Knowledge Management Software Market Scenario:
Knowledge management software facilitates the storage, collection, and access to the data of an enterprise. It also helps in evaluation and retrieval of information. The rising amount of data generated by organizations on a day to day basis is likely to motivate the adoption of the software over the next couple of years.
This observation by Market Research Future (MRFR) unravels that the global Knowledge Management Software Market is expected to register 12% CAGR during the review period 2017 to 2023. Also, the estimated revenues expected to be earned by the market players during the review period is USD 33 Bn.
Increasing applications across industry domains such as healthcare, IT & telecommunication, BFSI, pharmaceuticals, etc. is anticipated to prompt the growth of the knowledge management software market in the forthcoming years. The rising demand for efficient data management and handling is poised to drive the proliferation of the knowledge management software market in the nearby future. However, lack of awareness in developing nations remains an impediment to market expansion.
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Freshworks Inc. (U.S.), Atlassian Corporation Plc (Australia), Lucidea (Canada), eXo Platform (U.S.), and Bitrix, Inc. (U.S.) are few of the leading players of the global knowledge management software market. Other players expected to contribute to market development over the next couple of years are – Yonyx Inc. (U.S.), EduBrite Systems Inc. (U.S.), MangoApps Inc. (U.S.), ProProfs (U.S.), and Callidus Software Inc. (U.S.), among others.
These players are likely to represent robust competitiveness in the years to come. Technological innovations are expected to be leveraged for staying ahead of the curve as well as to gain edge over other competitors. The rising investments in research & development and regional expansion are anticipated to accelerate competition in the knowledge management software market over the next few years. Some of the growth strategies to be employed by market players in the foreseeable future are mergers & acquisitions, product development, collaborations, agreements, strategic alliances, etc.
The type-wise segmentation of the global knowledge management software market covers mobile – iOS native, mobile – android native, and others.
- Based on deployment, the knowledge management software market has been segmented into on-premises, cloud, hybrid, and others.
- By organization size, the knowledge management software market has been divided into small & medium scale enterprise and large scales enterprise.
- The global knowledge management software market, by end-users, has been segmented into government and defense, BFSI, pharmaceuticals, manufacturing, IT & telecommunication, and others.
The regional assessment of the global knowledge management software market included in this report assesses four major regions- North America, Europe, Asia Pacific (APAC), and the Rest of the World (RoW). These regions are then narrowed down and studied on the basis of key country-level markets. North America is leading the market place at present and is anticipated to retain its prominence in the years to come.
The advanced technological infrastructure in the region facilitates the early adoption of the software and its developments. It is poised to lead the growth rate of the regional knowledge management software market over the forecast period. Asia Pacific is likely to exhibit rapid growth owing to the rising technological developments in the end-user industry verticals. The digitization drive in the region is also poised to reflect on the growth pattern of the knowledge management software market in the upcoming years.
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