With 14.3% CAGR, Enterprise Content Management Market Worth USD 29.64 Billion by 2028
Fortune Business Insights
9 min read
Fortune Business Insights
According to Fortune Business Insights, the global enterprise content management market size is projected to reach USD 29.64 billion in 2028, at a CAGR of 14.3% during the forecast period
Pune, India, Aug. 10, 2022 (GLOBE NEWSWIRE) -- The global enterprise content management market is projected to rise from USD 11.63 billion in 2021 to USD 29.64 billion by 2028 at 14.3% CAGR during the forecast period. Fortune Business Insights™ has published this information in latest research titled, “Enterprise Content Management Market Forecast, 2021-2028.” As per the report, the global market size stood at USD 10.33 billion in 2020.
Over the past decade, companies have been adopting ECM solutions to improve their operational efficiency. In the current market, ECM Softwares such as OnBase, Laserfiche, Dashpivot, and Box are popular. ECM offers various advantages such as improved sharing of information, less time for processing, more efficient work, more knowledge about the company, and others. The advantages above are further anticipated to bode well for the global enterprise content management (ECM) market size.
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.
Report Scope & Segmentation
Report Coverage
Details
Forecast Period
2021 to 2028
Forecast Period 2021 to 2028 CAGR
14.3%
2028 Value Projection
USD 29.64 Billion
Base Year
2020
Enterprise Content Management Market Size in 2020
USD 10.33 Billion
Historical Data for
2017 to 2019
No. of Pages
140
Segments covered
Solution, Deployment, Enterprise Size, Industry Vertical and Geography
Cross-channel Integration and Consumer Self-service to Fuel Market Investments
Increasing Adoption of ECM to Bolster Growth in Asia Pacific
Heavy Investments in Innovative Technologies to Consolidate Business
Hybrid ECM Solution to Foster Growth in Coming Years
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.
Click here to get the short-term and long-term impact of COVID-19 on this Market:
Now, ECM vendors plan to focus on introducing enterprise content management software that is easy to deploy and navigate. The main priority of ECM vendors is to customize ECM solutions as per user and customer requirements. For instance, companies are planning to combine mobility and ECM solution for employees working at remote locations. This can help them to access data from anywhere and at any time while being connected to their co-workers and processes. We all know that artificial intelligence and machine learning are entering into all spaces owing to large amount of unstructured data. These two advanced approaches in enterprise content management software can help business processes to accelerate and reduce human errors. These, along with upcoming trends will drive the enterprise content management market growth.
Driving Factors:
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.
Market Segments:
Market Segmentation as Per Solution, Deployment, Enterprise Size, Industry Vertical, and Region
Cloud-based ECM Software to Exhibit Considerable Growth
As per deployment, the adoption of cloud-based enterprise content management software is expected to increase during the forecast years. This is primarily owing to the low-cost and less maintenance associated with cloud deployment. Furthermore, initiatives such as bring your own devices (BYOD) worldwide are likely to stoke demand for this cloud deployment. This, in turn, is expected to spur the enterprise content management market size. The demand for ECM software is likely to more in large enterprises as these companies generate large amounts of data, which can be only handled with this software.
Adoption of ECM to Increase in BFSI, Presently at 18.4%
Industry verticals such as government, healthcare, and BFSI are likely to exhibit the highest rate of adoption of enterprise content management system in the forecast years. Of these, BFSI accounted for a share of 18.4% in 2018. The data captured in these industries can be used for historical purposes and is highly crucial, augmenting demand for enterprise content management software. Other industries such as retail, consumer goods, telecom, and others are expected to invest in enterprise content management technology.
Increasing Adoption of ECM to Bolster Growth in Asia Pacific
Due to 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.
Besides this, the European market is likely to witness equally significant shares as Asia Pacific. On the contrary, on account of the low growth rate witnessed in nations such as France, Germany, and UK, the ECM market share may face downswing. Analysts at Fortune Business Insights™ predict this attribution to the decline in investment in Information Technology, further attributed to the Brexit Outburst in the region.
List of Key Companies in Enterprise Content Management Market:
Xerox Corporation (Connecticut, U.S.)
OpenText Corporation (Ontario, Canada)
Epicor Software Corp. (Texas, U.S.)
Adobe Inc. (California, U.S.)
Laserfiche (California, U.S.)
Datamatics Global Services Limited (Mumbai, India)
M-files Corporation (Texas, U.S.)
Kyocera Corporation (Kyoto, Japan)
Docuware Corporation (Germering, Germany)
Ascend Software (California, U.S.)
Quick Buy - Enterprise Content Management Market Research Report:
What is the enterprise content management market size?
The global enterprise content management market was valued at US$ 10.33 in 2020
How fast is the enterprise content management industry growing?
The enterprise content management industry will exhibit a CAGR of 14.3% during the forecast period, 2021-2028
What will the enterprise content management market be worth in 2028?
The global enterprise content management industry will be worth US$ 29.64 billion in 2028
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