Global enterprise content management market expected to reach USD 94.6 billion globally by 2024, with a CAGR of around 17.4% between 2018 and 2024. Enterprise content management (ECM) is a system that contains tools, used for collecting, managing, storing, preserving, and delivering critical information about an organization.
Sarasota, FL -- (SBWIRE) -- 11/09/2018 -- Zion Market Research has published a new report titled "Enterprise Content Management Market by Deployment Pattern (Cloud, On-Premises, and Hybrid), by Component (Solution and Service), and by End-Use Industry (IT & Telecom, BFSI, Government Sector, Retail, Manufacturing, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2017 – 2024". According to the report, the global enterprise content management market accounted for USD 30.9 billion in 2017 and is expected to reach USD 94.6 billion globally by 2024, with a CAGR of around 17.4% between 2018 and 2024.
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Enterprise content management (ECM) is a system that contains tools, used for collecting, managing, storing, preserving, and delivering critical information about an organization. Due to technological advancements in various industrial sectors and their presence in varied regions, enterprise content management has become a vital part of business growth.
ICT industry has grown at a phenomenal rate during the last five years. In 2015, global ICT sector generated revenue of about USD 4,400 billion as that of USD 3,433 billion in 2010. Increasing the number of offshore development centers in developing countries is the major driver for this growth. Further, in 2014, the Indian IT industry generated a revenue of about USD 120 billion as compared to USD 60 billion in 2008. It is projected that the IT sector in India will reach USD 250 billion by 2020. Thus, the IT sector in Asia Pacific region is anticipated to be a crucial driver for the enterprise content management market.
The manufacturing industry is expected to fuel the growth of the enterprise content management market during the forecast period. Investments to automate manufacturing processes are expected to drive the enterprise content management market. In 2016, global industrial robots sales increased by almost 16% as compared to 2015. Due to the complex manufacturing processes, it is essential for an organization to get regular updates. ECM systems help the organization in determining the progress of the overall manufacturing process from procurement of raw materials for the delivery of finished goods. These systems provide information about the suppliers/vendors, logistics, and customers. Thus, increasing use of technology in the manufacturing sector is anticipated to propel enterprise content management market.
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As per the component segment, global enterprise content management market is divided into software and service. Software segment is expected to dominate the enterprise content management market during the forecast time span. Furthermore, enterprise content management market is bifurcated on the basis of end-user industry into IT & telecom, BFSI, government sector, retail, manufacturing, and others. The retail segment is anticipated to hold a substantial share during the estimated period.
North America is expected to witness a notable rise in enterprise content management during the estimated period. The U.S. is projected to lead the enterprise content management market during the forecast timeframe. Developments in the U.S. IT sector are expected to contribute to this rise. In the Asia Pacific, China and India will make significant contributions to the development of the enterprise content management market. Rising investments in digitalization projects initiated by the government is a major driver for the regional market.
Some of the major competitors in the enterprise content management market are Oracle Corporation, IBM Corporation, Microsoft Corporation, OpenText Corporation, Xerox Corporation, Hyland Software, Inc., Everteam, Alfresco Software, Inc., M-Files Corporation, and Fabasoft, among others.
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The report segments the global enterprise content management market as follows:
Global Enterprise Content Management Market: Deployment Pattern Segment Analysis
Global Enterprise Content Management Market: Component Segment Analysis
Global Enterprise Content Management Market: End-Use Industry Segment Analysis
IT & Telecom
Global Enterprise Content Management Market: Regional Segment Analysis
The Middle East and Africa