DUBLIN, June 29, 2021 /PRNewswire/ — The “Knowledge Management – Global Market Trajectory & Analytics” report has been added to ResearchAndMarkets.com’s offering.
Global Knowledge Management Market to Reach $1.1 Trillion by 2026
Amid the COVID-19 crisis, the global market for Knowledge Management estimated at US$381.5 Billion in the year 2020, is projected to reach a revised size of US$1.1 Trillion by 2026, growing at a CAGR of 19.8% over the analysis period.
Knowledge management is a managerial approach through which an organization collects, analyzes, systematizes, stores, and shares its knowledge assets or knowledge-based intellectual property. The global market is anticipated to expand due to the growing need to retain customers and improve customer satisfaction.
The COVID-19 pandemic and the resultant remote working phenomenon has provided a significant boost for knowledge management solutions across the world. With the remote working pattern emerging as a mainstream phenomenon, the need for knowledge management solutions is expected to increase going forwards. Even with the COVID-19 curve flattening, and mass vaccination programs still at a distance, most companies are expected to continue with the work-from-home model at least into the near future.
The KM systems fit perfectly into the needs of an organization, which could be required to operate with employees of other departments in the absence of relevant workforce (either due to layoff or COVID-19 related absenteeism). The pandemic also caused several companies to adopt cloud-based software that imparts flexibility to their businesses, while those with such technologies already in place would continue to have an edge other those transitioning later.
The use of cloud-based KM systems would help organizations create and share information in real-time with employees for better customer handling. In addition, increasing amounts of data being collected by organizations is expected to drive the demand for knowledge management solutions.
Systems, one of the segments analyzed in the report, is projected to grow at a 18.2% CAGR to reach US$444.5 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Mechanisms & Technologies segment is readjusted to a revised 21.1% CAGR for the next 7-year period.
This segment currently accounts for a 28.5% share of the global Knowledge Management market. A Knowledge Management System (KMS) is associated with carrying out various functions of KM, i.e. collection, dissemination, analysis and general management of knowledge or information, for an organization, and delivers results that enable the organization to use the same in an effective and efficient manner
. KMS system is intended for using and applying the principles of KM for allowing customers and employees to rapidly create, find and store relevant information. Knowledge Management Mechanisms are structural or organizational means utilized for promoting knowledge management. Some examples of KM mechanisms include on-the-job training, learning by doing, learning by observation, and face-to-face meetings. Knowledge Management Technologies refer to various types of information technologies that enable knowledge management.
The U.S. Market is Estimated at $164.7 Billion in 2021, While China is Forecast to Reach $176.9 Billion by 2026
The Knowledge Management market in the U.S. is estimated at US$164.7 Billion in the year 2021. The country currently accounts for a 35.39% share in the global market. China, the world`s second largest economy, is forecast to reach an estimated market size of US$176.9 Billion in the year 2026 trailing a CAGR of 27.1% through the analysis period.
Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 15.6% and 17.7% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 17.7% CAGR while Rest of European market (as defined in the study) will reach US$219.1 Billion by the end of the analysis period.
Global enterprises are making substantial investments in developing innovative approaches and strategies for competing successfully in a knowledge-based market. Such innovative practices, resulting in the development of knowledge-intensive products and services, are prevalent amongst enterprises in North America and Europe.
Key Topics Covered:
II. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
- Impact of Covid-19 and a Looming Global Recession
- 2020 Marked as a Year of Disruption & Transformation
- How the IT Industry Has Been Impacted by the Pandemic & What’s the New Normal?
- Knowledge Management Enables Remote Work Approach amidst COVID-19 Pandemic
- KM Professional Services Remain in Demand in Pandemic Times
- KM Solutions to Gain Momentum in Near Future
- Knowledge Management: A Prelude
- Data-Information-Knowledge Continuum
- Converting Data into Knowledge
- Knowledge Management: A Conceptual Definition
- Why Knowledge Management is important in Corporate Sector?
- Segment Definitions
- Recent Market Activity
- World Brands
2. FOCUS ON SELECT PLAYERS
- Atlassian Corporation Plc
- Bitrix, Inc.
- Chadha Software Technologies
- ComAround Inc.
- eGain Corporation
- Ernst & Young Global Limited
- eXo Platform
- Freshworks Inc.
- Igloo Software
- KMS Lighthouse
- MangoApps Inc.
- Moxie Software
- Open Text Corporation
- RightAnswers, Inc.
- Yonyx Inc.
3. MARKET TRENDS & DRIVERS
- Myriad Benefits of Knowledge Management Tools to Fuel Market Growth
- Growing Need for Data Analysis in Various Industries Drives Significance of Knowledge Management
- Knowledge Management & Big Data: Enabling Digital Transformation
- COVID-19 Paves Way for Digitization of Businesses
- Knowledge Management Moves to the Cloud
- Technological Advancements to Boost Adoption of KM Tools
- Rising Data Volumes and Complexity Drive Focus onto New Technologies
- Noteworthy Trends in KM Space
- WFH Shoots Up Demand for Seamless Collaboration Tools
- Visual KM Software Versions to Replace Previous Tools
- KM Suits to Centralize Processes
- Integrated Customer Support Tools for Speedy Case Resolutions
- Improved Access to Internal Query Database
- New UI for Better User Experience
- Rise in Employment of Knowledge Bots
- Demand for User-Friendly Interfaces
- Improved Collaboration
- Mobile Technology and Single Sign-on
- Social Media Evolves as a KM Tool
- Demand Escalates for Advanced Internal Search Indexes
- AI Gaining Importance in Knowledge Management
- Role of Artificial Intelligence (AI) in Enhancing the Value of Unstructured Content
- Emphasis Grows on More Accessible Content Management
- KM Tools with Permission Settings to Ease Knowledge Sharing
- Significant Potential for IoT in Knowledge Management
- Collaboration Emerges as a Critical Requirement for Enabling Knowledge Management
- Knowledge Management Becomes an Important Tool for Healthcare Industry
4. GLOBAL MARKET PERSPECTIVE
III. REGIONAL MARKET ANALYSIS
- Total Companies Profiled: 253
For more information about this report visit https://www.researchandmarkets.com/r/v1ndo7
Research and Markets
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