The global corporate heritage data management market features the presence of several small- and medium-sized companies and a rather small number of established players, observes a recent report by Transparency Market Research. Owing to the rising popularity of these solutions, the market is expected to experience the entry of a large number of new entrants during the forecast period.
As a result, the market, which is highly competitive in terms of products and services offered, is expected to become more competitive in the near future. To stay ahead of the competition, increased focus on differentiation of offerings and addition of innovative solutions and services to portfolios will work for market players. Owing to the presence of many smaller players in the market, partnerships will also play a crucial role in success. Some of the key players in presently operating in the market are North Plains Systems Corp., Eloquent Systems, Inc., Open Text Corporation, Widen Enterprises, Inc., NetXposure, Inc., and MediaBeacon, Inc.
Asia Pacific to Present Promising Growth Opportunities
Transparency Market Research (TMR) projects that the global corporate heritage data management market will exhibit a staggering 19.1% CAGR over the period between 2016 and 2024. If the prediction holds true, the market, which valued at US$175.2 mn in 2015 is expected to rise to US$834.6 mn by 2024. Of the key corporate Digital asset management is estimated to hold the market share of 65.9% in 2016, and expected to sustain its leading position with a market share of 67.3% in 2024.
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From a geographic perspective, the North America market dominates and is expected to retain its dominance in the near future as well. The market in Asia Pacific, however, is expected to exhibit the most prominent growth rate over the forecast period. The presence of a large number of manufacturing companies in countries such as Japan, China and India will be the key factor encouraging the growth of the Asia Pacific corporate heritage data management market.
Cloud-based Solutions to Open New Growth Avenues
Besides the fact that corporate heritage data management solutions offer an effective way of organizing critical business data in an easily accessible and sharable manner, their demand is rising across corporate firms wanting to safeguard business-critical data. Advanced security solutions offered by several heritage data management solutions have lately come across as effective tools for protecting the historical data of an organization.
Moreover, the demand for heritage data management solutions is also rising due to the possibility of their easy implementation with the help of cloud-based solutions. Cloud-based solutions, by making costly heritage data management solutions highly economical and easy to implement or install, are playing a crucial role in the overall development of the market. Cloud-based solutions will continue to have a significant positive impact on the market’s future growth prospects.
Organizations Reluctant on account of Low Return on Investment
The high costs of corporate heritage data management solutions often levy a hefty burden on the finances of a company. Moreover, these solutions are used internally within a company for organizing the unorganized data, which may not be a top priority spending area for many companies. Also, achieving high returns on investment is difficult in the case of corporate heritage data management. As a result, top management of organizations is often reluctant to spend money on the corporate heritage data management solutions. This factor is one of the key challenges faced by the global corporate heritage data management market and is expected to restrain the market to a certain extent in the next few years.