In a bid to bolster presence in the search world, Alphabet’s (GOOGL - Free Report) division Google has recently unveiled a new search engine called Dataset Search. Notably, it will cater to the need of scientists primarily.
Dataset Search will showcase data on weather, environment, social sciences and many more aspects. This in turn will allow the scientists and data journalists to access data which are not publically available but required for their research works. Moreover, they will be able to get references from government data and ProPublica.
Further, it is compatible with multiple languages for the ease of the data searchers.
Per Research Scientist in Google AI, Natasha Noy, the new search engine will showcase dataset directly from its hosted area, be it a digital library, author's personal web page or publisher's site. Consequently, the data searchers will not be required to visit these areas which are not very accessible.
The latest move expands Google’s search portfolio which is likely to drive the traffic rate on its search platform.
Coming to price performance, shares of Alphabet have returned 13.9% on a year-to-date basis against the industry’s loss of 8%.
Strong Initiatives in Search World
Google’s continued focus toward innovation of its search segment which accounts for the major portion of total revenues will aid it in maintaining its dominant position in the global search market. Notably, this market holds immense promise for growth.
This can be attributed to the growing penetration of Internet as well as smartphone users in today’s world. Per a report from Statista, 48.9% of the global population is expected to access internet in 2018 and this figure is projected to hit 53.7% by 2021.
In the second quarter of 2018, the company’s search revenues from its own and partner sites accounted for 71.2% and 14.8% of the total revenues, respectively. Further, revenue figures from these sites surged 26.3% and 13.6%, respectively, year over year.
Google’s expanding search portfolio is well poised to cater to rapidly growing internet users globally on the back of its innovative search tools and skills.
Apart from the recent Dataset Search, the company portfolio already contains Google Scholar, which is a search engine, created for academic studies and reports.
With the latest launch, Google gains competitive edge against its peers in the search world like Microsoft (MSFT - Free Report) , Baidu (BIDU - Free Report) , Yandex (YNDX - Free Report) and Yahoo.
Google has created guidelines for both large and small dataset providers to install Dataset Search. The company strives to provide information like the publishing date and method of data collection. This is likely to enhance the search results for the scientific community.
All these endeavors along with the company’s vast and main search platform will continue to aid its market share growth in the near term as well as in the long run.
Per the latest report from StatCounter Global Stats, the shares of Microsoft’s Bing, Baidu, Yandex and Yahoo in the global search engine market stands at 3.2%, 1.4%, 0.6% and 2.5%, respectively, as of Aug 2018.
Nevertheless, Google leads the roster with 90.9% market share, which is significantly higher than other players’ shares.
Currently, Alphabet carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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