Enterprise Content Management Market is growing rapidly over 15.22% of CAGR forecast period to 2018-2023 | Global Key Vendors by ALFRESCO SOFTWARE, BOX, DOCUWARE GMBH, EPICOR SOFTWARE, IBM, LEXMARK INTERNATIONAL

Industry Highlights:
Enterprise Content Management Market was worth USD 30.44 billion in 2017 and is projected to grow to USD 71.22 billion by 2023 at a CAGR of 15.22% over the period 2018-2023. The report discusses the deployment mode, services, end-user, and various other aspects of these solutions. Regions considered for the scope of this report are North America, Europe, and various others. The study also emphasizes on how growing need for securing confidential data and protection against data loss is affecting the market.

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Enterprise content management (ECM) solutions empower an organization to take the cognizance of the customer information and company knowledge embedded in its content. While content is doubling every 90 days, around 80% of content utilized by knowledge workers for core revenue generation projects is unstructured. This critical growth of unstructured content is becoming a big restraint for many organizations, particularly for enterprises. Therefore, the number of enterprises that leverage the power of these solutions is on rise. Moreover, 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 other major drivers behind the shift from the legacy ECM to the latest ones. Such as, cloud based solutions.

Key Developments in the Market
• March 2018 - Epicor Software Corporation announced the latest release of the DocStar Enterprise Content Management solution. It is expected to enhance productivity and responsiveness by providing anytime access to capture, process, retrieve, search, share, and collaborate around documents critical to business transactions.
• September 2017 - Konica Minolta Business Solutions announced the acquisition of Document Scanning Systems and Imaging, Inc. The acquisition is expected to allow the company to increase its customer base in the west, further fueling its fast-growing ECM business.
• August 2017 - Qualcomm Technologies, Inc., and Himax Technologies, Inc. announced a collaboration to accelerate the development and commercialization of a high resolution, low power active 3D depth-sensing camera system

Major players:
ALFRESCO SOFTWARE INC., BOX INC., DOCUWARE GMBH, EPICOR SOFTWARE CORP., HEWLETT PACKARD ENTERPRISE, IBM CORPORATION, LEXMARK INTERNATIONAL INC., MICROSOFT CORPORATION, OPENTEXT INC., ORACLE CORPORATION, AND XEROX CORPORATION, amongst others.

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Growing Need for Securing Confidential Data and Protection against Data Loss
Data Loss has been around for a long time. As data breaches continue to occur with growing frequency and sophistication, interest in data loss prevention technology through content management solutions is expected to explode. In the current threat landscape, the critical role DLP plays in preserving enterprise content. Moreover, a data loss prevention solution comprises of policy creation, centralized management, and enforcement workflow. These solutions are focused on monitoring and protecting content and data. As a result, it enhances an organization’s ability to classify, understand, manage, and, protect their most sensitive content.

Cloud Based Solutions to Show the Highest Growth
Over the past decade, organizations across the globe have been trying to increase agility and scalability, in an attempt to gain a competitive edge over their rivals. In this context, organizations across the globe are increasingly veering towards the adoption of cloud based models to deal with vagaries in demand. Some of the largest healthcare and financial firms are currently reshaping their cloud environment to accommodate their growing range of internal pilot programs. These organizations use hybrid cloud infrastructure for testing their proof of concept models to improve their decision making.

Asia-Pacific to Show the Highest Growth
Activities in Asia-Pacific is expected to witness substantial growth over the next decade owing to various developments across booming economies such as India. Moreover, owing to the rise in competition in the business environment in the region, companies need a competitive advantage to achieve a distinguished position in the market. Also, persistent growth in the mobile network, increasing complexity of business, uncontrolled nature of the market, and growth of Bring Your Own Device (BYOD) trend are driving the enterprise content management market in the APAC region. Moreover, the increasing penetration of cloud based services in the region is expected to act as a driver. Further, in India, interest in the cloud is being driven by the increasing need for business innovation and agility, the ability to scale fast in a competitive market, and the government’s thrust towards Digital India

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