Market Overview:
The Global Knowledge Management Software Market size is expected to grow from USD 298.85 billion in 2022 to USD 1515.46 billion by 2030, at a CAGR of 22.5% during the forecast period (2023-2030).
Knowledge management software is one of the popular software that comes under the category of enterprise content management software is known as the knowledge management software. We can use this Knowledge management software to find, analyse, retrieve, and exchange information. These files can be accessed from anywhere on the internet at any time. It gives consistent responses, reduces training time, enhances governance, and boosts customer loyalty, among other items. These are the factors that are propelling the information Knowledge management software market forward. The cloud computing model, which gathers and stores data on servers, is used for information management applications. These documents can be accessed at any time through the internet.
Top Key Players for Knowledge Management Software Market:
Atlassian, Freshworks, eXo, Lucidea, Bitrix, EduBrite Systems, Yonyx, MangoApps, CallidusCloud, Nuance, ProProfs, Pgi, Theum, Chadha Software Technologies, Auros Knowledge Systems, Connotate, and Other Major Players.
Market Dynamics and Factors for Knowledge Management Software Market:
Drivers:
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 is expected 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.
Opportunities:
Integration of Artificial Intelligence (AI) and Machine Learning
The integration of Artificial Intelligence (AI) and Machine Learning (ML) presents a significant opportunity for boosting the Knowledge Management Software market. AI and ML technologies have the potential to revolutionize knowledge management by enabling more intelligent content discovery, categorization, and recommendation. These technologies can analyze vast amounts of data, identify patterns, and provide proactive insights, making it easier for organizations to harness their knowledge assets. AI-powered Knowledge Management Software can automate routine tasks such as content tagging, metadata management, and content search, significantly improving efficiency and productivity. Moreover, ML algorithms can enhance the quality of search results by learning from user interactions and adapting to changing information needs.
Segmentation Analysis of the Knowledge Management Software Market:
By Type, cloud-based Knowledge Management Software was indeed gaining prominence and was becoming a dominant type in the market. Cloud-based KM software can be accessed from anywhere with an internet connection, making it convenient for remote and distributed teams.
By Application, Information Technology (IT) and Telecommunications (Telecom) industry was indeed a significant user of Knowledge Management Software (KMS) solutions. These industries often rely heavily on knowledge management to streamline their operations, enhance customer support, and stay competitive.
Regional Analysis of the Knowledge Management Software Market:
North America is the dominating region in knowledge management software. North America was indeed a significant player in the Knowledge Management Software Market. However, market dynamics can change over time due to various factors, including technological advancements, economic conditions, and global events.
Key Industry Development:
In 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.
