The global knowledge management software market is expected to witness substantial growth during the forecast period, primarily due to the increasing need for customer retention and satisfaction. As per MRFR, the global knowledge management software market has been growing at a significant rate from the past few years and is expected to reach USD 26,423.2 million by 2027, at a CAGR of 12.1% during the forecast period, 2021–2027.
The global knowledge management software market has been segmented into on type, deployment type, organization size, end-user, and region. On the basis of type, the global knowledge management software market is segmented into Mobile - Android Native and Mobile - iOS Native. Based on the Deployment Type, the global knowledge management software market is segmented into On Premises, Cloud and Hybrid. Based on the Organization size, the market has been split into Small & Medium Scale Enterprise and Large Enterprise. Based on the End User, the market has been split into BFSI, Government & Defense, Pharmaceuticals, IT & Telecommunication, Manufacturing and Others. Based on region, the market has been segmented into North America, Europe, Asia-Pacific, the Middle East & Africa, and South America.
Source: Industry Expert, Secondary Research, and MRFR Analysis
The COVID-19 pandemic had a major positive impact on the knowledge management software market. The pandemic forced work from home to major industries, which has surged the demand for cloud-based deployments. The developing nations’ enterprises were on a steady pace toward cloud adoption for the better part of the decade. COVID-19 has acted as a catalyst for the same. Major industries shifted towards cloud-based deployments during the pandemic, and this trend is to implement cloud-based knowledge management software, which gives their businesses more flexibility, while those who have such technology in place now will continue to have an advantage over those that shift later. The usage of cloud-based knowledge management systems would enable firms to develop and exchange information with employees in real-time for better customer service. However, on-premises deployments have experienced a minor decline, especially in the 2020 fiscal year. However, the 2022 year is expected to bounce back the on-premises deployments as most offices have resumed their work. The major industries such as manufacturing, IT & telecom, medical & healthcare, and BFSI performed impressively during the pandemic in terms of the adoption of knowledge management software.
The growth of the knowledge management software market is driven by various factors, such as the Increasing need to customer retention and satisfaction and increase operational efficiency and staff productivity. However, the growth of the global market likely to be hindered by lack of awareness in small organization.
Customer-oriented business approaches are regarded as one of the most powerful competencies in businesses that aid in transforming their environments to a customer-centric environment. Companies can strengthen their relationships with their important customers through knowledge management, resulting in loyal customers and competitive advantage. Organizations can use knowledge management and knowledge derived from customer relationship management to generate new ideas and deliver enhanced and new services (CRM). Customer knowledge, as an integral component of the relationship between knowledge management and customer relationship management (CRM), could assist organizations in customizing their products and services and their entire relationship with customers to improve customer satisfaction and, ultimately, economic profitability. Furthermore, an organization can benefit significantly from a full-fledged knowledge management system.
Small businesses often find it difficult to consider a significant financial investment in an area that they do not recognize as a core element of their business. However, they are optimistic about the potential of ICT in the future. In SMEs, knowledge management is not seen as a business need or even a priority. SMEs cannot afford to invest in knowledge management and information technology and have difficulties in establishing their business value.
The emergence and eventual growth of information systems created an opportunity to integrate knowledge management processes progressively. The digital technologies enable data capture, data storage, data mining, data analytics, and data visualization. The value generated by such technologies is improved and transferred to companies and customers through digital technologies that enable interconnection. Moreover, digital technological advancements in knowledge management examine that new and developing digital technologies might aid knowledge management processes within and outside of businesses.
The global knowledge management software market has been segmented into on type, deployment type, organization size and end-user.
Based on Type, the global knowledge management software market is segmented into Mobile - Android Native and Mobile - iOS Native.
Based on the Deployment Type, the global knowledge management software market is segmented into On Premises, Cloud and Hybrid.
Based on the Organization size, the market has been split into Small & Medium Scale Enterprise and Large-Scale Enterprise.
Based on the End User, the market has been split into BFSI, Government & Defense, Pharmaceuticals, IT & Telecommunication, Manufacturing and Others.
Based on region, the market has been segmented into North America, Europe, Asia-Pacific, the Middle East & Africa, and South America. North America is likely to have a significant market share due to its robust infrastructure and early adoption of new technology. North America dominates the knowledge management software industry because of the rising demand in multiple sectors and widespread acceptance of various management software. The regional market is being boosted by a supportive and superior infrastructure and a high tendency to learn new technologies and integrate it into the system.
GLOBAL: KNOWLEDGE MANAGEMENT SOFTWARE MARKET, BY REGION, 2020 (% SHARE)
Source: Industry Expert, Secondary Research, and MRFR Analysis
The global market for knowledge management software has witnessed significant growth over the forecast period primarily due to the increasing need for customer retention and satisfaction. There are several domestic, regional, and global players operating in the knowledge management software market who continuously strive to gain a significant share of the overall market. During the study, MRFR has analyzed some of the major players in the global knowledge management software market who have contributed to the market growth. These include Freshworks Inc., Atlassian Corporation Plc, Exo Platform, Bitrix24 Inc., ProProfs, IBM Corporation, SAP SE, Zoho Corporation Pvt Ltd., Oracle Corporation, Capgemini SE, SkyPrep Inc., Lucidea, Egain Corporation, Upland Software Inc., Zendesk Inc. Among these, MRFR has analyzed five top players in the knowledge management software market.
These players focus on innovation and thus, invest in research & development to present a cost-effective product portfolio. There have been recent mergers and acquisitions among the key players, a strategy the business entities leverage to strengthen their reach to the customers.
This study estimates revenue growth at global, regional, and country levels and offers an overview of the latest developments in each of the sub-sectors from 2018 to 2027. For this analysis, MRFR segmented the global knowledge management software market has been segmented based on type, deployment type, organization size and end-user.
|Market Size||2020- USD: 11,746.1 million 2027- USD: 26,423.2 million|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||By Type • Mobile - Android Native • Mobile - iOS Native By Deployment Type • On premises • Cloud • Hybrid By Organization Size • Small & Medium Scale Enterprise • Large Scale Enterprise By End User • BFSI • Government & Defense • Pharmaceuticals • IT & Telecommunication • Manufacturing • Others|
|Geographies Covered||• North America • Europe • Asia-Pacific • Middle East and Africa • South America|
|Key Vendors||1. Freshworks Inc. 2. Atlassian Corporation Plc 3. Exo Platform 4. Bitrix24 Inc. 5. ProProfs 6. IBM Corporation 7. SAP SE 8. Zoho Corporation Pvt Ltd. 9. Oracle Corporation 10. Capgemini SE 11. SkyPrep Inc. 12. Lucidea 13. Egain Corporation 14. Upland Software Inc. 15. Zendesk Inc.|
|Key Market Opportunities||Technological advancement|
|Key Market Drivers||Increasing need to customer retention and satisfaction Increase operational efficiency and staff productivity|
Frequently Asked Questions (FAQ) :
A 12.1% CAGR is expected to transform the market.
North America regional market is projected to be the major driver of the market.
The segments in the market are type, deployment type, organization size and end-user.
The major contenders in the global market are IBM Corporation, Oracle Corporation, SAP SE, Capgemini SE and Atlassian Corporation.