Might be worth a read – that’s a lot of money !
The global knowledge management market is projected to experience rapid growth, with a compound annual growth rate (CAGR) of 19.9%. By 2033, it’s expected to reach a value of US$ 4 trillion, up from US$ 650 billion.
Knowledge management involves various processes like defining, retaining, organizing, and disseminating knowledge and employee experience within an organization. Its aim is to enhance organizational efficiency through the optimal utilization of knowledge.
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In practical terms, knowledge management involves the detection, collection, compilation, distribution, and comprehension of data. It encompasses not only understanding systems, technology, and information but also people, processes, and businesses. The sharing of information is crucial for promoting learning and fostering the development of new ideas.
Businesses are evaluating their infrastructure to determine the most effective methods for sharing available information. Those that prioritize timely data sharing and equip their employees with the necessary tools for managing information effectively through knowledge management are better positioned to thrive in competitive environments.
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Digital Transformation: With the rapid digitalization of businesses across industries, there’s a growing need to manage and leverage vast amounts of data and information effectively. Knowledge management solutions help organizations streamline this process and extract valuable insights.
Remote Work: The shift to remote and hybrid work models, accelerated by the COVID-19 pandemic, has highlighted the importance of efficient knowledge sharing and collaboration tools. Companies are investing in knowledge management platforms to facilitate seamless communication and information exchange among remote teams.
Focus on Customer Experience: Businesses are increasingly recognizing the role of knowledge management in delivering exceptional customer experiences. By centralizing knowledge resources and enabling quick access to information, companies can enhance customer support and satisfaction.
Artificial Intelligence and Automation: Advancements in AI and automation technologies are reshaping the knowledge management landscape. AI-powered tools can analyze and categorize vast amounts of data, extract relevant insights, and automate routine knowledge-related tasks, improving efficiency and decision-making.
Regulatory Compliance: Compliance requirements, particularly in highly regulated industries such as healthcare and finance, drive the adoption of knowledge management solutions. These platforms help organizations ensure data security, privacy, and regulatory compliance by managing knowledge assets effectively.
Knowledge Sharing Culture: Organizations are increasingly fostering a culture of knowledge sharing and continuous learning to drive innovation and competitiveness. Knowledge management initiatives support this by providing platforms for employees to collaborate, share expertise, and access relevant information.
Emergence of Knowledge Graphs: Knowledge graphs, which represent knowledge as interconnected entities and relationships, are gaining traction as a powerful tool for knowledge management. They enable more efficient navigation and discovery of information, driving insights and decision-making.
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• Atlassian Corporation Plc
• ComAround Inc
• IBM
• Bitrix, Inc
• Bloomfire
• eXo Platform
• eGain Corporation
• Freshworks Inc
• Ernst & Young Global Limited
• Igloo Software
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Key players in the knowledge management market are actively pursuing marketing tactics such as investments, collaborations, technological innovations, and acquisitions to maintain and increase their overseas footprint. Moreover, many startups are seeking investments to bolster their market position.
• Sana Labs, a Swedish start-up that provides an AI-based knowledge management platform to assist people in managing information at work and then utilize that data as a resource for e-learning within the organization, announced in December 2022 that it had closed a US$ 34 million round after witnessing ARR expand seven-fold in the previous year.
• Upland Software, Inc. acquired Panviva Pty Ltd, a cloud-based knowledge management solution, in June 2021. With the acquisition of Panviva, Upland has widened its reach in knowledge management, giving customers a new solution to optimize contact center productivity in regulated industries such as healthcare, utilities, and financial services.
• For 40 years, BMC has been a worldwide leader in delivering IT solutions for the Autonomous Digital Enterprise. In June 2021, BMC acquired ComAround, a worldwide software company that aids in reshaping the customer experience via self-service and NLP and AI-based advanced knowledge management technology. The companies will work together to develop full-context-search knowledge management solutions based on NLP, using their respective market expertise and experience in AI, ITSM, and self-service.
• Unymira, a branch of USU, Europe’s biggest IT and knowledge management software provider, launched Knowledge Center Version 7.0 in June 2021.
• MindTouch, a prominent knowledge management solutions provider, announced platform updates in May 2021 to accelerate optimization and knowledge generation. The updates will help support businesses and contact centers to provide improved customer self-service. The platform was created for customer-centric businesses that need an omnichannel experience as an element of their digital transformation efforts. It will help such firms create a seamless, consistent, and meaningful customer experience by making knowledge easier to produce, utilize, and optimize across all channels and touchpoints.
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• By Type :
o Knowledge Management Systems
o Knowledge Management Mechanisms & Technologies
o Knowledge Management Processes
o Knowledge Management Infrastructure
• By Organization Size :
o Small & Medium Enterprises
o Large Enterprises
• By Region :
o North America
o Latin America
o Europe
o APAC
o MEA
???? ????: https://www.factmr.com/report/knowledge-management-market
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