Knowledge Management Market
Knowledge Management Market Study by Systems, Mechanisms & Technologies, and Processes, Infrastructure for Small & Medium Enterprises and Large Enterprises from 2024 to 2034
Analysis of Knowledge Management Market Covering 30+ Countries Including Analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
Knowledge Management Market Outlook (2024 to 2034)
The global knowledge management market is approximated at a value of US$ 773.6 billion in 2024. Expanding at a CAGR of 16.5%, the market is expected to reach a size of US$ 3,562.8 billion by 2034.
Knowledge management is the process of defining, retaining, organizing, and disseminating knowledge as well as employee experience within an organization. It refers to a multidisciplinary approach to attaining corporate goals through optimal knowledge utilization. The main goal of knowledge management is to improve organizational proficiency.
Knowledge management is when businesses detect, collect, compile, distribute, and comprehend data. Knowledge management entails not only understanding systems, new technology, or information but also people, processes, and businesses. Furthermore, shared information is intended to promote learning and the development of new ideas.
Firms are examining their infrastructure to determine the best approach to disseminating available information. Companies that promote timely data sharing while also ensuring their employees have the tools for successfully handling information through knowledge management for better decision-making can survive the difficult competition.
The COVID-19 pandemic and the subsequent remote working phenomenon significantly influenced the sales of knowledge management software or KM software. With remote working becoming more common, the demand for knowledge management solutions is projected to rise in the coming 10 years. The pandemic also prompted numerous corporations to acquire cloud-based software such as multi-cloud management that provides flexibility to their operations.
The usage of cloud-based knowledge management solutions allows firms to develop and share information with employees in real-time for better customer service. Furthermore, enterprises’ growing volume of data is projected to fuel the demand for master data management solutions.
Western countries in regions such as North America and Europe are at the forefront of adopting advanced technologies. The growing demand for efficient systems such as relational database management systems that can handle data with improved security is set to boost the knowledge management market growth during the forecast period.
- The North American knowledge management market size is projected to reach US$ 865.7 billion by 2034.
- East Asia is estimated to account for 22.4% of the global knowledge management market share in 2024.
| Report Attributes | Details |
|---|---|
| Knowledge Management Market Size (2024E) | US$ 773.6 Billion |
| Forecasted Market Value (2034F) | US$ 3,562.8 Billion |
| Global Market Growth Rate (2024 to 2034) | 16.5% CAGR |
| South Korea Market Value (2034F) | US$ 190.1 Billion |
| Knowledge Management Infrastructure Demand Growth (2024 to 2034) | 19.3% CAGR |
| Key Companies Profiled |
|
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Why are Knowledge Management Systems Gaining High Traction in Organizations?
“Integration of AI to Boost Efficiency of Knowledge Management Solutions”
One of the emerging knowledge management market trends is the rising popularity of AI-powered solutions. The adoption of AI-powered knowledge management solutions is increasing as firms become more competitive and data-driven.
These solutions allow businesses to manage enormous amounts of data more effectively by automating repetitive operations and assisting employees in quickly finding the information they require. Furthermore, technologies such as integrated workplace management systems, marketing operations management solutions, and marketing resource management solutions can be utilized to assist firms in improving customer service and lowering customer churn rates.
AI-powered knowledge management tools can identify customer trends and help make smarter marketing decisions. Businesses that want to maintain a competitive advantage can consider investing in AI-powered knowledge management tools. This artificial intelligence technology is leading to digital transformation and is expected offer opportunities for businesses of all sizes.
“Customer Relationship Management Solutions Enhancing Workflow Efficiency”
Customer-centric business techniques are regarded as one of the most powerful competencies in enterprises, assisting in the transformation of their settings to a customer-centric environment. Companies can use knowledge management to deepen their relationships with key customers, leading to competitive advantage and loyal customers.
Organizations can utilize knowledge management and knowledge obtained from customer relationship management (CRM) to develop new ideas and deliver improved and new services. Customer knowledge, as an essential part of the relationship between knowledge management and customer relationship management (CRM), can help organizations customize their products and services and their entire customer relationship to enhance customer satisfaction and, eventually, economic profitability.
What Challenges Do Knowledge Management Service Providers Face?
“High Cost of Advanced Knowledge Management Technologies”
Some budget-constraint organizations find it difficult to adopt advanced management technologies. Small and medium organizations that work on tight budgets are deterred from employing premium technologies. Thus, this struggle to invest is expected to hamper the demand for IT operations and services management solutions.
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Start-up Ecosystem
- 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.
- Moveworks an American start-up provide AI-powered platforms to large enterprises. The solutions offered by the company boosts the organizations customer service performance by addressing common requests quickly with manual intervention.
Country-wise Analysis
Why Does the United States Hold a Key Position in the Global Market?
“High Awareness Regarding Benefits of Knowledge Management Solutions”
| Attribute | United States |
|---|---|
| Market Value (2024E) | US$ 82.3 Billion |
| Growth Rate (2024 to 2034) | 17% CAGR |
| Projected Value (2034F) | US$ 394.8 Billion |
Popularity of knowledge management solutions is growing in the United States. Various organizations in the country are widely adopting knowledge management tools. The presence of key market players combined with the widespread adoption of knowledge management solutions is boosting market growth in the United States.
Potential of knowledge management to provide a single window for content generation, management, and redistribution via search tools, as well as its increasing awareness among the country's tech-savvy people, is propelling its sales growth in the United States. Moreover, the growing need for target-specific information that enables rapid business expansion is set to boost IT management solutions.
Which Country is a Leading Contributor to East Asia Market Growth?
“Enterprises in South Korea Widely Adopting Advanced Knowledge Management Solutions”
| Attribute | South Korea |
|---|---|
| Market Value (2024E) | US$ 38.5 Billion |
| Growth Rate (2024 to 2034) | 17.3% CAGR |
| Projected Value (2034F) | US$ 190.1 Billion |
The South Korea market is projected to experience high growth during the forecast period. The country’s IT investment is gradually expanding, which is expected to increase the use of knowledge management software. Increasing adoption of knowledge management solutions by several large and small and medium-sized businesses is set to boost the South Korea market growth during the next decade.
Will Germany Be a Profitable Market In This Business Landscape?
“Germany Emerging as Profitable Marketplace for Start-ups”
Demand for knowledge management tools is expanding in Germany. Germany is strongly supporting the European market growth due to the presence of numerous start-ups offering advanced solutions.
- For Instance, Alexandrya.ai, a German start-up, offers cloud-based and AI-powered knowledge management software. It offers features such as process automation management, data quality management, a centralized knowledge database, natural language processing, auto file tagging, continuous sync, and auto labeling. It provides users with access to a subscription-based pricing module.
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Category-wise Analysis
Why are Large Organizations Increasingly Utilizing Knowledge Management Solutions?
“Streamlining Benefits of Knowledge Management Increasing Adoption by Large Enterprises”
| Attribute | Large Enterprises |
|---|---|
| Segment Value (2024E) | US$ 464.2 Billion |
| Growth Rate (2024 to 2034) | 16.1% CAGR |
| Projected Value (2034F) | US$ 2066.4 Billion |
Knowledge management provides real-time data on corporate strategy and assists in better decision-making. Large corporations frequently utilize knowledge management because it allows them to make better use of their resources and build a systematic approach to structuring, retrieving, and sharing information among employees. As a result, large enterprises' demand for knowledge management is expanding at a high pace.
Small businesses often find it difficult to consider making a significant financial investment in a field they do not consider a vital part of their operations. However, they remain optimistic about ICT's future possibilities. Knowledge management is not seen as a necessity or a top business goal in small & medium enterprises. Small & medium enterprises have difficulty developing their company value since they cannot afford to invest in information technology or knowledge management.
Which Type of Knowledge Management Solution is Most Widely Deployed?
“Knowledge Management Systems Hold Leading Market Share”
| Attribute | Knowledge Management Systems |
|---|---|
| Segment Value (2024E) | US$ 309.4 Billion |
| Growth Rate (2024 to 2034) | 15.3% CAGR |
| Projected Value (2034F) | US$ 1282.6 Billion |
Knowledge management systems are linked with performing various management functions for an organization, such as knowledge or information collection, dissemination, assessment, and general management. These systems are designed to use and implement knowledge management concepts to enable customers and employees to create, find, and save important information quickly.
Competitive Landscape
Key players in the knowledge management industry 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.
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.
Key Segments of Knowledge Management Market Research
-
By Type :
- Systems
- Mechanisms & Technologies
- Processes
- Infrastructure
-
By Organization Size :
- Small & Medium Enterprises
- Large Enterprises
-
By Region :
- North America
- Latin America
- Europe
- East Asia
- South Asia & Oceania
- Middle East & Africa
- FAQs -
What is the current size of the knowledge management market?
The global knowledge management market is evaluated at US$ 773.6 billion in 2024.
How much is the projected market value for knowledge management solutions by 2034?
Sales of knowledge management solutions are forecasted to reach US$ 3,562.8 billion by 2034.
What is the estimated demand growth for knowledge management?
Demand for knowledge management solutions is foreseen to rise at a CAGR of 16.5% from 2024 to 2034.
Which East Asian country is exhibiting high demand for knowledge management solutions?
The South Korea market is expected to register a CAGR of 17.3% through 2034.
Which type of knowledge management solution is widely adopted?
Demand for knowledge management systems is projected to reach a market value of US$ 1,282.6 billion by 2034.
Who are top providers of knowledge management solutions?
Some of the leading companies in the market include ComAround Inc., IBM, and Bitrix, Inc.
Knowledge Management Market
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