Knowledge Management Software Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

Knowledge Management Software Market Analysis

The Knowledge Management Software Market size is estimated at USD 15.28 billion in 2024, and is expected to reach USD 28.41 billion by 2029, at a CAGR of 13.20% during the forecast period (2024-2029).

• Organizations are swiftly embracing digital technologies to boost operational efficiency and facilitate knowledge sharing. Central to this evolution is knowledge management (KM) software, which centralizes data, enhances collaboration, and elevates team productivity. As firms advance in their digital transformation journeys, the appetite for KM solutions grows.
• In an economy driven by information, businesses harness knowledge for superior decision-making, enhanced customer service, and fostering innovation. KM software empowers organizations to create, store, manage, and disseminate crucial knowledge, bolstering collaboration and overall performance. The escalating significance of data-driven insights and inter-employee knowledge sharing propels the demand for these software solutions. Responding to this surge, Salesforce unveiled Unified Knowledge in May 2024. This innovative solution consolidates diverse organizational knowledge from third-party systems into Salesforce, streamlining service agents' efficiency and expediting customer case resolutions. When paired with data from Salesforce Data Cloud, this consolidated knowledge crafts precise and relevant generative AI content, enabling service agents to offer swifter and more personalized customer interactions.
• The pandemic hastened the transition to remote and hybrid work models. As businesses acclimate to these changes, the demand for robust KM software has intensified. These platforms empower remote teams to collaborate seamlessly, share resources, and access information from any location, underscoring their vital role in today's adaptable work landscape.
• AI and ML are becoming integral to KM software, enhancing knowledge discovery, categorization, and information personalization. Features like chatbots, automated document classification, and predictive analytics are amplifying KM systems' capabilities, leading to widespread adoption in sectors such as healthcare, finance, and IT. In May 2024, Atlassian Corporation introduced Atlassian Rovo, a product harnessing generative AI to assist teams in navigating information spread across various internal tools. Rovo, driven by Atlassian Intelligence, elevates human-AI collaboration. Its Rovo Search feature can extract data from renowned platforms like Google Drive, Microsoft Sharepoint, Microsoft Teams, GitHub, Slack, and Figma, ensuring comprehensive responses.
• Organizations are prioritizing enhanced customer experiences by optimizing the use of internal knowledge. KM software streamlines information dissemination, bolsters employee training, and elevates customer service, fueling market expansion.
• Amid rising concerns about data security, privacy, and regulatory adherence, businesses are gravitating towards KM solutions that offer secure environments for sensitive knowledge management. Features like encryption and access control in KM software are particularly appealing, driving adoption in sectors such as finance and healthcare.
• High deployment and implementation costs pose a significant barrier to the adoption of KM software. Significant investments are often needed for infrastructure, customization, and integration with existing systems. For small and medium-sized enterprises (SMEs), these upfront costs can be a major hurdle. Furthermore, knowledge management systems sometimes falter when handling vast data volumes. Challenges like poor data quality, unstructured content, and an overload of information can hinder the effectiveness of KM solutions, potentially leading to inefficiencies instead of enhanced productivity.
• Global supply chain disruptions, especially those stemming from geopolitical tensions or health crises, can hinder the deployment of KM software. Such disruptions might postpone the delivery of software and services, consequently affecting the growth trajectory and development timelines of the market. Rising inflation can escalate costs associated with software development, subscription fees, and maintenance. This surge in costs could translate to higher prices for KM software, making it less affordable for businesses, particularly SMEs. Additionally, inflationary pressures might steer organizations towards more cost-effective solutions, thereby decelerating the adoption of premium KM software.

Knowledge Management Software Market Trends

Cloud Deployment is Expected to Witness Remarkable Growth

Knowledge Management Software Industry Segmentation

Knowledge management software is an application tailored for organizations to efficiently capture, store, organize, share, and manage their knowledge and information resources. KMS aims to enhance decision-making, collaboration, and innovation by facilitating easy access to, sharing of, and contributing to knowledge among employees.

The study tracks the revenue accrued through the sale of knowledge management software by various players across the globe. It also tracks the key market parameters, underlying growth influencers, and major vendors operating in the industry, which supports the market estimations and growth rates over the forecast period. The study further analyses the overall impact of COVID-19 aftereffects and other macroeconomic factors on the market. The report’s scope encompasses market sizing and forecasts for the various market segments.

The knowledge management software market is segmented by functionality (document management, knowledge discovery, and collaboration), deployment (on-premise and cloud), and geography (North America, Europe, Asia Pacific, Middle East & Africa, and Latin America). The market sizes and forecasts regarding value (USD) for all the above segments are provided.