Artificial Intelligence
Enterprise Content Management Market to Reach USD 43.16 Billion by 2026; Increasing Need to Secure Confidential Data Across all Industries to Boost Demand
Pune, India, June 16, 2021 (GLOBE NEWSWIRE) — The ecm solution can help organizations to efficiently manage unstructured data related to different projects. Technology is changing at a faster rate and ECM software is at the forefront of shaping the content management effectively. As per a report by Fortune Business Insights, the global enterprise content management market was worth USD 15.33 Billion in 2019 and is anticipated to reach USD 43.16 Billion by 2026. Over the past decade, companies have been adopting ECM solutions to improve their operational efficiency. In the current market, ECM Softwares such as OnBase, Laserfiche, Dashpivot, and Box are popular. ECM offers various advantages such as improved sharing of information, less time for processing, more efficient work, more knowledge about the company, and others. The advantages above are further anticipated to bode well for the global enterprise content management (ECM) market size.
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Now, ECM vendors plan to focus on introducing enterprise content management software that is easy to deploy and navigate. The main priority of ECM vendors is to customize ECM solutions as per user and customer requirements. For instance, companies are planning to combine mobility and ECM solution for employees working at remote locations. This can help them to access data from anywhere and at any time while being connected to their co-workers and processes. We all know that artificial intelligence and machine learning are entering into all spaces owing to large amount of unstructured data. These two advanced approaches in enterprise content management software can help business processes to accelerate and reduce human errors. These, along with upcoming trends will drive the enterprise content management market growth.
Competitive Landscape-
Around 60% of the Share Covered by Key Players Such as IBM, Xerox and Others
Key players such as IBM, Xerox, Hyland, OpenText, and Fabasoft account for nearly two-third of the share in the global ECM market. These players headquartered in North America aim to heavily invest in IT infrastructure and eventually strengthen their market position. For instance, OpenText recently upgraded its enterprise content management technology in July 2019. Now, the company will be able to collect information via cloud securely.
The report profiles some of the leading players in the global enterprise content management market. These include:
- Xerox Corporation
- IBM Corporation
- Microsoft Corporation
- OpenText Corporation
- Epicor Software Corp.
- Adobe Inc.
- Hyland Software, Inc.
- Fabasoft
- Laserfiche
- Datamatics Global Services Limited
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Regional Insights-
Exhibiting USD 5.90 Bn, North America Regional Market to Hold the Largest Share Owing to BFSI’s and Government’s High Contribution
The market in Asia Pacific is expected to be the fastest-growing following the rising adoption of ECM software from China, Japan, and India. In 2018, the market in North America was worth USD 5.90 Billion and is likely to cover the maximum share in the global market. High contributions from industries such as government and BFSI are responsible for the strong growth in the North America regional market.
Asia Pacific is considered the fastest-growing region on account of the rise in the adoption rate of ECM. This enterprise content management market trend is especially prevalent in China, India, and Japan. However, North America is holding the dominant ECM market share on account of a major contribution from the BFSI sector and supported government initiatives to adopt enterprise content management in both small and medium enterprises. Besides this, the European market is likely to witness equally significant shares as Asia Pacific. On the contrary, on account of the low growth rate witnessed in nations such as France, Germany, and UK, the ECM market share may face downswing. Analysts at Fortune Business Insights™ predict this attribution to the decline in investment in Information Technology, further attributed to the Brexit Outburst in the region.
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Drivers & Restraints-
Market Segmentation as Per Solution, Deployment, Enterprise Size, Industry Vertical, and Region
- Cloud-based ECM Software to Exhibit Considerable Growth
As per deployment, the adoption of cloud-based enterprise content management software is expected to increase during the forecast years. This is primarily owing to the low-cost and less maintenance associated with cloud deployment. Furthermore, initiatives such as bring your own devices (BYOD) worldwide are likely to stoke demand for this cloud deployment. This, in turn, is expected to spur the enterprise content management market size. The demand for ECM software is likely to more in large enterprises as these companies generate large amounts of data, which can be only handled with this software.
- Adoption of ECM to Increase in BFSI, Presently at 18.4%
Industry verticals such as government, healthcare, and BFSI are likely to exhibit the highest rate of adoption of enterprise content management system in the forecast years. Of these, BFSI accounted for a share of 18.4% in 2018. The data captured in these industries can be used for historical purposes and is highly crucial, augmenting demand for enterprise content management software. Other industries such as retail, consumer goods, telecom, and others are expected to invest in enterprise content management technology.
Key Industry Development of the ECM Market include:
December 2018 – The new DocuShare Flex was announced by Xerox for helping users to track business transactions, organize documents and information without the help of Information technology (IT), automation of paper-based workflow, handle large projects, and work from any location. Besides this, users can also sync their data with a third party and get access to information irrespective of time and place.
July 2019 – OpenText declared that they will update their ECM technology with Information Technology (IT) for collecting information securely and providing cloud flexibility. This will help consumers to increase their innovation levels as per the changes in workflow.
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Major Table of Contents:
- Introduction
- Definition, By Segment
- Research Approach
- Sources
- Executive Summary
- Market Dynamics
- Drivers, Restraints and Opportunities
- Emerging Trends
- Key Insights
- Macro and Micro Economic Indicators
- Consolidated SWOT Analysis of Key Players
- Porter’s Five Forces Analysis
- Global Enterprise Content Management (ECM) Market Analysis, Insights and Forecast, 2015-2026
- Key Findings / Summary
- Market Size Estimates and Forecasts
- By Solution (Value)
- Content Workflow
- Document Management
- Imaging and Capturing
- Web Content Management
- Record Management
- Digital Asset Management
- Mobile Content Management
- Case Management
- By Deployment (Value)
- Cloud
- On-Premises
- By Enterprise Size (Value)
- SMEs
- Large Enterprises
- By Industry Vertical (Value)
- BFSI
- Government
- IT & Telecom
- Consumer Goods and Retail
- Healthcare and Life Sciences
- Transportation and Logistics
- Others (Manufacturing, Energy & Utilities, etc.)
- By Geography (Value)
- North America
- Europe
- Asia Pacific
- Middle East and Africa
- Latin America
- By Solution (Value)
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