SAN FRANCISCO , March 16, 2022 /PRNewswire/ — New market research published by Global Industry Analysts Inc., (GIA), the leading market research firm, today released its report titled “Knowledge Management – Global Market Trajectory and Analysis”. The report presents new insights into the opportunities and challenges in a significantly transformed post COVID-19 market.
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Editing: 21; Published: February 2022
Executive Pool: 37423
Companies: 253 – Relevant players include Atlassian Corporation Plc; Bitrix, Inc.; Bloomfire; Chadha Software Technologies; ComAround Inc.; eGain Corporation; Ernst & Young Global Limited; eXo platform; Freshworks Inc.; IBM; Igloo software; KMS headlight; Knosys; Lucida; MangoApps Inc.; Moxie software; Open Text Corporation; ProProfs; RightAnswers, Inc.; Yonyx Inc. and others.
Blanket: All major geographies and key segments
segments: Offer (Systems, Mechanisms & Technologies, Process, Infrastructure); Size of organization (large enterprises, SMEs)
Geographies: World; United States; Canada; Japan; China; Europe; France; Germany; Italy; UK; Spain; Russia; Rest of Europe; Asia Pacific; Latin America; Rest of the world.
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Global knowledge management market to reach $1.1 trillion by 2026
Knowledge management is a managerial approach by which an organization collects, analyses, systematizes, stores and shares its knowledge assets or knowledge-based intellectual property. The global market is expected to grow due to the growing need to retain customers and improve customer satisfaction. The COVID-19 pandemic and the resulting remote working phenomenon has dramatically boosted knowledge management solutions across the globe. With the remote work model becoming a mainstream phenomenon, the need for knowledge management solutions is expected to increase in the future. Even with the flattening of the COVID-19 curve and mass vaccination programs still at a distance, most companies are expected to continue with the work-from-home model at least for the near future. KM systems fit perfectly with the needs of an organization, which might have to operate with employees from other departments in the absence of relevant manpower (either due to layoff, or absenteeism related to COVID-19). The pandemic has also caused several companies to adopt cloud-based software that gives flexibility to their businesses, while those that already have such technologies would continue to have an advantage over those that switch later. Using cloud-based knowledge management systems would help organizations create and share real-time information with employees for better customer management. Additionally, the growing amounts of data collected by organizations are expected to drive the demand for knowledge management solutions.
Amid COVID-19 crisis, Global Knowledge Management Market estimated at US$569.6 billion in 2022, is expected to reach a revised size of US$1.1 trillion by 2026, growing at a CAGR of 19.8% over the analysis period. Systems, one of the segments analyzed in the report, is expected to grow at a CAGR of 18.2% to reach US$444.5 billion at the end of the analysis period. After a thorough analysis of the business implications of the pandemic and the economic crisis it induces, the growth of the Mechanisms and Technologies segment is readjusted to a revised CAGR of 21.1% 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 the performance of various KM functions, i.e. the collection, dissemination, analysis and general management of knowledge or information, to an organization, and provides results that enable the organization to use them effectively and efficiently. efficient manner. The KMS system is intended to use and apply the principles of KM to enable customers and employees to quickly create, find and store relevant information. Knowledge management mechanisms are structural or organizational means used to promote 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 US market is estimated at $198.8 billion in 2022, when China is expected to reach $176.9 billion by 2026
The knowledge management market in the United States is estimated at US$198.8 billion in 2022. The country currently accounts for a 35.39% share of the global market. Chinaworld’s second largest economy, is expected to reach an estimated market size of US$176.9 billion in 2026 with a CAGR of 27.1% over the analysis period. Other notable geographic markets include Japan and Canada, each predicting growth of 15.6% and 17.7% respectively over the analysis period. In Europe, Germany is expected to grow around 17.7% CAGR while the rest of the European market (as defined in the study) will reach US$219.1 billion at the end of the analysis period. Global companies are making substantial investments in developing innovative approaches and strategies to successfully compete in a knowledge-based marketplace. These innovative practices, which result in the development of knowledge-intensive products and services, are widespread among companies in the North America and Europe.
Process the segment to reach $265.6 billion by 2026
Knowledge management processes refer to the approaches used by an organization to manage knowledge at different stages of the KM lifecycle. The segment includes processes used to apply knowledge, capture knowledge, create knowledge, and share knowledge. In the global Process segment, United States, Canada, Japan, China and Europe will drive the CAGR of 22.9% estimated for this segment. These regional markets representing a combined market size of US$59.1 billion will reach a projected size of US$249.9 billion at the end of the analysis period. China will remain among the most dynamic in this group of regional markets. Led by countries such as Australia, Indiaand South Koreathe market of Asia Pacific should reach US$38.1 billion by 2026. Continued
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