Enterprise Content Management Market Prophesied to Grow at a Faster Pace by 2027
The global enterprise content management market accounted for US$ 12.94 Bn in 2018 and is expected to grow at a CAGR of 10.8% over the forecast period 2019–2027, to account for US$ 32.30 Bn by 2027.
The global enterprise content management market is expected to draw significant growth in the coming years, majorly due to the growing demand for enterprise content management solutions across enterprises for operational efficiency. Furthermore, the enterprise content management market is expected to grow, owing to the advanced features offered by enterprise content management solutions providers.
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Presently, the on-premises ECM solutions segment holds the majority share in the global enterprise content management market; however, the increasing adoption of cloud-based ECM solutions is expected to be the future trend for enterprise content management market worldwide. Some of the major reasons for the rising adoption of cloud-based ECM solutions are a low initial investment, sophisticated cloud & hosting models, and advanced features. With investment in cloud-based solutions, enterprises are anticipated to reduce their operational costs and decrease human errors. Small and medium-sized enterprise does not find it feasible to invest in on-premise ECM solutions, and hence the demand for cloud-based ECM solutions is expected to grow at a fast pace in the coming few years, especially among SMEs in developing regions. In addition to this, the growing digital revolution across the globe is fuelling the adoption of cloud-based solutions in various industry verticals. Governments of developing economies such as India and China are taking various initiatives to boost the adoption of digital services among consumers and industries. The adoption of cloud-based ECM solutions is expected to grow at an impressive rate during the forecast period from 2019 to 2027, owing to all these positive developments.
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The overall enterprise content management market size has been derived using both primary and secondary source. The research process begins with exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to the enterprise content management market. It also provides the overview and forecast for the global enterprise content management market based on all the segmentation provided concerning five primary reasons such as North America, Europe, Asia-Pacific, the Middle East and Africa, and South America. Also, primary interviews were conducted with industry participants and commentators to validate data and analysis. The participants who typically take part in such a process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers, and external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the Enterprise Content Management industry.
Some of the players present in the enterprise content management market are Microsoft Corporation, IBM Corporation, Oracle Corporation, DELL EMC, Newgen Software Technologies Ltd., Alfresco Software, Inc., Hyland Software, Inc., OpenText Corporation, Xerox Corporation, and M-Files Corporation., among others.
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