Latest data reveals that Google's market share growth has dropped in July, prompting some observers to question whether the search giant has peaked.

Web-traffic tracker comScore reported on Monday that Google lost market share in search queries in July compared to June, breaking an 11-month string of increasing market share.

Google’s share dropped to 43.7 percent from 44.7 percent in June while rival Yahoo’s share in July was 28.8 percent, up from 28.5 percent. Microsoft sites stood steady at 12.8 percent share of the internet search market.

Nielsen/Net Ratings confirmed the findings with its own set of data, also showing the first decline for Google, however not as severe. According to the firm, Google was able to garner 49.2 percent of the search query market, down from 49.4% in June that the firm found in June.

Google sites lead the competition, according to comScore, performing 2.7 billion search queries, however the recent slow-down may be a sign that it has reached full maturity.

In a research note this morning, Bear Stearns’ Robert Peck suggests that a full percentage loss in domestic market share could signal a topping point as we do not expect Google’s aggressive market share gains to continue in perpetuity.