Albany, NY -- (SBWIRE) -- 09/22/2016 -- Enterprise search provides benefits of higher productivity as it can reduce the time spent by employees in searching information by 15% to 30%. It makes business process more effective and productive to data intensive companies. Enterprise search system helps in maintaining the data security by providing limited access to the information as only authorized people have access to the information stored in the database.

The enterprise search market is driven by various factors such as the need to make search more relevant, availability of technologies and obtaining relevant information. The enterprise search market was valued at USD 1,777.5 million in 2012 and is expected to grow at a CAGR of 12.2% during the forecast period from 2013 to 2019. However, uncertain meaning of keywords, presence of customized internet search and multiple repositories are some factors inhibiting market growth.

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In terms of enterprise size, the enterprise search market is segmented into large scale, medium scale, and small scale. Large scale enterprise accounted as the largest segment, holding a 61.0% market share in 2012. However, owing to increase in medium size businesses, the medium scale enterprise segment will exhibit the fastest growth during the forecast period. On the basis of geographical distribution, the global enterprise search market is divided into four regions, namely North America, Asia Pacific, Europe, and Rest of the World (RoW). Among the regional markets, North America dominated the market in 2012, accounting for a 34.2% revenue share. Technological advancements across industry sectors and the presence of major enterprise search industry players in the region have augmented growth of the North America enterprise search market.

Additionally, increasing use of enterprise search and other enterprise tools across industries in high opportunity markets such as Germany and Canada has been a major driving force. To capitalize on opportunities present in the European regional markets, major market players in the U.S. are tying up with European vendors to provide enterprise search solutions.Asia Pacific is expected to be the fastest growing regional enterprise search market, growing at a 13.5% CAGR from 2013 to 2019.