The Enterprise Content Management (ECM) Market was valued at USD 41.65 billion in 2019?and is expected to reach USD 93.16?billion by 2025, at a CAGR of 14.36% over the forecast period 2020?- 2025. Automated workflows for creating the documents, editing and publishing documents improve business processes and collaboration among staff members. Such benefits of providing the capability of a better use of existing content have been the primary reason driving the market demand.
The effectiveness of an enterprise content management solution and its platform comes from the fact that it is meant for managing all the phases of content that initiate at the stage of content creation, storage, multiple versions, delivery, archival, and disposal as per regulated laws where the firm operates and corporate policies of the organization.
Whether the content for the management is from the commercial supply chains, contract management, HR processes, the government administration, the driving force behind implementing an ECM solution in an enterprise is to do business efficiently and better. By eliminating the dependency on paper documents and organizing unstructured information according to business need, organizations are empowered to work more efficiently.
Integration of functional units of businesses during a merger and acquisition (M&A) is a humungous task for two companies if their business approach is different, even when they are operating in same vertical. It becomes even more difficult if the firms operate in different countries with different languages being spoken.
The cloud-based services exhibits the potential to provide cost-effective, flexible, easy to manage, and authoritative resources facilities, over the internet. The cloud-based ECM services upsurge the capabilities of the hardware resources by optimal and shared utilization. These features encourage the organizations and individual users to shift their services and applications to the cloud.
However, these services offered by third-party cloud service providers entail additional security threats that increase the cost of the services. The migration of the user’s data, applications, etc. outside the administrative control in a shared environment that escalates the security concerns. Security issues also arise due to the very nature of cloud-based services concept.
Scope of the Report
Enterprise content management (ECM) solutions align an organization strategy to improve their efficiency and cost-effectiveness. It is achieved by taking full advantage of the customer information and company knowledge embedded in its content. ECM solutions capture, store, activate, analyze, and automate business content, providing new value from data that was previously unstructured and unavailable.ECM system aid businesses to organize, manage and integrate their data sets like documents, information, emails, files, records, application data, product catalogs, and web pages, etc. Enterprises can use the integrated system to manage the data seamlessly and manage the lifecycle of content using the system.
Key Market Trends
Document Management is expected to register a Significant Growth
Paper documents have proven to be problematic, as they take up space and consume time when handled. They also have an added disadvantage of being difficult to store and risk increased perishability.
Therefore, there has been an increase in the amount of electronic data and documents managed. There have also been immense improvements in the available technology, which resulted in more secure and efficient systems to store and retrieve documents. All these factors together have contributed toward making document management technology one of the fastest developing management systems in the market.
Document management enables organizations to better manage the creation, approval, revision, and consumption of electronic documents. It also provides key features, such as library services, document profiling, searching, check-in, check-out, revision history, version control, and document security. Moreover, cloud computing has brought its plethora of advantages even to the field of document management systems. It provides an easily-accessible resource and repository for documents and related software, and is also helpful in being cost-effective.
However, there are both benefits and drawbacks to using cloud computing as the base for document management systems. Though it provides ease of access and reduced maintenance efforts, it also brings in potential security risks and does not provide total control.
North America is Expected to Hold Major Share in United States
North America is a pioneer in the adoption of innovative solutions, which provides North America with an edge over the other regions. Additionally, several recognized IT and telecom firms are headquartered in the North America, which adds to the growth of the market.Moreover, the region has a strong foothold of ECM providers, which is driving the market in the region. Some of them include, IBM Corporation, Hyland, Oracle Corporation, and Open Text Corp, and Microsoft Corporation, among others.
The major players, such as Hyland, IBM Corp, OpenText are offering content service platform to the top fortune 100 companies, which are flexible to integrate across their business models.The players in the region are adopting merger and acquisitions as the key strategy to stay ahead in the market. For instance, in January 2017, OpenText acquired Documentum, Dell EMC’s Enterprise Content Division, for USD 1.62 billion. This acquisition is expected to strengthen the company’s ECM solutions portfolio.
The ECM market is expected to witness significant growth over the forecast period, owing to the increase in the need for digital content with the proliferation of online marketing and online customer relationship.For instance, in the United States, mobile marketing is expected to be an engine for the online marketing industry, accounting for more than 70% of all digital ad spend in 2018.
The Enterprise Content Management Market is highly competitive and consists of several major players. In terms of market share, few of the major players currently dominate the market. These major players with prominent share in the market are focusing on expanding their customer base across foreign countries. These companies are leveraging on strategic collaborative initiatives to increase their market share and increase their profitability. The companies operating in the market are also acquiring start-ups working on Enterprise Content Management Market to strengthen their product capabilities. In June 2018, Capgemini acquired the Adaptive Lab, a digital design studio that helps businesses adjust to new technology and the accompanying shifts in customer behavior. This acquisition would help to further meet growing customer demand for the company’s end-to-end digital services.
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