According to the report, the global Knowledge Management in Financial market is predicted to be valued at approximately USD 25,524 million in 2018 and is expected to reach a value of around USD 156,490 million by 2027, at a CAGR of around 22.14 % between 2019 and 2027.
Knowledge management is the method of producing, distributing, utilizing, and handling the knowledge & information of a firm. In short, knowledge management mentions a multidisciplinary method of attaining organizational goals through optimum utilization of knowledge. Financial services organizations are using knowledge management solutions for data sharing across the organization.
Furthermore, the use of knowledge management in financial market helps the latter in reducing the risk of financial crises. For instance, financial crises like banking crises can be prevented through the use of knowledge management as an effective tool.
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Industry Major Market Players
- EduBrite Systems
- Open Text Corporation
- Moxie Software
- Callidus Software Inc.
- Chadha Software Technologies
- Computer Sciences Corporation(APQC)
- EGain Ernst & Young
- IBM Global Services
- KMS Lighthouse
- Right Answers
The burgeoning requirement for consumer retention & satisfaction to steer business trends
Today, customer retention, as well as customer satisfaction, is most vital for businesses to grow. Moreover, knowledge management aids the employee or the staff to acquire knowledge for fulfilling the need of the customers. Apart from this, firms are shifting towards a 24 x 7 e-business model and this has resulted in the massive need for offering high-quality customer service. Hence, knowledge management assists the firms in offering the best services to the customers. All these aforementioned aspects are anticipated to steer the growth of the industry over the forecast timeline.
Furthermore, knowledge management has proven to be the best tool for raising the output and efficacy of the staff by imparting the best knowledge to them. Moreover, knowledge management helps in enhancing employee engagement as well as communication and helps in increasing the business profits. However, a low level of awareness about knowledge management in small enterprises can impede business growth over the forecast timeline. Nevertheless, technological breakthroughs and thriving banking & insurance sectors can offer lucrative growth avenues for the market, thereby nullifying the impact of the hindrances on the market expansion over the time span from 2019 to 2027.
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Knowledge management systems to dominate the offerings segment by 2027 in terms of revenue
The segmental growth during the period from 2019 to 2027 is due to an increase in the financial value of the firm through the treatment of employee knowledge or employee know-how as an asset. In addition to this, the knowledge management systems have the ability to enhance the information strength through the addition of the context & data relationship to stored documents.
Small & Medium-sized enterprises segment to record the highest CAGR over the forecast period
The small & medium-sized enterprise segment is predicted to register the highest growth rate of more than 22% during the period from 2019 to 2027. The segmental growth is credited to the massive requirement of educating the staff as per the norms of the enterprises. Additionally, a high proportion of digitization witnessed across the globe will propel the segmental surge during the forecast period.
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North America to lead the overall market growth by 2027 in terms of value
The regional market surge during the forecast timeframe is owing to a rise in the funding of the knowledge management systems by giant firms in countries like the U.S.
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This report segments the Knowledge Management in Financial market as follows:
Knowledge Management in Financial Market: By Offerings Analysis
- Knowledge Management Process
- Knowledge Management Systems
- Knowledge Management Mechanisms & Technologies
- Knowledge Management Infrastructure
Knowledge Management in Financial Market: By Organization Size Analysis
- Small & Medium-Sized Enterprises
- Large Enterprises
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