Growth of Big Data in Businesses Intensifies Global Demand for Enterprise Search Solutions, Finds Frost & Sullivan Impact of enterprise search solutions on productivity fuels adoption
MOUNTAIN VIEW, Calif., Jan. 24, 2013 /PRNewswire/ -- As enterprises grapple with vast amounts of structured, unstructured and semi-structured information everyday, they require highly efficient solutions that facilitate search, discovery, and retrieval in real time to enhance productivity. This has spurred global adoption of enterprise search solutions.
Analysis from Frost & Sullivan (http://www.digitalmedia.frost.com), Global Enterprise Search Market, finds that the market earned revenues of over $1.47 billion in 2012 and estimates this to reach $4.68 billion in 2019.
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"The critical business need to eliminate duplication of effort has boosted the adoption of enterprise search systems," said Frost & Sullivan Industry Analyst Sashankh Kale. "Search solutions that efficiently manage information and facilitate informed, profitable decisions are gaining popularity."
The growth of Big Data across verticals presents the enterprise search solutions market with further opportunities. Since newer data types are not confined to a relational database within an organization, solutions that can search information outside the scope of these relational frameworks are widely accepted.
Demand for personalized search tools that operate in a pool of unlimited data from internal servers, the Internet, or third-party sources is also growing.
However, the disparity between customer expectations and actual search outcomes could dissuade future investments. Customers expect a single query to retrieve the right results immediately. Therefore, search providers must offer timely and relevant results, taking into account the continuous addition of new data to repositories.
Roughly 80 percent of the data is unstructured, and the diverse forms in which it is stored increases the complexity of taxonomy and indexing. Hence, search vendors are looking beyond meta-data tagging, towards statistical and probabilistic algorithms, deep-content analytics, and pattern detection. They are also designing modern solutions to familiarize themselves with an enterprise's search habits.
"As vendors continue to offer newer functionalities such as federated, social, and concept search, customers are also becoming aware of their effectiveness," noted Kale. "Thus, these solutions are likely to experience demand from various verticals."
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SOURCE Frost & Sullivan