Enterprise content management market Forecast Size to Expand Significantly by the End of 2027
The Enterprise content management market is expected to grow from US$ 12.94 billion in 2018 to US$ 32.30 billion by 2027; it is estimated to grow at a CAGR of 10.8% during 2019–2027.
The global Enterprise Content Management Market is anticipated to reach US$ 32.30 Bn by 2027, registering a CAGR of 10.8% over the forecast period of 2019–2027, according to a recent research report from The Insight Partners titled "Enterprise Content Management Market - Global Analysis and Forecasts to 2027."
The way businesses operate is evolving as more and more businesses use digital content, mobile services, cloud technology, analytics, artificial intelligence, and the internet of things. Across all industry verticals, workplace mobility is growing at an unprecedented rate, and this trend is anticipated to last through the forecast period of 2019 to 2027. The demand for effective solutions to channelize the information is being driven by the content explosion in businesses as a result of constantly evolving business processes and the inclusion of new information sources and distribution channels. Global adoption of simple-to-use and collaborative ECM solutions is being driven by mobility and regulatory compliance. Users of these ECM systems can access their documents and information, evaluate content, and collaborate whenever they want from any location or device. The market for enterprise content management is being driven by all of the aforementioned factors.
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Geographically, the global enterprise content management market is dominated by North America in terms of revenue. The booming demand for ECM solutions from a variety of industries, including BFSI, government, manufacturing, IT & telecom, retail, healthcare, transportation, and logistics, has been a major factor in the region's rapid expansion and adoption. Due to the supporting government policies, expanding areas like Asia Pacific, the Middle East, Africa, and South America are also predicted to present substantial growth possibilities for the enterprise content management market during the forecast period from 2019 to 2027.
The component, deployment, organisation, and industry vertical segments make up the worldwide enterprise content management market. The enterprise content management market is divided into solution and services based on component. The market is divided into two categories based on the kind of deployment: cloud-based and on-premise. The market is divided into major companies and small & medium enterprises based on the kind of organisation. The market is further divided into BFSI, government, manufacturing, IT and Telecom, retail, healthcare, transportation and logistics, and others based on the industry vertical. Energy & utilities, education, hospitality, and other topics are covered in the others portion of the industry vertical. The market is geographically divided into five regions: North America, Europe, the Asia-Pacific, the Middle East and Africa, and South America.
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The global enterprise content management market is now dominated by on-premise ECM systems, but it is anticipated that cloud-based ECM solutions will increasingly become popular in the coming years. Low beginning costs, complex cloud & hosting models, and advanced functionalities are some of the main drivers of the increased usage of cloud-based ECM solutions. Businesses hope to increase productivity by lowering operating expenses and reducing human error by investing in cloud-based solutions. In-house development of on-premise ECM solutions can occasionally be difficult and expensive. Since not all small and medium-sized businesses can afford to invest in on-premise ECM solutions, the demand for cloud-based ECM solutions is anticipated to increase quickly over the next few years, particularly among SMEs in developing countries. Additionally, the adoption of cloud-based solutions in numerous industrial verticals is being fueled by the expanding digital revolution occurring around the world. The governments of developing nations like China and India are launching a number of efforts to increase the uptake of digital services by businesses and consumers. The corporate content management market is anticipated to expand at an amazing rate between 2019 and 2027 as a result of all these encouraging trends.
IBM Corporation, EMC Corporation, Oracle Corporation, Microsoft Corporation, Alfresco Software, Inc., OpenText Corporation, Hyland Software, Inc., Newgen Software Technologies Ltd., Xerox Corporation, and M-Files Corporation are a few of the major companies active in the global enterprise content management market.
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