target audience: TECH SUPPLIER Publication date: Jul 2024 - Document type: Market Forecast - Doc Document number: # US51676024
Worldwide Search and Knowledge Discovery Software Forecast, 2024–2028
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Abstract
This IDC study presents a view of intelligent knowledge discovery software revenue from the historical year 2023 through to the five forecast years of 2024–2028.
"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, and IDC expects it to continue to grow over the forecast period of 2024–2028. IDC forecasts the overall market to approach $21.6 billion in revenue in 2028 with a CAGR of 27.2% over the entire period," said Hayley Sutherland, research manager, Conversational AI and Knowledge Discovery, IDC. "As technology buyer organizations work to leverage valuable proprietary data with LLMs via search, IDC expects this market to see continued growth. However, it will face increasing competition from vendors in other markets working to provide knowledge discovery capabilities through a combination of search and generative AI."