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Global Next Generation Search Engines Market to Reach US$ 23.8 Billion by 2027, Impelled by Increasing Demand for Virtual Assistants

Published on Sep 26, 2022

According to the latest report by IMARC Group, titled “Next Generation Search Engines Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global next generation search engines market reached a value of US$ 10.5 Billion in 2021. Next generation search engines, also known as advanced search engines, are digital platforms that provide higher-level features, such as voice and image-based searches, to make information retrieval more effective and convenient. It utilizes various advanced technologies, such as natural language processing (NLP), query intent detection, artificial intelligence (AI), machine learning (ML), social network, and semantic analysis. Next-generation search engines are widely used for personalized and context-aware web searches, result clustering, cross-lingual access to photo databases, and opinion and sentiment mining. They offer advanced models of information retrieval that assist scientific and economic organizations in getting relevant query results faster and in an organized and actionable manner.

We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.

Next Generation Search Engines Market Trends:

The increasing inclination toward voice searches across the globe is one of the key factors driving the market growth. Voice assistants and smart speakers are a faster and more convenient alternative due to the advancements in speech recognition technology. In line with this, these speakers are widely used across various end-use industries, such as banking, financial services, and insurance (BFSI), retail, and healthcare, which, in turn, is acting as another growth-inducing factor. Furthermore, increasing product utilization for research purposes that assist companies in enhancing user experience, launching new products, or improvising the older models per the consumer requirements is providing a considerable boost to the market growth. Additionally, the introduction of the deep neural network to understand the deeper semantic meaning of user input and provide accurate results by analyzing texts, sounds, and images is creating a positive outlook for the market. Moreover, the emerging trend of e-commerce platforms for a seamless shopping experience, the growing need to enhance a website’s organic visibility, and increasing brand awareness are positively influencing the market growth. Other factors, including the rapid proliferation of smartphones, coupled with increasing internet penetration, extensive research and development (R&D) activities in computer sciences, and the integration of self-service options, are anticipated to drive the market growth. On account of the aforementioned factors, the market value is expected to reach US$ 23.8 Billion by 2027, exhibiting a CAGR of 14.47% during 2022-2027.

Market Summary:

  • On the basis of the platform type, the market has been divided into mobile and desktop.
  • Based on the end user, the market has been bifurcated into personal and commercial.
  • On the basis of distribution channel, the market has been classified into online and offline.
  • On a regional basis, the market has been categorized into North America (the United States and Canada), Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, and Others), Europe (Germany, France, United Kingdom, Italy, Spain, Russia and Others) Latin America (Brazil, Mexico and Others), and Middle East and Africa.?
  • The competitive landscape of the industry has also been examined, with some of the key players being Alibaba Group, Amazon.com Inc., Apple Inc., Ask.com (IAC), Baidu Inc., Duck Duck Go Inc., Facebook Inc., Google LLC (Alphabet Inc.), Microsoft Corporation and Yahoo (Verizon Communications Inc.).
     

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