Global Knowledge Management Software Market Grows at a Staggering CAGR of 12.3%

Introduction

Knowledge management is collecting, recognizing, storing, assessing, and disseminating all the essential knowledge generated by organizations' day-to-day business operations. End-user organizations can benefit from knowledge management software since it helps keep track of all the different ways they have documented vital insights. It also allows users to retrieve information for various purposes efficiently.

Market Dynamics

The Increasing Need for Customer Retention and Satisfaction Drives the Global Market

The structure of the industrial world is evolving from product-centric to customer-centric. Customer-focused business strategies are regarded as one of the most influential business competencies for converting environments into customer-centric ones. Through knowledge management, businesses can deepen their relationships with significant customers, resulting in loyal customers and a competitive advantage. In addition, organizations can generate new concepts and provide upgraded and innovative services (CRM) by utilizing knowledge management and information obtained from customer relationship management. Knowledge management software aids organizations in assessing their customers' search behaviors, the content they want, the search phrases they employ, and more.

Technological Advancement Creates Tremendous Opportunities

Before the advent of information technology, knowledge management practices were either manual or offline. However, the beginning and eventual expansion of information systems afforded the chance to incorporate knowledge management procedures gradually. These digital technologies allow for data collection, storage, mining, and visualization. Through digital technologies that enable interconnection, the value created by such technologies is enhanced and distributed to businesses and customers. In addition, digital technology improvements in knowledge management investigate how new and evolving digital technologies may facilitate knowledge management processes within and outside organizations. Therefore, technological developments in software have opened the market for knowledge management software.

Regional Analysis

North America is the most significant global knowledge management software market shareholder and is anticipated to grow at a CAGR of 10.3% during the forecast period. The regional market is strengthened by a friendly, excellent infrastructure and a solid propensity to learn and incorporate new technology. Additionally, expenditures in research and development have a substantial impact on the region. The United States is the largest nation in North America. This is because large firms are involved in numerous businesses, each of which requires a substantial amount of knowledge management work. In addition, the expansion of the North American market will be assisted by a rise in the number of startups and small and medium-sized enterprises (SMEs). The United States is the top nation in North America due to its rapid adoption of new and innovative technology. For instance, Philips utilized knowledge management to reduce the time account managers and sales engineers spent searching for information.

Asia-Pacific is estimated to grow at a CAGR of 14.6% over the forecast period. In the future years, Asia-Pacific will enjoy tremendous growth as companies compete to give superior customer solutions. Countries such as China, India, and Japan will significantly impact market expansion. Asia-Pacific's knowledge management software market participants have increased. The growth of the Asia-Pacific market for knowledge management software is fueled by factors such as the rising number of small and medium-sized businesses (SMEs). In addition, the region's IT expenditures are gradually increasing, which is anticipated to enhance the use of knowledge management software.

Key Highlights

• The global knowledge management software market was valued at USD 16,635 million in 2022. It is estimated to reach USD 47,254 million by 2031, growing at a CAGR of 12.3% during the forecast period (2023–2031).
• Based on type, the global knowledge management software market is divided into mobile android native and mobile IOS native. The mobile Android native segment is responsible for the largest market share and is anticipated to grow at a CAGR of 12.1% over the forecast period.
• Based on deployment type, the global knowledge management software market is segmented into on-premises, cloud, and hybrid. The cloud segment owns the highest market share and is expected to grow at a CAGR of 11.3% over the forecast period.
• Based on organization size, the global knowledge management software market is divided into small and medium-scale enterprises and large-scale enterprises. The large-scale enterprise segment is the highest contributor to the market share and is anticipated to grow at a CAGR of 11.1% over the forecast period.
• Based on end-user, the global knowledge management software market is segmented into government and defense, manufacturing, BFSI, pharmaceuticals, IT and telecommunication, and others. The IT and telecommunication segment owns the highest market share and is expected to grow at a CAGR of 11.1% over the forecast period.
• North America is the most significant global knowledge management software market shareholder and is anticipated to grow at a CAGR of 10.3% during the forecast period.

Competitive Players

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

Recent Developments

Recent Developments

• May 2024- Atlassian advanced its Knowledge Management Software with updates at Team '24, integrating Jira, Confluence, Loom, and the new Rovo AI tool into a unified platform. The updates include enhanced AI-driven search and automation features, improving knowledge retrieval and workflow efficiency.
• June 2024- eXo Platform upgraded its knowledge management tools with a centralized repository, advanced document management, and new collaboration and e-learning features to improve information access, sharing, and employee training.

Analyst Opinion

As per our analyst, the knowledge management software (KMS) market is experiencing robust growth, bolstered by rapid digital transformation initiatives across various industries, the rise of remote and hybrid work environments, and the demand for enhanced data management and collaboration tools. Organizations are increasingly investing in advanced knowledge management systems to boost efficiency, improve decision-making, and support scalable business operations.

This growth trajectory is further fueled by heightened investments in digital infrastructure and cloud technologies, enabling organizations to adopt flexible and scalable KMS solutions. The integration of artificial intelligence (AI) and machine learning into knowledge management tools is paving the way for more intelligent automation and enhancing the effectiveness of knowledge retrieval and application. As companies adapt to the ever-evolving business landscape, the demand for sophisticated KMS will continue to rise, making it an essential component of modern organizational strategy.

Segmentation

1. By Deployment Type
   1. On-Premises
   2. Cloud
   3. Hybrid
2. By Organization Size
   1. Small and Medium Scale Enterprise
   2. Large-Scale Enterprise
3. By End-User
   1. Government and Defense
   2. Manufacturing
   3. BFSI
   4. Pharmaceuticals
   5. IT and Telecommunication
   6. Others