The global enterprise content management (ECM) market has the potential to achieve a CAGR of 16.8% during the forecast period (2018-2023), reveals Market Research Future (MRFR). The market can also attain a valuation of $76.84 Bn by 2023.

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Top Drivers and Key Barriers

ECM technology has become an integral component that supports digital transformation that is taking place all around the world. This remarkable surge in ECM adoption indicates the substantial return on investment it helps generate while supporting digital transformation, in addition to improving efficiency. With the aim to modernize the management and control of data, ECM vendors are constantly innovating to offer business users several means to evolve the workplace.

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The huge data explosion across numerous industries stands as one of the chief reasons behind the growth of the Enterprise Content Management Market. In this era of big data, organizations are now generating a vast amount of data from online collaboration as well as communication, resulting in data explosion. In addition, digitalization of businesses and processes is giving way to a lot of complex and diversified data set that calls for processing and analysis. This can possibly boost the demand for enterprise content management as it helps collect, manage, organize, and store information to enhance its accessibility and usability all across the organization.

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In today’s age, organizations are going to be an important part of the new-age hyper-connected ecosystem that will ensure data explosion. Also, given the rising number of technological advancements as well as smart devices, a surge in the diversity of content produced can be expected in the years to come.

This is bound to accelerate the demand for advanced enterprise content management, which can elevate the customer experience, allow an organization to be more customer-centric, and also aid in obtaining a competitive advantage while attracting a higher number of customers. Therefore, the data explosion across industries combined with technological advancements that generate diverse content is expected to stimulate growth of the Enterprise Content Management Market during the appraisal period.

Market Segmentation

Solution, service, deployment, organization size, and vertical are the primary segments

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Solution-wise, the market includes web content management, mobile content management, documentation management, records management, content workflow management, and others. In 2017, the web content management segment covered a share of 22.8% in the market, in terms of revenue. Additionally, the segment is estimated to record a CAGR of 15.8% during the review period. Web content management solution facilitates the methods of creation, review, approval, and publishing of web-based content. Web content forms a crucial aspect of intranet and internet. The content that is online requires effective management

In terms of service, the market has been split into integration service, support and maintenance, training service and others. Between these, the support & maintenance services segment accounted for a share of 36.2% in the year 2017, and was valued at $11.15 Bn. In the coming years, the segment can register a growth rate of 16.5%. Businesses are using support & maintenance services to elevate their operational capacity. The segmented dominance in the market is projected to remain the same in the years ahead as well.

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The market, based on deployment, is considered for cloud and on premise. The on-premise deployment segment had a value of $16.16 Bn in 2017 and has the potential to post a robust CAGR of 15.4% from 2018 to 2023. On-premise ECM deployment enjoys widespread use across enterprises but the segment is most likely to note slow growth in the coming years, given the rising preference for cloud deployment.

Organization sizes mentioned in the report are small and medium enterprises (SMEs) and large enterprises. In 2017, the large enterprise segment had captured a share of 57.4% in the market, and was valued at $17.68 Bn. The segment can observe an impressive growth during the conjectured timeframe. ECM has a number of applications in large organizations, both private and public. ECM solutions help manage the large volumes of data and information generated by these organizations on a regular basis.

The verticals that make use of ECM are healthcare, banking, financial & insurance services (BFSI), retail, IT & telecommunication, energy & utilities, transportation & logistics, and others. In 2017, the BFSI segment was found to be the leading vertical with a share of 19.7%, revenue-wise. The segment was valued at $6.06 Bn the same year and is poised to achieve a growth rate of 16% during the estimated period. Hike in digitization coupled with the adoption of advanced technologies within the BFSI sector has ushered in a host of opportunities.

Top Vendor

racle Corporation, Open Text Corp., Box Inc., Adobe Inc., Fajtisu Ltd., Laserfiche, IBM Corporation, Microsoft Corporation, Hyland Software Inc., and M-Files Inc. are the top players forming the worldwide Enterprise Content Management Market.

Regional Insight

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The Middle East & Africa (MEA), Europe, North America, and Asia Pacific (APAC) are the primary markets for enterprise content management.

In 2017, North America was valued at $13.63 Bn, making it the largest market for ECM. The regional market can potentially record a growth rate of 16.5% during the review period. High adoption rate of ECM, as well as presence of a huge number of service providers in the region, accelerates the market demand. The United States is presently at the vanguard of the market growth in the region, as the country is known for its vast contribution to web content publishing, which creates extensive application scope for ECM solutions.

Rising digitization of business processes across numerous industries has elevated the position of the Enterprise Content Management Market in Europe. On top of that, surging amount of unstructured data produced by connected devices, systems as well as process is prompting end-user organizations to use content management solutions.