Looking to achieving the top slot amidst competitive trends, the leading players in the global enterprise content management (ECM) market are launching innovative solutions. Besides this, several companies are providing cloud-based solutions to offer improved experience through better storage availability, remote access, and real-time access on a cloud-based platform, finds Transparency Market Research (TMR) in a new study. Strategies adopted by these enterprises over the last couple of years and the ones they are contemplating to implement in the coming years reflect have a profound impact on the market. On studying these, readers can get a comprehensive market overview.
TMR has identified companies such as Datamatics Global Services Ltd., Alfresco Software, Inc., Hyland Software, Inc., Capgemini S.A., EMC Corporation, IBM Corporation, M-files Inc., Pennywise Solutions Private Ltd., Tata Consultancy Services, and SAP SE as some of the leading players in the global enterprise content management market.
TMR has pegged the overall value of the global enterprise content management market at US$9,117.4 mn in 2016. Exhibiting a CAGR of 9.0% between 2017 and 2025, the market is expected to reach US$19,904.8 mn by the end of 2025. Among industries reporting demand for enterprise content management, BFSI is at the fore. In addition, a significant increase in the demand from the retail segment is also expected through the forecast period. Among the key regional segments, North America emerged dominant, holding nearly 38% of the global enterprise content management market in 2016.
In addition, the rising awareness among prospects customers regarding their diverse applications will enable growth in the global enterprise content management market. In the last couple of years, cloud-based ECM solutions have found increasing applications in various sectors including banking and financial services, insurance companies, consumer goods, energy and power, education and academia, securities and capital markets, healthcare, defense, media and transportation, and IT and Telecom. A common thread between these industries is that all they require high information security hence emerging as prime consumers of the technology.
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The market is likely to gain from digitization of various business platform. Apart from this the abundant availability of unstructured data, the demand for prompt sharing of sensitive information, proliferation of bring your own device trend, and the advancements in the database applications have created an environment conducive to deploying enterprise content management.
Supporting this is the higher availability cross various organizations and improved mobile access. Following the implementation of ECM, organizations can derive benefits such as improving their monitoring technologies, thus, establishing time stamp and securing access.As more number of enterprises realize the benefits they can achieve from enterprise content management, its implementation will spike, in turn boosting the overall market.