Alphabet’s
GOOGL
division Google is consistently introducing new capabilities to its search engine, Google Search.
This is evident from the fact that the company recently rolled out a redesigned weather card in Google Search.
The redesigned weather card provides more details about the 24-hour weather forecast. It also shows the current weather condition like temperature, precipitation, humidity and wind.
Moreover, the weather card has an overflow menu which lets users switch the weather details between Fahrenheit and Celsius.
Currently, the Search feature is available for users using a browser on the mobile web.
With the recent capability, Google aims to provide an enhanced Search experience to its users. This is expected to boost the adoption rate of Google Search engine in the days ahead.
Growing Efforts to Boost Prospects
Apart from the latest move, Google is gearing up to bring new capabilities to Google Search India, including in-video search support and multi-search feature in multiple languages. The initiative is a step forward in boosting its presence in the country.
Google introduced a Search Status Dashboard to identify incidents and provide updates to users when its flagship product is down.
These initiatives are expected to continue triggering traffic in the search engine. This is contributing well to Google’s parent, Alphabet’s Google services’ revenues in the upcoming period.
Revenues from the Google services business increased 2.5% year over year to $61.4 billion, accounting for 88.8% of the total third-quarter revenues.
Dominancy in Search Market
Alphabet, with its growing efforts, remains well-positioned to capitalize on the growth prospects present in the booming search engine market.
Per a Business Research Insights
report
, the global search engine market is likely to hit $348.8 billion by 2028, witnessing a CAGR of 11% during the 2022-2028 forecast period.
A
report
from Oberlo states that Google continues to enjoy its dominant position in the global search engine market in 2022 so far.
As of November 2022, Google had 92.2% of market share, followed by 3.42% for Bing, 1.23% for Yahoo, 0.97% for Yandex, 0.78% for Baidu and 0.6% for DuckDuckGo.
Moreover, Google is the leading search engine platform in Canada, Latin America and many Asia/Pacific countries. It is also the dominant search engine in Europe with leading market shares in UK, France, Germany and Spain.
Though the dominancy of Google Search engine remains a positive, sluggishness in the advertisement business, growing litigation issues and mounting expenses remain major concerns for Alphabet.
Shares of Alphabet have been down 39.4% in the year-to-date period compared with the
Computer and Technology
sector’s decline of 34.7%.
Zacks Rank & Stocks to Consider
Currently, Alphabet carries a Zacks Rank #4 (Sell).
Some better-ranked stocks in the broader Zacks Computer & Technology sector are
Arista Networks
ANET
,
Agilent technologies
A
and
Asure Software
ASUR
. While Arista Networks and Asure Software sport a Zacks Rank #1 (Strong Buy), Agilent carries a Zacks Rank #2 (Buy) at present. You can see
the complete list of today’s Zacks #1 Rank stocks here
.
Arista Networks has lost 16.3% in the year-to-date period. The long-term earnings growth rate for ANET is currently projected at 17.5%.
Agilent has lost 6.7% in the year-to-date period. A’s long-term earnings growth rate is currently projected at 10%.
Asure Software has gained 26.6% in the year-to-date period. The long-term earnings growth rate for ASUR is currently projected at 23%.
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