Rockville, Jan. 06, 2023 (GLOBE NEWSWIRE) -- As per Fact.MR, a provider of market research and competitive intelligence, the global knowledge management market is set to achieve a valuation of US$ 4 trillion by 2033, surging ahead at 19.9% CAGR from 2023 to 2033.
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Increased demand for customer retention & satisfaction on a worldwide scale is driving the growth of the global knowledge management market. Moreover, the global knowledge management market is expanding rapidly due to an increase in the use of knowledge management tools for the development, recognition, gathering, and structured dissemination of massive volumes of information.
The global market is also being driven by the increasing popularity of knowledge management due to its numerous benefits, which include greater governance, improved customer satisfaction, faster call handling, and faster training. Furthermore, rapid digitization, increased investments, and the rising need for content management are expected to positively impact the global knowledge management market.
Key Takeaways from Market Study
- The global knowledge management market is valued at US$ 650 billion in 2023.
- The market is projected to skyrocket at a CAGR of 19.9% and reach US$ 4 trillion by 2033.
- The large enterprises segment is predicted to advance at a CAGR of 16.3% from 2023 to 2033.
- The United States market garnered US$ 165 billion in 2022.
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Competitive Landscape
Key players in the knowledge management market are actively pursuing marketing tactics such as investments, collaborations, technological innovations, and acquisitions to maintain and increase their overseas footprint. Moreover, many startups are seeking investments to bolster their market position.
- Sana Labs, a Swedish start-up that provides an AI-based knowledge management platform to assist people in managing information at work and then utilize that data as a resource for e-learning within the organization, announced in December 2022 that it had closed a US$ 34 million round after witnessing ARR expand seven-fold in the previous year.
- Upland Software, Inc. acquired Panviva Pty Ltd, a cloud-based knowledge management solution, in June 2021. With the acquisition of Panviva, Upland has widened its reach in knowledge management, giving customers a new solution to optimize contact center productivity in regulated industries such as healthcare, utilities, and financial services.
- For 40 years, BMC has been a worldwide leader in delivering IT solutions for the Autonomous Digital Enterprise. In June 2021, BMC acquired ComAround, a worldwide software company that aids in reshaping the customer experience via self-service and NLP and AI-based advanced knowledge management technology. The companies will work together to develop full-context-search knowledge management solutions based on NLP, using their respective market expertise and experience in AI, ITSM, and self-service.
- Unymira, a branch of USU, Europe's biggest IT and knowledge management software provider, launched Knowledge Center Version 7.0 in June 2021.
Key Companies Profiled
- Atlassian Corporation Plc
- ComAround Inc
- IBM
- Bitrix, Inc
- Bloomfire
- eXo Platform
- eGain Corporation
- Freshworks Inc
- Ernst & Young Global Limited
- Igloo Software
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Segments of Knowledge Management Industry Research
By Type :
- Knowledge Management Systems
- Knowledge Management Mechanisms & Technologies
- Knowledge Management Processes
- Knowledge Management Infrastructure
By Organization Size :
- Small & Medium Enterprises
- Large Enterprises
By Region :
- North America
- Latin America
- Europe
- APAC
- MEA
Regional Analysis
North America is expected to dominate the global knowledge management market during the forecast period. The United States is predicted to lead the North American market over the next ten years. The North American knowledge management market is anticipated to expand due to rising demand across several industries and the widespread acceptance of various management software.
Moreover, Asia Pacific and Europe are projected to witness substantial growth during the study period.
Knowledge management is the process of identifying, structuring, storing, and sharing information within an organization. When knowledge is not readily available for an organization, it can be extremely costly to the firm since valuable time is wasted searching for relevant information rather than accomplishing outcome-focused tasks. Companies that use a knowledge management approach get better business outcomes faster since enhanced organizational learning and collaboration among team members allow for speedier decision-making.
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global knowledge management market, presenting historical demand data (2018-2022) and forecast statistics for the period of 2023-2033.
The study divulges essential insights on the market on the basis of type (knowledge management systems, knowledge management mechanisms & technologies, knowledge management processes, knowledge management infrastructure) and organization size (small & medium enterprises, large enterprises), across five major regions (North America, Europe, Asia Pacific, Latin America, and MEA).
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