Enterprise Content Management Market size is expected to grow at a Compound Annual Growth Rate (CAGR) of 9.8% during forecast period 2022 to 2026
Northbrook, IL 60062 -- (SBWIRE) -- 07/05/2022 -- According to a new market research report "Enterprise Content Management Market by Business Function, Component (Solutions (Document Management, Record Management, eDiscovery), Services) Deployment Type, Organization Size, Vertical and Region - Global Forecast to 2026" published by MarketsandMarkets™, the market size 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.
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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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.
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.
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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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