Knowledge Management Software Market Overview
The Knowledge Management Software Market is projected to grow from USD 30.1 billion in 2024 to USD 66.2 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 11.30% during the forecast period (2024 - 2032). Additionally, the market size for Knowledge Management Software was valued at USD 28.5 billion in 2023.
An increase in the need for customer retention and an increase in operational efficiency and staff productivity are the key market drivers enhancing market growth.
Figure 1: Knowledge Management Software Market Size, 2024 - 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Knowledge Management Software Market Trends
Growing Prevalence of spine degeneration to boost the market growth
Factors such as reduced call handling time, improved governance, reduced training times, and enhanced customer satisfaction are predicted to fuel the market over the forecast period. Also, the growing need for content management expects to fuel the market over the forecast period. Ease of access to knowledge management software and the need for customer retention & satisfaction is predicted to drive the market during the forecasted period.
Further, the growing need for customer retention and satisfaction across the globe is one of the major factors driving the market growth of knowledge management software. The increase in the use of knowledge management software for the creation, recognition, and collection, along with the dissemination of large amounts of information in an organized manner and easy availability and time-efficient solutions, is accelerating the growth of the market.
Additionally, the increase in the need for customer retention and satisfaction across the globe is one of the major factors driving the growth of the knowledge management software industry. The rise in the use of knowledge management software for the creation, recognition, and gathering, along with disseminating a large amount of information in an organized way, and ease of accessibility and time-efficient solutions accelerate the market growth. The increase in the popularity of the software owing to its various features, including improved governance, increased customer satisfaction, decreased call handling time and reduced training times, further influence the market.
However, the expansion of end-use industries, increase in investments, rapid digitization, and growing need for content management positively affect the knowledge management software market. Furthermore, technological advancements in software expand the knowledge management software market revenue.
Knowledge Management Software Market Segment Insights:
Knowledge Management Software Type Insights
The knowledge management software market segmentation, based on type, includes mobile - android native and mobile - iOS native. The mobile-android native segment held the majority share of 2021 the knowledge management software market revenue. This is primarily due to the large number of android users all over the globe. However, mobile - iOS native is the fastest-growing category over the forecast period due to the growing demand for knowledge management applications among iOS users.
Knowledge Management Software Deployment Type Insights
The knowledge management software market segmentation, based on deployment type, includes on-premises, cloud, and hybrid. The metal segment dominated the market in 2021 and is projected to be the faster-growing segment during the forecast period, 2022-2030. Enterprises across the globe have adopted on-premise deployment as it allows easy software customization per the client’s business processes. However, the cloud is the fastest-growing category over the forecast period. This software is widely preferred by businesses since it is housed on the vendor's server and can be accessed using a web browser. This feature eliminates the need to upgrade the system regularly and allows users to access data from any location easily. Hence, flexibility and mobility provided by cloud software positively impact market growth.
Knowledge Management Software Organization Size Insights
The knowledge management software market data has been bifurcated by organization size into small & medium-scale enterprises and large-scale enterprises. The large-scale enterprise segment dominated the market in 2021 and is projected to be the faster-growing segment during the forecast period, 2022-2030. Large enterprises demand centralized resources to manage their business operations on a single platform. However, small & medium scale enterprise is the fastest-growing category over the forecast period owing to the growing demand for knowledge management software related technologies such as machine learning and artificial intelligence among SMEs.
Figure 2: Knowledge Management Software Market by Organization Size, 2021 & 2030 (USD Million)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Knowledge Management Software Regional Insights
By Region, the study provides market insights into North America, Europe, Asia-Pacific and Rest of the World. The North America knowledge management software market accounted for USD 10.64 billion in 2021 and is expected to exhibit a significant CAGR growth during the study period. This is attributed to the growing use of knowledge management software in both small and large-scale industries due to its necessity in various organizations and programs in the US, such as hospitals, home care organizations, nursing homes, ambulatory care providers, and clinical laboratories.
Further, the major countries studied in the market report are: The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 3: KNOWLEDGE MANAGEMENT SOFTWARE MARKET SHARE BY REGION 2021 (%)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe knowledge management software market accounts for the second-largest market share due to the rise of small firms and increased SME investments in the cloud-based software industry to propel the market forward. Local governments play a crucial role in the growth of the cloud integration services market across the region. Further, the Germany knowledge management software market held the largest market share, and the UK knowledge management software market was the fastest-growing market in the European region.
The Asia-Pacific knowledge management software market is expected to grow at the fastest CAGR from 2022 to 2030. This is due to the strong economic growth and rising demand for informative solutions among companies. Because of their improved technical infrastructure, the countries in this area are likely to grow significantly. Moreover, China knowledge management software market held the largest market share, and the India knowledge management software market was the fastest-growing market in the Asia-Pacific region.
Knowledge Management Software Key Market Players & Competitive Insights
Major market players are spending a huge amount of money on R&D to expand their product lines, which will help the knowledge management software market grow even more. Market participants are also taking a range of strategic initiatives to grow their worldwide footprint, with key market developments such as new product launches, mergers and acquisitions, contractual agreements, increased investments, and collaboration with other organizations. Competitors in the knowledge management software industry must provide cost-effective items to enhance and survive in an increasingly competitive and growing market environment.
One of the primary business strategies manufacturers adopts in the knowledge management software industry to improve clients and expand the market sector is manufacturing locally to reduce operating costs. The knowledge management software markets major players such as Freshworks Inc, Atlassian Corporation Plc, Exo Platform, and others are working on expanding the market demand by investing in research and development activities.
MindTouch, Inc. provides knowledge management software solutions. The Company offers enterprise-grade knowledge management software for organizations looking to increase customer lifetime value through improved customer experience. MindTouch serves customers in the State of California. In May 2019, MindTouch introduced platform upgrades for the spring 2019 season to speed up optimization and knowledge production. The most recent enhancements will assist support organizations and contact centers provide better client self-service. The platform was designed for customer-centric enterprises that require an omnichannel experience as part of their digital transformation activities. It will assist such businesses in creating an effortless, meaningful, and consistent customer experience by making knowledge easier to produce, use, and optimize regardless of channel or touchpoint.
Also, BMC Software, Inc. provides knowledge management software solutions. The Company offers span enterprise systems, applications, databases, and information technology process management and provides maintenance, support, and software implementation, integration, and education services. BMC Software serves customers worldwide. In October 2020, BMC, a leader in delivering IT solutions for Autonomous Digital Enterprises for the past 40 years, announced today the acquisition of ComAround, a knowledge management software firm that allows transforming the customer experience through self-service and AI and NLP-based advanced knowledge management software. BMC and ComAround will collaborate to provide NLP-based full-context-search knowledge management software, capitalizing on their respective market leadership and experience in self-service, ITSM, and AI.
Key Companies in the Knowledge Management Software market include
Knowledge Management Software Industry Developments
June 2021: Upland Software, Inc. acquired Panviva Pty Ltd, a cloud-based enterprise knowledge management software. With the addition of Panviva, Upland has expanded its presence within the knowledge management market, giving customers a new way to drive contact center productivity in regulated industries, such as utilities, healthcare, and financial services.
Knowledge Management Software Market Segmentation
Knowledge Management Software Type Outlook
-
Mobile - Android Native
-
Mobile - iOS Native
Knowledge Management Software Deployment Type Outlook
Knowledge Management Software Organization Size Outlook
Knowledge Management Software Regional Outlook
-
Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
-
Asia-Pacific
-
China
-
Japan
-
India
-
Australia
-
South Korea
-
Australia
-
Rest of Asia-Pacific
-
Rest of the World
-
Middle East
-
Africa
-
Latin America
Knowledge Management Software Market Highlights:
