With the presence of a large pool of participants, the global knowledge management market is displaying a highly competitive business landscape, finds a new research report by Zion Market Research (ZMR). Bloomfire, Callidus Software Inc., Chadha Software Technologies, and ComAround are some of the key vendors of knowledge management across the world. These players are focusing aggressively on innovation, as well as on including advanced technologies in their existing products. Over the coming years, they are also expected to take up partnerships and mergers and acquisitions as their key strategy for business development, states the knowledge management market study.
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Citing an instance, in August 2018, Software Company Serviceware SE acquired SABIO, a key player in Knowledge management market, for expanding its ESM platform. The company sources claim that the strategic move will help it in integrating SABIO’s SaaS knowledge management tool with its own ESM platform and this will help Serviceware in establishing unique selling position across the software business.
As per the reports published in August 2018, knowledge management system assisted Massachusetts Mutual Life Insurance Company to reduce its e-discovery expenses and reduced its average handling costs to a larger extent. Experts are of the view that the move can prove beneficial for the growth of knowledge management market in the near future.
As estimated in this report, the global knowledge management market stood at US$ 206,900 million in 2016. Witnessing a tremendous rise during the period from 2017 to 2025, the revenue in this knowledge management market is expected to reach US$ 1,232,000 million by the end of the forecast period.
Need For Resourceful Utilization Of Firm’s Knowledge Assets To Steer Growth
“Escalating need for making optimum use of knowledge assets has resulted in creation of greater demand for knowledge management across various small & big enterprises,” says the author of this study. Apart from this, the necessity for effective decision-making in business is predicted to positively impact knowledge management market size in the years forward. In addition, the burgeoning demand for enhancing customer satisfaction, quality, productivity, revenues, innovation, and operational efficiency by firms across emerging economies will produce lucrative growth avenues for knowledge management market in the upcoming years.
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Early Adoption Of Knowledge Management Systems To Succor Regional Dominance
Regionally, North America has been leading the worldwide knowledge management market and is anticipated to continue on the dominant position in the years to come, states the knowledge management market study. The early acceptance of knowledge management system in the region is the main factor behind the dominance of the North America knowledge management market. The high number of market players being headquartered in North America is another significant factor that is supporting this regional knowledge management market. For the record, North America accounted for nearly 38% of overall knowledge management market share in 2016.
The global knowledge management market is segmented as follows:
- Knowledge Management Process
- Knowledge Management Systems
- Knowledge Management Mechanisms and Technologies
- Knowledge Management Infrastructure
By Organization Size
- Large Enterprise
- North America
- The U.S.
- Asia Pacific
- Latin America
- The Middle East and Africa
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