The knowledge management market refers to the technology, procedures, and strategies used inside an organisation to acquire, store, manage, and distribute knowledge and information. It covers a wide range of solutions, including knowledge bases, content management systems, collaboration tools, and analytics platforms. The need for organisations to harness their combined knowledge and skills to better decision-making, increase productivity, and drive innovation drives the knowledge management industry.
The global knowledge management industry is expanding due to increased need for customer retention and satisfaction. Furthermore, the worldwide knowledge management market is quickly rising as the usage of knowledge management systems for the production, identification, collection, and organised dissemination of vast amounts of information grows.
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Segments of Knowledge Management Industry Research
- By Type :
- Knowledge Management Systems
- Knowledge Management Mechanisms & Technologies
- Knowledge Management Processes
- Knowledge Management Infrastructure
- By Organization Size :
- Small & Medium Enterprises
- Large Enterprises
- By Region :
- North America
- Latin America
Key Takeaways from Market Study
- The global knowledge management market is valued at US$ 650 billion in 2023.
- The market is projected to skyrocket at a CAGR of 19.9% and reach US$ 4 trillion by 2033.
- The large enterprises segment is predicted to advance at a CAGR of 16.3% from 2023 to 2033.
- The United States market garnered US$ 165 billion in 2022.
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.