The market is driven by factors such as 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 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.
As per applications, 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.
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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.
From the geographical perspectives, the market is categorized into regions such as North America, Asia-Pacific, Europe and rest of the world (RoW). North American region is driving the market with largest share due to early adoption of the technology. In future, Europe is expected to experience higher growth due to entry of multiple American players in the European countries.
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KEY BENEFITS
- Competitive advantages realized from the enterprise search technology are elaborated in business context to convey market potential to stakeholders
- Segment-wise analysis with additional emphasis on responsible growth factors and opportunities for each segment facilitates companies in identifying their market targets
- Porter’s five forces analysis assists new entrants to understand threats in the market. Value chain analysis and SWOT analysis explained in study illuminates market’s ecosystem.
- Market trends and opportunities are elaborated and substantiated with forecast. This, along with top winning strategies, guides companies for effective strategy formulation.
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Key Market Players:
Google LLC, Coveo Solutions, EMC Corporation, Microsoft Corporation, SAP SE, Lucidworks, IBM Corporation, Expert Systems Inc, Oracle Corporation, MarkLogic Corporation
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