Search has now become the most important feature of internet. And Google is the leader and the de facto monopoly owner for consumers. Luckily there are niche search engines for all sorts of stuff. Because at this moment no one can compete with Google. But in some places there can still be developments. Like for enterprise search, specialized content (legal, medicine) formats (pictures, video) products (chemicals, raw materials). I think the future for competition with Google lies in doing what Google does not do. Develop a search niche and you can do well.
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