This week Microsoft is expected to announce the launch of a new search engine called Bing, which will be supported by an $80 to $100 million advertising campaign. The substantial budget denotes how determined Microsoft is to turn around its position in the perhaps still nascent (growing annually around 15%) search engine market.

Google Search has continually consolidated its hold in the market while also extending its distance from its closest competitors, Yahoo! Search and MSN/Windows Live Search.

Microsoft’s new search engine is aiming to deliver value to users where existing most search engines fail. A memo from Satya Nadella, Microsoft’s SVP in charge of search, nicely sums up what may be an opportunity in the search engine service market:

In spite of the progress made by search engines, 40% of queries go unanswered;40% of queries go unanswered; half of queries are about searchers returning to previous tasks; and 46% of search sessions are longer than 20 minutes… We believe we can provide a better and more useful search experience…

Will Bing deliver on this promise? The new search engine is supposed to deliver semantic category groups along with hits, thereby offering more tailored results towards what users are looking for. Will it effect a major change in the search engine market? It seems that time and $80 million will tell.