IDC Study Finds Verity Has The Largest Share In Search and Retrieval Software Market
Critical Nature of Search Sustains Growth of Category Despite Slowing Economy
SUNNYVALE, CA - 2001-10-31 - In a recently issued assessment of the search and retrieval technologies market, IDC, a leading research and strategy firm, reported Verity, Inc. (NASDAQ: VRTY), holds a commanding share of revenue in this growing software market. The industry analyst firm also noted the category will expand at a faster rate than the overall software market, due largely to the increasingly critical role search plays in today's enterprises.
The IDC report, titled Search and Retrieval Technologies Market Forecast and Analysis, 2001-2005 and Mid-2000 Reassessment, evaluated all segments of this software market, including more than 80 competitors. It found that Verity holds a 27 percent share of the market's 2000 revenue, more than double that of its next closest competitor.
"Verity is the clear revenue leader in the pure search engine market, although it has added categorization and personalization/expert identification features as well to enable enterprises to build communities of interest. Verity was one of the first to market search engine software, and it was marketed aggressively," wrote Susan Feldman, IDC analyst and author of the report.
Noting in the report that search and retrieval is a subset of the content management market, Feldman feels that it is content management's missing piece. Interestingly, the analyst acknowledged that alliances with content management companies and integrators have deepened Verity's market penetration. The company also enjoys a proportionally large revenue stream from OEM licenses, she added.
"The findings of this report, which show Verity holding the largest market share for 2000, as well as the two prior years, is a testament to the confidence our customers have in Verity's ability to deliver ROI," said Anthony J. Bettencourt, Verity's president. It also underscores Verity's status as the preferred search and retrieval technology by a wide range of partners who seek to strengthen the quality and performance of their offerings."
A drop in consumer confidence after the events of September 11th prompted Feldman to re-examine the outlook for this market. It resulted in her revising IDC's original 2001growth projection of 45 percent to an estimated 31 percent, a still-robust increase. Feldman, commenting on the importance of the search and retrieval category, noted "even a slowing economy does not have the same impact as it would have on less critical software applications." In her view, retrieval and related access technologies are the only means that enterprises have of finding digital documents to help knowledge workers do their jobs more effectively as well as enhancing the quality of many aspects of online customer service.
IDC projects worldwide search and retrieval software revenue will grow almost 7.5 times over the next five years, from $352 million in 2000 to more than $2.6 billion in 2005. North America will still generate the great majority of that revenue, while growth in Western Europe will be faster.
About Verity
Headquartered in Sunnyvale, California, Verity is a leading provider of business portal infrastructure software. Verity software gives businesses a multitude of ways to improve access to vital information and perform a range of e-business operations, while enhancing the end-user experience. Verity-powered business portals, which include corporate portals used for sharing information within an enterprise, e-commerce portals for online selling, and market exchange portals for B2B activities, all provide personalized information to employees, partners, customers and suppliers.
Verity products are used by 80 percent of the Fortune 50 and by more than 1,500 corporations in various markets. Customers include Adobe Systems, American Greetings, AT&T, Caps Gemini Ernst & Young, Cisco, CNET, Compaq, Dow Jones, EDGAR Online, FairMarket, Financial Times, Globe and Mail, Home Depot, Lotus, NewsEdge Corporation, SAP, Siemens, Sybase, Time New Media and Timex.
About IDC
IDC is the world's leading provider of technology intelligence, industry analysis, market data, and strategic and tactical guidance to builders, providers and users of information technology. Our senior management team is comprised of some of the most experienced and respected industry luminaries.
IDC delivers dependable, high-impact insights and advice on the future of ebusiness, the Internet, and technology to help our clients make sound business decisions. We forecast worldwide markets and trends and analyze business strategies, technologies, and vendors, using a combination of rigorous primary research and in-depth competitive analysis. We provide global research with local content through more than 600 analysts in 43 countries worldwide. IDC's customers comprise the world's leading IT suppliers, IT organizations, ebusiness companies, and the financial community.
IDC's projections as to the future size of the search and retrieval software market are forward-looking statements subject to risks and uncertainties. These projections are based upon assumptions which may not prove to be accurate, in which case the future size of the search and retrieval software market may not reach the size reflected in the projections.
For more information, contact Verity at info@verity.com or at World Wide Web site http://www.verity.com or call 408-541-1500.
Verity and the Verity logo are registered trademarks or trademarks of Verity, Inc.
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