target audience: TECH SUPPLIER Publication date: Jul 2023 - Document type: Market Forecast - Doc Document number: # US49651823
Worldwide Search and Knowledge Discovery Software Forecast, 2023–2027
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Abstract
This IDC study presents a view of search and knowledge discovery software revenue from the historical year 2022 through to the five forecast years of 2023–2027.
"The search and knowledge discovery software market grew significantly during 2022 despite the looming headwinds of recession, and IDC expects this market to continue to grow over the forecast period of 2023–2027. IDC forecasts the overall market to approach $21 billion in revenue in 2027, with a CAGR of 30.7% over the entire period," said Hayley Sutherland, research manager, Conversational AI and Knowledge Discovery. "As technology buyer organizations work to better understand the power and limitations of advanced AI-based technologies, such as large language models and generative AI, and incorporate them into use cases like knowledge discovery, question answering, and insights delivery, IDC expects this market to see continued growth."