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A report by Transparency Market Research estimates that the Enterprise Search market will grow at a rate of 12.2 percent annually through 2019 when it is expected to reach $4 billion. The report found that growth will be the greatest in North America driven by advanced technologies and the fact that key industry leaders are headquartered in that region. In a similar report by Frost and Sullivan, analysts estimated that the Enterprise Search market will reach $4.68 billion by 2019.
Sashankh Kale, analyst at Frost & Sullivan, said that “search solutions that efficiently manage information and facilitate informed, profitable decisions are gaining popularity… As vendors continue to offer newer functionalities such as federated, social, and concept search, customers are also becoming aware of their effectiveness. Thus, these solutions are likely to experience demand from various verticals.”
The TMR report found that users look to Enterprise Search to help them make their search of enterprise data quicker, more relevant, and more thorough than they currently are able. Enterprise search needs to deal with the issue of multiple repositories within an enterprise and the fact that keywords often need to be derived or may not be exact matches when the data originates from different sources.
Alex Gorbansky, CEO of Docurated, said that “going forward, there will be less emphasis placed on organizing data, instead the focus will be on effective search. Given the masses of data at our disposal, searching for specific files or folders alone will not satisfy an increasingly millennial-dominated workforce. The facility to search within the document itself is becoming vital.”