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Elastic Named Leader in Gartner Enterprise AI Search Report

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ESTC$95.26 2.32%

Elastic NV (NYSE:ESTC) has been named a leader in the Gartner Magic Quadrant for Enterprise AI Search. The company achieved the highest position for its ability to execute and the furthest placement for completeness of vision in the industry evaluation. Additionally, the company ranked first or second across all evaluated use cases in a companion report on critical capabilities.

This recognition highlights the growing importance of retrieval database technology in grounding enterprise artificial intelligence applications. Elastic's platform, which is trusted by about 18,000 organizations globally, provides a foundational context layer that allows AI assistants and agents to find and process information across business databases. The company's capabilities in multilingual and multimodal search were boosted by its acquisition of Jina AI, alongside the launch of its serverless vector database.

Investors will likely watch how Elastic continues to scale its AI search offerings and whether this industry recognition helps drive further enterprise adoption. Despite the positive industry ranking, shares of Elastic fell 1.28% to $93.39 on Wednesday.

Key points

  • Elastic NV was named a leader in the Gartner Magic Quadrant for Enterprise AI Search.
  • The company achieved the highest ranking for ability to execute and furthest for completeness of vision.
  • Elastic ranked first or second in every evaluated use case in the companion critical capabilities report.
  • The company's search technology is currently used by approximately 18,000 organizations worldwide.

Written by our AI from expert market sources across the web. It can contain mistakes: check the facts before acting on them. Write-ups powered by the free AI API at FreeTheAI.org

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Questions and answers

Why was Elastic named a leader in enterprise AI search?

Elastic was recognized for its ability to execute and completeness of vision, ranking first or second in all evaluated use cases.

How many organizations currently use Elastic's search platform?

Approximately 18,000 organizations worldwide trust and use Elastic's search database technology.