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Enterprise Content Management Market 2024 Industry Insights, Business Growth, Trends And Forecast To 2033
Enterprise Content Management Market Share
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According to The Business Research Company's, The enterprise content management market size has grown strongly in recent years. It will grow from $33.93 billion in 2023 to $36.89 billion in 2024 at a compound annual growth rate (CAGR) of 8.7%. The growth in the historic period can be attributed to mobile integration, regulatory changes, and compliance demands, globalization, paperless initiatives, growth of data volume.
The enterprise content management market size is expected to see strong growth in the next few years. It will grow to $53.73 billion in 2028 at a compound annual growth rate (CAGR) of 9.9%. The growth in the forecast period can be attributed to remote workforce dynamics, security emphasis, digitization, increased demand for automation, demand for personalized user experiences, green computing. Major trends in the forecast period include workflow optimization, content analytics and insight, hybrid ECM deployments, integration with business processes, content personalization.
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Market Drivers and Trends:
The surge in the volume of content being generated due to the prevalence of digitalization is expected to propel the growth of the enterprise content management market going forward. Data volume is the capacity to store and handle petabytes of natively stored and object-stored data with efficiency. Organizations are able to manage content and information securely throughout their lifecycle with the use of an enterprise content management (ECM) solution. For instance, according to a Kommando Tech, a Czech Republic-based independent review site dedicated to providing accurate information about various tech-related products and services, in March 2022, 2.5 quintillion bytes of data are produced by people every day. The last two years have seen the creation of around 90% of all data. Unstructured data is a problem for 95% of businesses. The big data sector is anticipated to be worth $77 billion by 2023. Therefore, the surge in the volume of content being generated due to the prevalence of digitalization is driving the growth of the enterprise content management market.
Technological innovations are the key trends gaining popularity in the enterprise content management market. Major companies operating in the market are introducing new technologies such as to sustain their position in the market. For instance, in January 2021, Data metrics, an India-based IT and BPM service company providing Intelligent Solutions for businesses, launched a new version of TruCap+, a content management product. TruCap+ is an AI-enabled (Intelligent Document Processing) IDP solution that offers a template-free way to drastically save setup time of 30% to 70% and a load of building and maintaining templates for each document type and version. Enterprises would be able to accomplish better Straight-Through Processing (STP) with accuracy and faster time to value with the help of TruCap+.
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Major Key Players of the Market:
Microsoft Corporation, Dell Technologies Inc., International Business Management Corporation, Oracle Corporation, SAP SE., Fujitsu Limited, Capgemini SE, Adobe Inc., Xerox Corporation, Open Text Corporation, Atlassian Corporation, Zoho Corporation, Box Inc., Laserfiche, Hyland Systems Inc., Nuxeo Corporation, Systemware Inc., KnowledgeLake Inc., Newgen Software Technologies Limited, DocStar, M-Files Inc., SpringCM Inc., Alfresco Software Inc., Ademero Inc., Objective Corporation Limited, LSSP Corporation, SER Group, Fabasoft AG
Enterprise Content Management Market 2024 Key Insights:
• The enterprise content management market size is expected to see strong growth in the next few years. It will grow to $53.73 billion in 2028 at a compound annual growth rate (CAGR) of 9.9%.
• Enterprise Content Management Market Surges Amidst Soaring Data Volumes
• Technological Advancement Enhanced Enterprise Content Management Market
• North America was the largest region in the enterprise content management market in 2023
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