Market Snapshot
Market Research Future (MRFR)’s latest study has revealed that the ECM Market is set to expand exponentially at 17% CAGR during the forecast period 2017 to 2023. The market is estimated to reach a valuation of USD 80 Bn by the end of 2023.
Market Synopsis
The factors responsible for the business content management market 's growth include the emergence of advanced technology, growing IT landscape, and a large volume of business data. Developments in cloud and analytics technology, as well as ongoing social collaboration tools integration, have expanded the outlook for what ECM solutions can do. Adoption of enterprise content management technology, provides data protection and flexibility in operation. This, in turn, is likely to speed up the market players' revenue creation over the next few years. Furthermore, the technologies launched by the main players would undoubtedly benefit the expansion of the market. In addition , the increasing demand for optimizing business processes and increasing efficiency is boosting the adoption of content management for enterprises.
However, the use of cloud computing as the basis for document management systems has both benefits and drawbacks. Although it provides easy access and reduced maintenance efforts, it also poses potential safety risks and does not provide complete control. On the other hand, collecting data from a single view to provide good opportunities and boost competitiveness in the management of enterprise content.
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Market Segmentation:
By component, the global enterprise content management market has been bifurcated into solution and service. The solution segment is sub-segmented into enterprise record management, enterprise web content management, digital asset and rich media management, social content management, and others. The service segment has been sub-segmented into technology and integration service, consulting service and, application support & maintenance service.
By deployment, the global enterprise content management market is bifurcated into cloud and on-premise.
By organization size, the enterprise content management market has been bifurcated into small and medium enterprise and, large enterprise.
By vertical, the global enterprise content management market is segmented intoBFSI, IT & telecommunication, retail, energy & power, government and defense, healthcare and life sciences, transportation & logistics, media & entertainment, manufacturing, tourism and hospitality, and others.
Regional Analysis:
In addition, the increasing demand for optimizing business processes and increasing efficiency is boosting the adoption of content management for enterprises.
However, the use of cloud computing as the basis for document management systems has both benefits and drawbacks. Although it provides easy access and reduced maintenance efforts, it also poses potential safety risks and does not provide complete control. On the other hand, collecting data from a single view to provide good opportunities and boost competitiveness in the management of enterprise content.
Europe is an significant growth area for the global content-management enterprise market. Rapid industrialization coupled with advances in technology is expected to increase demand for gasoline. Another driving factor for growth in the regional market is the rising demand from end user industries.
It is estimated that Asia Pacific experiences a sharp increase in business growth. Growth is due to digitisation and the growth of IT infrastructure. Morevoer, Latin America and MEA are projected to witness significant growth in the coming years, owing to the increasing preference of cloud companies and the increasing need for IT services by the government sector.
Competitive Dashboard
Some of the major players profiled in the report are Newgen Software Technologies Ltd (India), Lexmark International, Inc. (U.S.), Dell EMC Corporation (U.S.), IBM Corporation (U.S.), Alfresco Software (U.K.), Oracle Corporation (U.S.), Microsoft Corporation (U.S.), Hyland Software Inc. (U.S.), Opentext Corporation (Canada), and Xerox Corporation (U.S.).
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At the same time, the growing demand for personalized content for the targeted audiences using appropriate channels is also one of the foremost reasons behind growth of global enterprise content management market.
Electronic signatures enable companies to sign documents electronically from anywhere.
Growth in cloud technology is also one of the crucial reasons one must consider.
This is mainly because the volume of contents being developed and stored has grown immensely.
In terms of services, the Enterprise Content Management (ECM) Industry is divided into professional and managed services.
Based on business function, it is divided into Accounting and Legal, HR Operations, Sales and Marketing, and Procurement and Supply Chain Management.
The report covers an overview of the industry along with a detailed explanation that provides a lot of insight.
The report also analyzes the production as well as management technology in various end-user industries.
Any changes in these market dynamics directly affect the market growth hence the report provides a future insight into important factors that should be monitored and which could be leveraged by companies, vendors, distributors and all stakeholders alike to their advantage.
The report also provides an insight into the challenges faced by the market and the strategies used by existing players to overcome or avoid these risks.Regional overviewAs already mentioned, the report covers different regions such as North America, Latin America, Asia Pacific, Europe, and the Middle East & Africa.
The different strategies employed by different players in different regions has been studied extensively in order to gain an understanding of the global market.
It is important to understand where the Enterprise Application Integration Platforms market has been, currently is and where it is projected to go so that an accurate picture of the future may be painted.
