Cloud Enterprise Management Market is growing rapidly over 15.72% of CAGR forecast period to2018-2023 | Global Key Vendors by Alfresco Software, Box, Docuware GmbH, Microsoft Corp., Newgen Software

The global cloud enterprise management market was valued at USD 2.56 billion in 2017, and is expected to reach USD 6.1 billion by 2023, recording a CAGR of 15.72% over the forecast period of 2018-2023. The scope of the report is limited to the solutions offered by major players, including content management, case management, workflow management, record management, and digital asset management. The end users considered in the scope of the report include - medical and healthcare, automotive, aerospace & defense, gaming, retail, and industrial.

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Enterprise content management (ECM) solutions empower an organization to take full advantage of the customer information and the company knowledge embedded in its content. ECM solutions capture, store, activate, analyze, and automate business content, by providing new value from data, which was previously unstructured and unavailable. While content is doubling every 90 days, around 80% of the content utilized by knowledge workers for core revenue generation projects is unstructured. This critical growth of unstructured content is becoming a significant restraint for several organizations, particularly enterprises. Therefore, the number of enterprises that leverage the power of cloud computing is on the rise. Apart from the growth in the digital content across enterprises, easier access from remote end-points, the need for regulatory compliances, and the need for protection of enterprise data against disaster are acting as other major drivers for the shift from the legacy ECM solutions to the cloud.

Major Players:

Alfresco Software Inc., Box Inc., Docuware GmbH, Epicor Software Corp., Hewlett Packard Enterprise, Lexmark International Inc., Microsoft Corp., Newgen Software Inc., Oracle Corp., Xerox Corp., IBM Corporation, and OpenText Inc., among others

Key Developments in the Market

January 2018 - Xerox entered a definitive agreement, to combine Xerox and Fuji Xerox joint venture. The combined company is expected to be a global leader in innovative print technologies and intelligent work solutions, with annual revenues of USD 18 billion and leadership positions in key geographic regions.
November 2017 - Xerox Romania added four new printers and multi-function printing equipment to the Xerox VersaLink range. All the devices incorporate ConnectKey technology, which helps users save time and valuable resources and enables them to connect to smartphones and cloud services for increased productivity.

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Rising Trends of Enterprise Mobility and Wearables Spur the Demand

Owing to the various major trends in the industry scenario, mobile device management (MDM) has been registering increasing adoption. The implementation of such technologies helps in the improvement of productivity. Organizations, such as TESCO, have been deploying smart armbands that automatically track the goods that each worker is transporting. With these armbands, workers are no longer needed to carry clipboards. According to a study, employees wearing smart devices have been more productive in their jobs. It has been found that there is an increase of 8.5% in productivity and 3.5% more satisfaction with their jobs. Companies, such as LifeBeam, Samsung, Apple, and Google have been making devices to improve office productivity, which further necessitates the need for MDM software, to ensure the security and visibility of devices.

Hybrid Cloud Expected to Record High Adoption

Over the past decade, organizations across the globe have tried to increase their agility and scalability, in an attempt to gain a competitive edge over their rivals. In this context, organizations across the globe are increasingly veering toward the adoption of hybrid clouds, to deal with demand fluctuations. The main aim of hybrid cloud adoption is to leverage the control and security afforded by private clouds, while exploiting the flexibility of low costs. A hybrid cloud implementation implies that both the public and private clouds function as independent entities, with one or more common connections for seamless communication. One of the major enablers of hybrid clouds is the gradual migration from private cloud computing, as firms are increasingly focusing on data analytics for decision making.

The United States is One of the Prime Markets

North America is one of the largest segments of the cloud enterprise content management market. The region has witnessed the latest technological advancements in content management. There is also a high internet penetration, which aids in the growth of bring your own devices (BYOD) trend in the region. Owing to various infrastructure advantages and cost savings for companies, several corporate trends, such as consumerization of IT and initiatives, like BYOD, are being widely adopted. According to the Internet World statistics, the internet penetration rate in North America is about 88.1% as of 2017. It has been reported that there has been about a 74% increase of smart wearable devices in the region. Owing to these trends, the adoption of smart wearables in the work environment is expected to gain further traction.

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