Global Next Generation Search Engines Market 2023-2030

Global Next Generation Search Engines Market 2023-2030

Global Next Generation Search Engine Market Size, Share & Trends Analysis Report by Product (Mobile and Desktop), by End-User (Private and Commercial), and by Distribution Channel (Online and Offline) Forecast Period (2023-2030)

The global next generation search engine market is anticipated to grow at a considerable CAGR of 14.5% during the forecast period. Next generation search engines are incorporated with new technologies, such as voice and image-based searches. They rely on machine learning (ML), semantic analysis and artificial intelligence (AI) capabilities to make information retrieval faster and easier. Over the last few years, the number of voice searches has increased exponentially. Also, it is becoming less of a novelty and more like a new standard. According to the Google's Official Search Marketing Publication, as of May 2016, 20.0% of searches in the Google App are now done by voice. Therefore, the next-generation search engines are more oriented toward voice-based search engines.

The ongoing developments in deep neural networking, machine learning and other advancement in AI technology are contributing to the growth of the global next generation search engine market. Being a primary consumer-facing application, the growing demand for voice assistance such as Google assistant, and Alexa in several end-user industries such as BFSI, retail, and healthcare has further fueling the global market. The increasing focus on improving Customer Experience across professional services further drives the market. Enhancing the customer experience can bring rich rewards. Across industries, satisfied customers spend more and stay more loyal over time. By showing empathy with customers and helping to fix their problems, companies like these can tap into a source of tremendous value, find new business opportunities, and shift their operating model over time. However, the growing preference for live person interaction may restrain the market growth.

Segmental Outlook

The global next generation search engine market is segmented based on product, end-user, and distribution channel. Based on the product, the market is bifurcated into mobile and desktop. Based distribution channel, the market is sub-segmented into online and offline. Based on end-user, the market is sub-segmented into private and commercial.

Personal Sub-Segment is Anticipated to Exhibit the Fastest CAGR

Among the end-user, private users held major share in the global market. According to eMarketer, the number of voice assistants has risen from 103 million to 123 million over the last five years. According to the latest Smart Audio Report from National Public Radio (NPR), 24.0% of Americans aged 18 years or above own at least one smart speaker. The average owner has more than one. A majority of Americans own Alexa. The growing demand for next generation search engines for personal use has driven the regional market growth.

Regional Outlook

The global next generation search engine market is further segmented based on geography, including North America (the US and Canada), Europe (Italy, Spain, Germany, France, and others), Asia-Pacific (India, China, Japan, South Korea, and others), and the Rest of the World (the Middle East & Africa and Latin America). Among these, North America is expected to hold a considerable share in the global next generation search engine market.

North America to Hold a Considerable Share in the Global Next Generation Search Engine Market

Primary factor supporting to the regional market growth includes the significant presence of key market players, which are continuously involved in adopting strategies. For instance, in July 2023, Meta and Microsoft announced an expanded artificial intelligence partnership with the release of their new large language model (LLM), Llama 2, free for research and commercial use. This marks the latest trend toward an open LLM development and training approach. Further, in 2022, Lucidworks, the provider of next-generation AI-powered search applications announced a new SaaS platform, Springboard, and a roadmap for new applications and updates to Fusion. Connected Search is the first application now publicly available on Springboard. This application makes site search easy for customers who want highly relevant, cost-effective, on-site search at scale with no operational burden. Lucidworks built Springboard to answer the market need for a cloud-native search platform that is scalable, easy for any business user to set-up and manage, and outcomes-driven.

Market Players Outlook

The major companies serving the global next generation search engine market includes Amazon.com Inc., Apple Inc., Google LLC (Alphabet Inc.), Bose Corp., and Xiaomi Inc. among others. The market players are considerably contributing to the market growth by the adoption of various strategies, including mergers and acquisitions, partnerships, collaborations, funding, and new product launches, to stay competitive in the market. For instance, in February 2023, Microsoft and Google announced to bring AI to people via search engines, and one measure of success may come down to the hardware and datacenter infrastructure supporting the applications. Microsoft and Google announced next-generation AI-powered search engines that can reason and predict, and provide more comprehensive answers to user questions. The search engines will be able to generate full answers to complex queries, much like how ChatGPT can provide detailed answers or compile essays. Microsoft is putting AI in Bing to respond to text queries, and Google shared plans to put AI in its text, image and video search tools.

The Report Covers

Market value data analysis of 2022 and forecast to 2030.

Annualized market revenues ($ million) for each market segment.

Country-wise analysis of major geographical regions.

Key companies operating in the global next generation search engine market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.

Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.

Analysis of market-entry and market expansion strategies.

Competitive strategies by identifying ‘who-stands-where’ in the market.