Next Generation Search Engines Market Size

Next Generation Search Engines Market Analysis

The Next Generation Search Engines Market size is estimated at USD 37.39 billion in 2024, and is expected to reach USD 80.98 billion by 2029, growing at a CAGR of 14.82% during the forecast period (2024-2029).

• The next-generation search engine provides an advanced information retrieval model for decision-makers and scientists who wish to gain working knowledge about the search to evaluate available solutions and dialogue with software and data providers. Over the last few years, the number of voice searches has increased exponentially. Also, it is becoming less of a novelty and more like a new standard. Therefore, the next-generation search engines are more oriented toward voice-based search engines.
• Next-generation search engines are also increasing because of deep neural networks, machine learning, and other advancements in AI technologies. Virtual assistants, such as smart speakers, are used for various applications across several end-user industries, such as retail, BFSI, and healthcare. One primary consumer-facing application is a personal assistant. It helps consumers accomplish multiple tasks. For instance, Apple's Siri offers an intuitive interface for connected homes or cars.
• Growing demand for Self-service options indicates rapid growth in consumer demand for more incredible speed and convenience. According to NICE's 2022 Digital First Customer Experience Report, 81% of consumers say they want more self-service options. Yet, only 15% of consumers expressed high satisfaction with the tools provided to them. This trend drives the demand for Next next-generation search engine market.
• Increasing focus on improving Customer Experience across professional services drives the market. Enhancing the customer experience can bring rich rewards. Across industries, satisfied customers spend more and stay more loyal over time. By showing empathy with customers and helping to fix their problems, companies like these can tap into a source of tremendous value, find new business opportunities, and shift their operating model over time.
• Increasing Preference for Live Person Interaction could restrain the market. According to a survey conducted by Liveperson Inc., 87% of consumers worldwide prefer that the companies provide the flexibility to connect interactions across voice and messaging. Such preferences also shift based on different situations and times of the day, demonstrating the importance of allowing consumers to engage on their terms, when, and where they want.
• The COVID-19 pandemic had a negative impact on the market. Stringent government regulations that required people to stay at home made smartphones a primary source of entertainment and other purposes. As a result, the voice search mobility trend increased with advancements in speech recognition and voice search technology. This trend continues to grow, and companies are trying to build voice assistance in regional languages, which predicts that the market will rise steadily over the next few years. Google has a 95% accuracy rate when spoken correctly in English. Moreover, Google Voice Search on smartphones is available in over 60 languages.