Portland, OR -- (SBWire) -- 06/30/2017 --Enterprise search technology is used to search necessary information, which can be located at and accessed from any end of an enterprise. The technology facilitates users to access information in efficient manner.
The technology is becoming increasingly popular across BFSI industry. It assists in efficiently managing the information access, adherence to security policies, overcome human constraints and optimizes time-cost by saving HR efforts. The study highlights key benefits that add competitive value to companies and facilitates effective business planning.
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The market is driven by factors such as the sophistication of artificial intelligence software and converging robotics technology with mobile technologies. The market faces limitations due to time-consuming activities such as R&D, manufacturing, and marketing. Better growth opportunities are perceived due to comparatively untapped markets in African countries and increasing defense spending, worldwide.
Enterprise Search Market by Application
As per applications, the market is classified into BFSI, government, commercial, healthcare, media & entertainment, retail and others. Among all applications, BFSI is commonly used and expected to drive the market in future. Banks need enterprise search solutions in order to provide core banking solutions and internet banking to customers.
Competitive Landscape
Companies are adopting product launch strategies with innovations. For example, Coveo Solutions upgraded search engine for Sitecore websites. Some of the market players are Microsoft Corporation, Attivio Inc., IBM Corporation, Oracle Corporation, Coveo Solutions, Inc., SAP AG, Lucid Work, Inc., EMC Corporations, X1 Technologies and Mark Logic Corporation.
High Level Analysis
The bargaining power of customers is moderate due to entry of multiple companies in the market and high switch-over cost. Degree of intersegment rivalry is expected to rise higher as numerous players are present in the market and many other players are expected to step in. Threat of substitutes is low/moderate.
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ENTERPRISE SEARCH MARKET KEY DELIVERABLES:
The global enterprise search market is classified according to applications and geography.
Market by Applications
- BFSI
- Government
- Commercial
- Healthcare
- Retail
- Media and Entertainment
- Others
Market by Geography
- North America (NA)
- Europe (EU)
- Asia-Pacific (APAC)
- Rest of the World (RoW)
Enterprise Search Market - Global Opportunity Analysis and Industry Forecast, 2014 - 2022
Enterprise search technology is used to search necessary information, which can be located at and accessed from any end of an enterprise.