What will the Future of Enterprise Search Look Like?

Enterprises, especially the large ones, contain enormous amounts of data that needs to be made accessible to users conveniently and swiftly when the need arises. This need has found a solution with the development of enterprise search systems that allow users to search for a specific item from large volumes of enterprise-type data. These items could include emails, databases, data management systems, and intranets.

IBM is reportedly the first company to have developed an internal search system in the 1960s to help its employees instantly find data they were looking for. Despite being around for several decades, the average enterprise search system is yet to reach the level of refinement that a consumer expects.

However, the state of enterprise search systems is constantly advancing, and this will lead to a wider adoption of enterprise search systems. Market intelligence firm Transparency Market Research predicts that the global enterprise search market will have a CAGR of 12.2% between 2013 and 2019, by which year it will stand at US$4 bn by 2019.

Enterprise Search will Grow at Feverish Pace thanks to Following Factors:

The development of new enterprise search systems will reach new heights thanks to a number of powerful forces such as cloud computing and big data. Search engine giant Google, too, has had a pivotal role to play in the advancement of new enterprise search technologies. Here are a few indicators of what the future holds for the global enterprise search market:
  • Cloud computing has put massive downward pressure on the cost of setting up and maintaining physical data storage infrastructure. As more and more enterprises move their data to the cloud, the cost of storing data becomes more affordable, allowing enterprises to also channel funds into improved enterprise search systems. This quest to make data available to an enterprises’ employees will encourage the growth of the global enterprise search market. 
  • Big data analysis tools have enabled enterprises to now use internal search engines to sift through massive amounts of data and find exactly what they are looking for. However, many enterprise search systems reach a cul-de-sac when it comes to finding data using misspelt keywords, missing metadata, corrupted files, and so on. This area needs attention as search technologies have already graduated to the next level and now incorporate technologies such as voice search.
  • Richer interfaces and intelligent search results are yet another area where enterprise search systems need some fine tuning. With HTML 5 making advanced visualization possible, algorithms and semantic networks improving, and refinement in voice search with natural voice processing, the scope of enterprise search systems has expanded remarkably over the last few years. Enhancements in these technologies will only expand the scope of the enterprise search market.
  • End users such as banks and financial services management firms are lucrative target segments for companies providing enterprise search solutions. Transparency Market Research says that banks and financial services organizations represented a share of 34.9% in the global enterprise search market in 2012. These target markets will continue to contribute a sizeable chunk of the revenue to the enterprise search market.

However, with the enterprise search market being dominated by behemoths such as Oracle Corporation, IBM Corporation, SAP AG, Microsoft Corporation, and Dassault Systems S.A., the entry barrier for startups remains high.


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