Enterprise Content Management Market Outlook to 2027 - M-Files Corporation, Hyland Software, Alfresco Software, DELL EMC, IBM, Microsoft, Newgen Software Technologies, OpenText Corporation, Oracle Corporation, Xerox Corporation

The global enterprise content management market accounted to US$ 12.94 Bn in 2018 and is expected to grow at a CAGR of 10.8% during the forecast period 2019 - 2027, to account for US$ 32.30 Bn by 2027 driven by ECM solutions are crucial for regulatory compliance such as HIPAA and SOX and the increasing amount of digital content; while North America is one of the leading regions in the enterprise content management market, and it is anticipated to be the highest revenue contributor in the global enterprise content management market throughout the forecast period. The market growth and adoption in North America region is primarily driven by the growing demand for enterprise content management solutions from various industries such as BFSI, government, manufacturing, IT and telecom, retail, healthcare, and transportation and logistics among others.

The key players operating in the global enterprise content management market are IBM Corporation, EMC Corporation, Oracle Corporation, Microsoft Corporation, Alfresco Software, Inc., OpenText Corporation, Hyland Software, Inc., Newgen Software Technologies Ltd., Xerox Corporation, and M-Files Corporation.

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Increasing penetration of digital content, mobile services, cloud technologies, analytics, artificial intelligence (AI) and internet of things (IoT) is changing the way enterprises work. Workplace mobility is increasing at an unprecedented rate across industry verticals, and this trend is expected to continue during the forecast period from 2019 to 2027. The content explosion in enterprises due to continually changing business processes with the addition of new information sources and distribution channels are driving the demand for efficient solutions to channelize the information to increase operational efficiency and reduce costs.

Mobility, coupled with regulatory compliances, is leading the adoption of easy to use and collaborative ECM solutions across the world. These ECM solutions allow users to access their documents & information, review content and collaborate at anytime from anywhere or any device. All the above factors are driving the global enterprise content management market.

Geographically, North America holds the majority revenue share of the global enterprise content management market. The fast growth and adoptions in North America region have been primarily driven by the growing demand of ECM solutions from various industries such as BFSI, government, manufacturing, IT & telecom, retail, healthcare, transportation, and logistics. Growing regions such as Asia Pacific, Middle East, Africa, and South America are also anticipated to offer significant growth opportunities for enterprise content management market during the forecast period from 2019 to 2027 owing to the supportive government policies.

The global enterprise content management market is segmented on the basis of component, deployment type, organization type, and industry verticals. Based on the component, the enterprise content management market is segmented into solution and services. Based on the deployment type, the market is segmented into the cloud and on-premise. Based on organization type, the market is bifurcated into small & medium enterprises and large enterprises. Based on industry vertical, the market is further segmented into BFSI, government, manufacturing, IT and Telecom, retail, healthcare, transportation and logistics, and others. The others section in industry vertical includes energy and utilities, education, hospitality, etc. Geographically, the market is fragmented into five regions, including North America, Europe, Asia-Pacific, Middle East & Africa, and South America.

Enterprise Content Management Market Strategic Insights:

The market players present in the enterprise content management market are mainly focusing on product enhancements by implementing advanced technologies. Few of the recent developments in the enterprise content management market are listed below:

2019: M-Files Corporation partnered with Ricoh Australia to provide intelligent document management and workflow solutions to Australian customers. The company can offer solutions for managing enterprise content and information with its flexible cloud capabilities; hence, Ricoh Australia partnered with the company to expand its customer base in the Australian market.

2018: IBM Corporation and Box, Inc. have collaborated for three years to offer an easy way to securely access, store, and share business data as well as apply analytics, and artificial intelligence to that data. In June 2018, IBM and Box expanded their partnership. IBM Corporation and Box, Inc. continue to expand their strategic partnership by combining IBM Cloud with Box’s content management solutions.

2017: Box, Inc. Company, an ECM system provider, partnered with Microsoft Corporation through a new offering named Box Using Azure that integrates Box's cloud content management platform with Microsoft's Azure cloud platform. The partnership delivers new digital content experience and simplify business processes for employees, partners, and customers.

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Key findings of the study:

Presently, the on-premise ECM solutions segment holds the majority share in the global enterprise content management market; however, the increasing adoption of cloud-based ECM solutions is expected to be the future trend for this market worldwide. Some of the major reasons for the rising adoption of cloud-based ECM solutions are a low initial investment, sophisticated cloud & hosting models, and advanced features.

With investment in cloud-based solutions, enterprises are anticipated to reduce their operational costs, decrease human errors, and thus increasing productivity. The deployment of on-premise ECM solutions is sometimes complex and expensive to build in-house. Not every small and medium-sized enterprise finds it feasible to invest in on-premise ECM solutions, and hence the demand for cloud-based ECM solutions is expected to grow at a fast pace in the coming few years, especially among SMEs in developing regions.
In addition to this, the growing digital revolution across the globe is fuelling the adoption of cloud-based solutions in various industry verticals.

Governments of developing economies such as India and China are taking various initiatives to boost the adoption of digital services among consumers and industries. Owing to all these positive developments, the enterprise content management market is expected to grow at an impressive rate during the forecast period from 2019 to 2027.

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