Also, lack of skilled technical support staffing has been hindering the industrial growth in recent years. Availability of alternatives in the form of online search engines is expected to offer challenges in near future. Companies in various sectors are expected to invest in enterprise search applications. These investments come in the form of new implementations or updates. The various verticals where these applications are primarily expected to be implemented include banking, financial institutions, logistics, military, telecommunications, and healthcare, retail, energy, and government institutions. Increasing demand from these sectors provides great opportunities which in turn are expected to propel the overall market growth over the forecast period.
Banking and finance are anticipated to be the most lucrative industry in near future. Data sharing and interconnectivity is the major factor for driving the industry in the banking sector. Government and educational institutes are expected to show great opportunities over the forecast period on account of increasing use of intranet for data sharing. Healthcare sector has been using this technology to obtain information associated with critical treatment. Military, aerospace, media, entertainment and construction are other end use industries which offer significant prospects for enterprise search applications.
North America has been the major market on account of computerisation. The dominance is expected to continue with major demand from financial and government sector. High investments from the government have led to innovative solutions for various departments. Regional demand is followed by Asia-Pacific mainly on account of the high presence of emerging economies including India, China, and South Korea. Large scale implementation in the retail, banking, IT and telecommunication has propelled the demand in this region.
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Europe has shown a steady growth in recent however the market showed a decline owing the economic turmoil. Manufacturing sector provides great opportunities in Europe especially in countries such as Germany, France and Austria. South America and Africa is expected to witness a slow growth mainly on account of lack of IT infrastructure and absence or underdeveloped application industries.
Key players in the industry include IBM Corp, Polyspot & Sinequa Inc, Coveo Corp, HP Autonomy, Lucidworks, Esker Software Corp., Perceptive Software Inc, Expert System Inc, Dassault Systemes Inc, and Marklogic Inc. Companies have been focusing on entering into a strategic collaboration in order to provide diverse market solutions and create their presence in niche markets.
Merger and acquisitions have been a recent trend seen in the market in order to increase the product portfolio and cater to untapped markets. In 2012, IBM acquired Vivisimo with an intention to help customers in taking better decisions. OmniFind is an enterprise search service by IBM which provides enhanced capabilities.