This research report categorizes the enterprise content management market based on business function, component, deployment type, organization size, vertical, and region.
Northbrook, IL 60062 -- (SBWIRE) -- 09/15/2023 -- The global Enterprise Content Management Market size is expected to grow at a Compound Annual Growth Rate (CAGR) of 9.8% during the forecast period, to reach USD 37.7 billion by 2026 from USD 23.6 billion in 2021, according to research report by MarketsandMarkets™.
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.
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318 - Tables
55 - Figures
305 – Pages
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Services segment to hold a larger market size during the forecast period
Based on services, the ECM market is segmented into two categories: professional and managed services. These services assist in building, assessing, and leveraging ECM environments to avoid time wastage and effort on a failed implementation. Enterprises need active support from skilled professionals to minimize their downtime during the pre-and post-installation of ECM solutions. These services provide the necessary support to uphold the efficiency of business processes, increase enterprise growth, and reduce unwanted operational expenses.
SMEs segment to grow at the highest CAGR during the forecast period
SMEs are defined as organizations with an employee strength ranging from 1 to 1,000. SMEs have a low marketing budget and often lack the resources and capabilities for effective marketing orchestration. These enterprises face greater challenges of limited budget as compared to large enterprises and require better methods to resolve complexities for improving the cost optimization of their business processes. However, the SMEs segment is expected to grow at a higher CAGR during the forecast period. ECM enables easy collection of documents, relevant information gathering, and enhanced information governance. Further, ECM solutions offer reliability, scalability, user-friendly capabilities, easy integration, increased agility, and improved efficiency. These factors are also expected to encourage SMEs to adopt ECM solutions and services at a rapid pace.
IT and ITeS industry vertical to grow at the highest CAGR during the forecast period
IT and ITeS is one of the fastest-growing verticals with respect to the adoption of advanced technologies and services due to the enormous volume of content and documents. IT service providers handle the critical data from various industries, such as BFSI, healthcare, education, and government & defense. The companies have to follow security standards and regulations such as HIPPA standards in healthcare, PCI DSS standards for credit card-related information, GLBA, SOX/J-SOX, NCUA, data privacy, and data residency laws. Companies require high-security infrastructure to manage these standards. Hence, they are adopting enterprise content management for managing IT service delivery to enhance the customer experience. ECM solutions across the IT and ITeS vertical ensure effective project management, user interface design, individual development, testing, QA, and end-user training.
North America to account for the highest market share during the forecast period
The ECM market is segmented into five regions: North America, Europe, APAC, MEA, and Latin America. The enterprise content management report provides insights into these regional markets in terms of market size, growth rates, future trends, market drivers, and COVID-19 impact. North America is expected to hold the highest market share in the overall ECM market during the forecast period. Following North America, Europe is expected to hold the second-highest market share during the forecast period. High need to manage documents, including structured and unstructured information such as word documents, excel spreadsheets, PDFs, scanned images, video, and audio, and make it accessible to the right people at the right time is expected to drive the market in North America. Europe and MEA are also expected to witness high growth rates during the forecast period.
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The enterprise content management market comprises major providers, such as Microsoft (US), OpenText (US), Hyland (US), IBM (US), Laserfiche (US), Box (US), Oracle (US), SAP (Germany), Newgen Software (India), Micro Focus (UK), M-Files (US), iManage (US), Ascend Software (US), DocuWare (US), Xerox (US), Objective Corporation (Australia), KYOCERA Document Solutions (Japan), Fabasoft (Austria), SER Group (Germany), GRM Information Management (US), DOMA Technologies (US), Systemware (US), Adobe (US), Veeva (US), and Atlassian (Australia). The study includes an in-depth competitive analysis of key players in the ECM market with their company profiles, recent developments, COVID-19 developments, and key market strategies.
Key Dynamic Factors For Enterprise Content Management Market:
Digital Transformation: The need for ECM solutions is being driven by enterprises' ongoing digital transformation projects. ECM systems are necessary to efficiently manage digital content as organisations move away from paper-based procedures.
Remote Work and communication: The COVID-19 pandemic has pushed the trend towards remote work, highlighting the significance of enterprise content management (ECM) for secure remote access to documents and effective communication among distant teams.
Data Security and Compliance: As data privacy laws (such as GDPR and CCPA) become more stringent, businesses must employ ECM solutions that guarantee data security, access control, and legal compliance.
Artificial intelligence (AI) and machine learning capabilities are being integrated into ECM systems to improve content search, retrieval, and automated classification. Through the use of these technologies, organisations can gain insightful information from unstructured content.
Cloud Adoption: Because of the scalability, accessibility, and cost-effectiveness of cloud-based ECM systems, their use is growing. Organisations can lower infrastructure expenditures and concentrate on core business operations thanks to this trend.
ECM systems are becoming more and more dependent on content analytics tools, which enable businesses to extract useful information from their content repositories for use in decision-making and process improvement.
Customer Experience (CX): Improving CX is a major factor in driving ECM adoption. Delivering personalised and pertinent material to clients is made easier by ECM systems, increasing customer engagement and happiness.
IoT Data Management: A large amount of the data produced by the Internet of Things (IoT) is unstructured. Particularly in sectors like manufacturing, healthcare, and logistics, ECM systems play a part in managing and analysing this data.
Content migration and integration capabilities are essential for maintaining data integrity and business continuity as organisations upgrade current ECM systems or switch to new platforms.
Industry-Specific Needs: Each industry has specific ECM needs. Healthcare organisations, for instance, need ECM systems to handle patient information, while financial companies need ECM to manage documents and comply with regulations.
Rapid technological progress: The ECM market is distinguished by ongoing technological developments, such as blockchain integration, automated workflows, and enhanced content search engines. Being competitive requires staying up to date with these advancements.
Environmental Sustainability: Environmental issues are impacting ECM choices, which is why attempts are being made to cut down on paper use and promote eco-friendly habits through digitalization.
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Competitive and Segmentation Analysis:
Competitive Analysis: Competitive analysis in the ECM industry is a close investigation of significant competitors and solution providers including Microsoft, IBM, OpenText, and Adobe. Market share, product offerings, pricing policies, technical advancements, and customer satisfaction levels are all included in this study. Organisations may discover their distinctive value propositions, set themselves apart from competitors, and keep up with evolving trends and disruptive technology by studying the competitive landscape. A solid market position and continued relevance and competitiveness of ECM solutions depend on this constant review.
Segmentation Analysis: In the ECM market, segmentation analysis entails dividing prospective customers into different segments according to a number of factors, including organisational size, geographic location, and particular needs for content management. The criteria, compliance standards, and content types to be managed vary depending on the segment. Providers can effectively respond to a range of requests by adjusting ECM solutions and services to the particular needs of different sectors. For instance, healthcare organisations might prioritise electronic health records whereas industrial firms might concentrate on supply chain management and document version control. Segment-specific techniques increase client relationships, boost conversion rates, and promote consumer engagement.
In conclusion, competition analysis enables businesses to differentiate themselves, adjust to shifting market dynamics, and capture new opportunities by assisting them in understanding their position within the ECM market. Concurrently, segmentation analysis helps ECM providers to successfully target particular consumer groups, ensuring that solutions exactly fit with each segment's particular needs. In a continually changing ECM market, these studies help businesses make wise strategic decisions, optimise their product offerings, and provide outstanding value to their customers.
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