Press release
Enterprise Content Management Market: Demand for High Information Security Stemming from Diverse Industries Stokes Growth
Enterprise content management system contains various tools such as eDiscovery, document management, digital asset management, case management, web content management, workflow process management and record management. It helps in reducing the workload by managing the complex business workflow. Furthermore, it also improves operational efficiency and provides enhanced customer experience. With the usage of Business Intelligence (BI) applications it provides the integration of structured and unstructured data. ECM allows an organization to allocate data to its end users when necessary and to use the data from a centralized source through several platforms.
The main drivers that have positively helped in the growth of enterprise content management market include growing amount of data being generated within enterprises and growing investment in big data analytics in order to make better decisions. However with the increasing demand for enterprise content management solutions within financial institutions due to presence of huge unstructured data is further helping in boosting the overall market globally.
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Rising Adoption of Cloud-based Solutions to Boost Growth
On the basis of component, the enterprise content management solution is segmented into software and services. On the basis of software, the enterprise content management solution can further be classified into on-premise, cloud based, and hybrid solutions. Also on the basis of services, the enterprise content management solution can further be classified into consulting, system integration, and operation & maintenance. The growth in the enterprise content management software is attributed to the adoption of cloud based solutions and hybrid cloud based solutions in the enterprises.
On the basis of solution, the enterprise content management solution is segmented into document management, content management, case management, workflow management, record management, digital asset management, ediscovery. The document management segment is expected to contribute for the largest market share by 2025 and anticipated to grow significantly during the forecast period, 2017- 2025. The document management sector is expected to grow at the highest CAGR during the forecast period.
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On the basis of end use industry, the enterprise content management solution is segmented into BFSI, education, government & public, healthcare, manufacturing, media & entertainment, retail, telecom & IT. BFSI segment is expected to contribute for the largest market share and anticipated to grow significantly during the forecast period, 2017- 2025. It is closely followed by the manufacturing sector in terms of market share. The market for enterprise content management is anticipated to expand at a revenue CAGR of 9.0% during the forecast period from 2017 to 2025.
North America Held Lead but Asia Pacific to Exhibit Fastest CAGR
Geographically, North America is holding the largest market share in the global enterprise content management market. Asia Pacific is expected to witness fastest growth during the forecast period. Japan, China and India are among the major supporters of enterprise content management market in the Asia Pacific region.
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The enterprise content management market is highly competitive; large number of regional players are located across different geographies. Moreover, as part of this strategy, the companies are engaging in various strategic partnerships, merger and acquisitions, focusing on expanding their business through new service additions and geographical presence.
Some of the major players in the global enterprise content management market are Alfresco Software, Inc.; Capgemini S.A., Datamatics Global Services Ltd., EMC Corporation, Hyland Software, Inc., IBM Corporation, Laserfiche, M-files Inc., Newgen Software, Inc., OpenText Corp., Pennywise Solutions Private Ltd., SAP SE, Systemware, Inc., and Tata Consultancy Services.
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