Technology is changing at a faster rate and enterprise content management software is at the forefront of shaping content management effectively. As per a report by Fortune Business Insights™, the global enterprise content management market was worth USD 15.33 Billion in 2019 and is anticipated to reach USD 43.16 Billion by 2026. An enterprise content management (ECM) solution can help organizations to efficiently manage unstructured data related to different projects.
Over the past decade, companies have been adopting ECM solutions to improve their operational efficiency. Now, ECM vendors plan to focus on introducing enterprise content management software that is easy to deploy and navigate. The main priority of ECM vendors is to customize ECM solutions as per user and customer requirements.
Fortune Business Insights™ in a report, titled “Enterprise Content Management (ECM) Market Size, Share & Industry Analysis, By Solution (Content Workflow, Document Management, Imaging and Capturing, Web Content Management, Record Management, Digital Asset Management, Mobile Content Management, Case Management), By Deployment (Cloud, On-Premises), By Enterprise Size (SMEs, Large Enterprises), By Industry Vertical (BFSI, Government, IT & Telecom, Consumer Goods and Retail, Healthcare and Life Sciences, Transportation and Logistics, Others) and Regional Forecast, 2019-2026” studies growth opportunities and threats prevalent in the market. As per the report, the global market is likely to report a remarkable CAGR of 14.0% between 2018 and 2026. The report offers insights into the global market and a detailed analysis of market growth and the size of all the segments. Along with this, the report offers an in-depth analysis of the competitive landscape and market dynamics.
Market Segmentation as Per Solution, Deployment, Enterprise Size, Industry Vertical, and Region
Cloud-based ECM Software to Exhibit Considerable Growth
As per deployment, the adoption of cloud-based enterprise content management software is expected to increase during the forecast years. This is primarily owing to the low-cost and less maintenance associated with cloud deployment. Furthermore, initiatives such as bring your own devices (BYOD) worldwide are likely to stoke demand for this cloud deployment. This, in turn, is expected to spur the enterprise content management market size. The demand for ECM software is likely to more in large enterprises as these companies generate large amounts of data, which can be only handled with this software.
Adoption of ECM to Increase in BFSI, Presently at 18.4%
Industry verticals such as government, healthcare, and BFSI are likely to exhibit the highest rate of adoption of enterprise content management system in the forecast years. Of these, BFSI accounted for a share of 18.4% in 2018. The data captured in these industries can be used for historical purposes and is highly crucial, augmenting demand for enterprise content management software. Other industries such as retail, consumer goods, telecom, and others are expected to invest in enterprise content management technology.
Exhibiting USD 5.90 Bn, North America Regional Market to Hold the Largest Share Owing to BFSI’s and Government’s High Contribution
The market in Asia Pacific is expected to be the fastest-growing following the rising adoption of ECM software from China, Japan, and India. In 2018, the market in North America was worth USD 5.90 Billion and is likely to cover the maximum share in the global market. High contributions from industries such as government and BFSI is responsible for the strong growth in the North America regional market.
Around 60% of the Share Covered by Key Players Such as IBM, Xerox and Others
The report profiles some of the leading players in the global enterprise content management market. These include:
Epicor Software Corp.
Hyland Software, Inc.
Datamatics Global Services Limited
Key players such as IBM, Xerox, Hyland, OpenText, and Fabasoft account for nearly two-third of the share in the global ECM market. These players headquartered in North America aim to heavily invest in IT infrastructure and eventually strengthen their market position. For instance, OpenText recently upgraded its enterprise content management technology in July 2019. Noe, the company will be able to collect information via cloud securely.
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