Enterprise Content Management Market Key Leaders, Emerging Technology, future 2027
Market Overview:
According to our latest market study on “Enterprise Content Management Market Forecast to 2027 – Global Analysis – by Component, Deployment Type, Organization Type, and Industry Vertical,” the market is expected to grow from 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.
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Mobile content management is crucial for businesses as employees and customers are increasingly becoming dependent on smart devices. Mobile devices account for more than 50% of the internet traffic which generates huge volumes of data. Increase in business activities and applications has increased the enterprise content management market size. Growing implementation of mobile enterprise solutions across a wide range of organizations, requirements to manage sensitive data, and shift toward cloud-based technologies and cloud storage are factors anticipated to enhance the enterprise content management market size. Demands to store and manage data securely have paved way for the incorporation of hybrid cloud-based solutions that allow the benefits of the cloud while keeping all sensitive information secure on the local server. Therefore, many companies are transforming their cloud services into a hybrid model, which is propelling the enterprise content management market growth.
Growing Adoption of ECM Solutions in Small & Medium Enterprises to Boost Enterprise Content Management Market
Enterprise content management is used to capture, manage, access, integrate, and store information across organizations. The advent of new technologies and product innovation is now enabling small and medium enterprises and many mid-sized companies to utilize the benefits and features of enterprise content management solutions. This combines content management’s advanced storage capabilities, real-time file sharing, and synchronization with various mobile devices. The ability to integrate ECM functionality with a reduced effort enables smaller companies to add specific services to the required services. Flexibility in implementation and integration with business applications aligning content management with various business operations is propelling the enterprise content management market growth. This has further increased the demand for systems such as accounting, customer relationship management (CRM), and enterprise resource planning (ERP). Such factors are likely to propel the enterprise content management market. Other factors that boost the global enterprise content management market includes improved information governance, and business process automation. There is a growing demand among businesses to contrive its information efficiently, intelligent document filing, and taxonomy. An effective enterprise content management tools enable improved accuracy and efficiency. An enterprise content management solution comprises a transactional content management system for managing documents and processes, and helps businesses drive actions and decisions. First-generation enterprise content management solutions have evolved into content services to reflect the way users create, use, and interact with information. The modern approach helps users to deliver the right information and build tailored solutions that integrate and work with a company’s core applications
Based on component, the enterprise content management market is characterized into solutions and services. The solutions segment held a larger share in 2019. Based on deployment type, the market is segmented into cloud, and on-premise. The on-premise segment held a significant share in 2019. Based on organization type, the market is characterized into small & medium enterprises, and large enterprises. The small & medium enterprises segment garnered a significant traction in 2019. Based on industry vertical, the market is characterized into BFSI, government, manufacturing, IT and telecom, retail, healthcare, transportation and logistics, and others. The retail segment recorded the largest value in 2019.
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Alfresco Software, Inc.; DELL EMC; Hyland Software, Inc.; IBM Corporation; M-Files Corporation; Microsoft Corporation; Newgen Software Technologies Ltd.; OpenText Corporation; Oracle Corporation; and Xerox Corporation a few major companies operating in the enterprise content management market.
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