The global knowledge management market was valued around USD 206,900 million in 2016 and it is expected to reach over USD 1,232,000 million by 2025. The global knowledge management market is expected to grow at a CAGR of more than 22% between 2017 and 2025.
Growing internet operations, advancements in the technology, and the growing mobile force has triggered the competition across every sector thus compelling the market players to adapt themselves to the changing situations and maintain the competitive edge. Owing to these changing conditions in the market there is an increasing demand for the knowledge management as it enables the enterprises to make resourceful use of their knowledge assets. Knowledge management helps in improving the efficiency, customer satisfaction, and revenue of the business. The requirement for better and faster decision–making in the businesses has propelled the growth of the knowledge management market.
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The research analysts in their primary research observed, knowledge management process will grow at the highest CAGR of around 24% between 2017 and 2025. As the process helps the organizations to gather, identify, share, and interpret the data that is available, it positively impacts the growth of the business. Owing to the knowledge management process the performance of the organization improves in terms of efficiency, productivity, quality, and innovation; thus, this process will have an increasing demand in the forecast period.
By offering, the knowledge management system segment anticipates holding the dominant position. In 2016, this segment held the largest market share of above 34%. In every industry knowledge management system plays a vital role in decision-making. The knowledge management system aids in taking correct decisions or right strategies that help in lowering the risk of financial crisis. As knowledge management system, helps in sharing, storing, and retrieving right knowledge it increases the accuracy of financial decision-making.
SME’s segment is anticipated to grow with highest CAGR in near future. In any organization, customer satisfaction plays a major part. Knowledge management helps in developing the customer relationships by exchanging relevant information to them and by providing them with quality services. Knowledge management has proved beneficial to the small and medium organizations in improving their business outcomes, thus the demand for the knowledge management will increase in the forecasted period.
By region, North America held the largest market share of 38% in 2016 owing to the early adoption of the knowledge management system in this region. Asia Pacific is expected to grow significantly with highest CAGR during the forecast period. Increasing need for more efficiency and productivity by the financial enterprises in the developing countries has increased the demand for the knowledge management market.
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The major market players in the global knowledge management market are Bloomfire, Callidus Software Inc., and Chadha Software Technologies, and ComAround, among others.