Such searching software, to be universally applied across all books, would need to be able to decrypt the ones with DRM as it searches. I'm guessing that that's where most of the difficulty lies. The software would have to be able to handle all the various ebook formats, as well. I think it would be a major undertaking to do this properly. Because of the DRM support, open source solutions are not available, and you'd have to convince the ereader vendor to do all of the work.
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