device or in the cloud.
• In September 2020, Coveo announced the expansion of its cloud infrastructure to Europe and Australia, allowing multi-national organizations to be in full compliance while taking advantage of the Coveo Relevance Platform.