The global enterprise content management market size is expected to reach USD 29.64 billion by 2028, exhibiting a CAGR of 14.3% during the forecast period. The growing integration of artificial intelligence (AI) and machine learning (ML) in platforms will have an excellent impact on the market growth in the foreseeable future, states Fortune Business Insights, in a report, titled “Enterprise Content Management (ECM) Market, 2021-2028.” The market size stood at USD 10.33 billion in 2020.
Since mid-2020, the covid-19 pandemic has had an unparalleled impact on operations, leading to the suspension of industries, which has hampered the demand for ECM solutions. However, beginning in 2021, the usage of digital solutions is expected to increase. Content production is boosted by the industry’s growing digital revolution. Because of the new norm of the remote worker, businesses have moved their information to the cloud. Due to the growth of social media, greater internet connectivity, and mobilization, Covid-19 has expedited data generation. Managing a large volume of unstructured data is a problem for businesses. As a result, ECM systems aid document management by allowing for quick retrieval and archiving.
Based on components, the market is classified into document management, web content management, digital asset management, eDiscovery, others (record management, case management, etc.)
Base on Deployment, the enterprise content management market is divided into cloud and on-premise.
Based on enterprise size, the market is segmented into small and medium-sized enterprises (SME) and large enterprises.
By industry vertical, the market is classified as BFSI, government, IT & telecom, consumer goods, and retail, healthcare and life sciences, transportation and logistics, others (manufacturing, energy, and utilities, etc.).
Geographically, the market is divided into five major regions: North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America.
Cross-channel Integration and Consumer Self-service to Fuel Market Investments
ECM systems help manage the content life cycle from production to disposal across many channels, including transactional, social, and corporate content. To accomplish end-to-end digital transformation across the company, ECM must work in tandem with digital asset management, online content management, and business process management. Document and records management, archiving, and collaboration are all features of this system. Customer-facing technology such as cross-channel integration and consumer self-service are driving investments in sophisticated solutions. E-signature integration, for example, allows customers to sign documents electronically. Content mobilization and web material management also assist with managing, capturing, and accessing content from smartphone, web, and tablet apps. Content analytics-enabled systems aid in the generation of useful and actionable information. All of the aforementioned reasons are expected to assist market participants’ digital tactics. Therefore, fostering the enterprise content management market growth.
Increasing Adoption of ECM to Bolster Growth in the Asia Pacific
Due to the increasing adoption of this system in countries such as Japan, China, and India, Asia Pacific is projected to be the fastest-growing region in this market. During the projection period, APAC is expected to expand at the fastest rate. The market is growing because of the increasing adoption of ECM among small and medium-sized businesses. Equally large shares are anticipated to be seen in the European market as in the Asia Pacific market. Due to socio-economic variables and regulatory framework flexibility, online models such as digital platforms and digital ecosystems emerged during the pandemic, increasing the demand for such solutions in the region. During the projected period, North America is estimated to have the largest enterprise content management market share. To safeguard and manage the volume of data, industry sectors such as BFSI and governments heavily invest in such solutions. As an example, the US Treasury Department prefers ECM as a treasury content/collaboration platform.
Heavy Investments in Innovative Technologies to Consolidate Business
To increase the capabilities of ECM solutions, the players are investing in new technology. In order to extend their market position, the major companies engage in acquisitions, partnerships, collaborations, and mergers. For instance, in December 2019, Datamatics Global Services Limited announced the acquisition of SAP connects solution provider CIGNEX Global Holding Corporation. This merger will help enlarge the presence of Datamatics in San Francisco, Singapore, and India.
September 2020: Laserfiche signed a partnership agreement with Fujitsu Australia Limited. The collaboration will provide enterprise content management and scanner hardware packages to strengthen business continuity and improve remote collaboration.
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