target audience: TECH SUPPLIER Publication date: Jul 2024 - Document type: Market Share - Doc Document number: # US51676124
Worldwide Search and Knowledge Discovery Software Market Shares, 2023: Maintaining Double-Digit Growth Despite Economic Headwinds
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Abstract
This IDC study presents a view of search and knowledge discovery software revenue broken down by vendor for the calendar year 2023. This market continues to see high levels of growth but has slowed slightly due to economic pressures following the COVID-19 pandemic era reckoning of enterprises' ability to support remote knowledge sharing. Despite the slowdown, AI-based improvements in accuracy and contextual understanding continue to drive growth in addition to the increasing shift to cloud-based solutions and the rush to support the use of LLMs with enterprise data.
"While acceleration of the search and knowledge discovery software market slowed somewhat in 2023 due to economic headwinds, this market still showed strong growth during the past year, growing at a significant rate of 20.4% to a total market size of $6.5 billion," said Hayley Sutherland, research manager, Conversational AI and Knowledge Discovery at IDC. "As organizations are driven to leverage AI to gain powerful insights from their data, IDC expects that search and knowledge discovery vendors are seeing both increased interest and increased pressures from new competitors."