Enterprise Content Management System Software Market to forecast to reach USD 45.7 billion by 2032 -IBM, Newgen Software, SAP, Oracle, Atlassian, Microsoft, Fabasoft, Xerox, OpenText, Veeva, Hyland, Systemware, Ascend Software, SER Group, Everteam, M-File

The global enterprise content management market size is expected to grow at a Compound Annual Growth Rate (CAGR) of 11.8% during the forecast period, to reach USD 45.7 billion by 2032 from USD 28.4 billion in 2021. Key factors that are expected to drive the growth of the market are the rising demand to meet regulatory compliance standards and audit management with improved visibility and control to strengthen corporate information governance, enhance security and optimize business processes with automated workflows and streamline business processes by eliminating repetitive manual tasks. These factors are driving the demand for enterprise content management.

The Enterprise Content Management System Software report is highly structured into a region-wise study. The regional analysis comprehensively done by the researchers highlights key regions and their dominating countries accounting for substantial revenue share in the market. The study helps understand how the market will fare in the respective region, while also mentioning the emerging regions growing with a significant CAGR.

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The report provides a comprehensive analysis of company profiles listed below:

IBM, Newgen Software, SAP, Oracle, Atlassian, Microsoft, Fabasoft, Xerox, OpenText, Veeva, Hyland, Systemware, Ascend Software, SER Group, Everteam, M-Files, Alfresco, DOMA Technologies, Nuxeo, Laserfiche, GRM Information Management, Adobe

Enterprise Content Management System Software Market Types:

Cloud-Based, On-Premise.

Enterprise Content Management System Software Market Applications:

SME (Small and Medium Enterprises), Large Enterprise

Opportunity: Rising trend of AI-Integrated ECM
Artificial Intelligence (AI) takes ECM a step further by being able to "read" the information on a document. An AI-powered ECM system can categorize, classify, analyze content and deliver information in various different forms. AI based technologies such as Machine Learning, Image Recognition, Voice Recognition and Transcription, Natural Language Processing (NLP), and Natural Language Understanding (NLU) are driving the trends for AI-Integrated ECM. It includes document processing, unstructured data processing, content management, improved search, and collaboration. According to a recent study by an ECM vendor, 80% of enterprise data is unstructured and 70% of enterprise data is in free-form text such as emails, written documents, and comments thereby driving the demand for AI-Integrated ECM.

Challenge: Lack of skilled workforce and poor management in creating user adoption process
When companies switch from paper to digital document management, some take document security to extremes. The new tools should help people be more productive and efficient without changing all the processes. The new system may make people work slightly differently, but the process should be essentially the same. If organizations change all their processes and tools at the same time, it is hard to know what causes a mistake. Therefore, once employees are used to the tools, companies should try keeping the tool constant while improving the process. Moreover, it is important to give employees additional time to learn and adapt to a new system. Ultimately, user adoption is a process that every company needs to manage and drive.

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Recent Developments
In April 2021, OpenText launched new content services platform OpenText Core Content and OpenText Core Case Management. By combining content management, case management and integration into lead applications, this solution delivers a unified approach to managing an organization's content lifecycle in context of its formal and informal business processes.
In April 2021, Hyland acquired Nuxeo, a content services platform and digital asset management (DAM) provider. The successful acquisition brings the entire Nuxeo business, including products and technology, under Hyland.
In March 2021, Laserfiche launched Laserfiche 11 which includes several new features to make it easier for users to find, work with, and share documents, as well as the introduction of direct share for self-hosted systems, and the release of Audit Trail 11. This release also includes numerous bug fixes and performance improvements.

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nformation Technology Industry is Expected to Drive Market
The information technology industry is expected to drive the growth of the market owing to the rising adoption of cloud services by organizations to efficiently perform their business operations from remote locations.
The key players in the market focus on cloud-based solutions that increase capability and future opportunities. In June 2022, OpenTextTM unveiled Project Titanium, the future of information management in the cloud and the next step in the company's cloud journey, at OpenText World EMEA. Through cloud-based information management, Project Titanium solidifies the organization's strategic position as a global leader in information management, providing customers with the simplicity, flexibility, and trust they need to thrive in dynamic times.
Owing to various benefits of ECM solutions, such as scalability, reliability, and improved efficiency SMEs are encouraged to adopt ECM solutions and services rapidly.
Information technology industries are users of a large amount of critical data and must follow standards and regulations, which require high-security infrastructure to maintain these standards. Hence, organizations are adopting enterprise content management to fulfill this requirement.

North America is Expected to Hold Major Share
North America is expected to hold a significant share due to adopting the latest technological developments and established infrastructure in countries like the US, Canada, and Mexico. North America is presumed to be the most significant revenue-generating region, as there is a particular focus on innovations in the US and Canada. These nations have the world's most competitive and quickly changing Enterprise Content Management(ECP) markets. A higher rate of infrastructure growth and the massive growth of data from all industry verticals are expected to make North America one of the top potential markets for growth.​
The rapid shift to the cloud in North America drives the market growth for ECM solutions. According to Epicor Software's 2021 Annual Insights Report, 94% of mid-sized essential businesses in the United States are adopting cloud in 2021, up from 25% that declared cloud a strategic priority in 2020. In addition, 94% believed the cloud would help future-proof their businesses.

Competitive Landscape
The enterprise content management market is fragmented, with several major players operating. These players in the market with significant shares are focusing on product portfolio expansion with product innovation. Moreover, the players in the market are investing in advanced technologies to improve their capabilities.

April 2021 - Hyland acquired content services platform and digital asset management (DAM) provider Nuxeo, bringing the entire Nuxeo business, including products and technology, under Hyland. With this acquisition, Hyland becomes the largest open-source content services provider.
April 2021 - OpenText announced OpenText Core Content and OpenText Core Case Management, the new content services platform from the global leader in information management. Core Content and Core Case Management deliver strong records management, case management, APIs, and integration into leading applications that OpenText is recognized. This solution is expected to provide a unified approach to managing an organization's content lifecycle in the context of its formal and informal business processes.

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