The Global Enterprise Content Management Market is expected to reach US$ 32.30 Bn by 2027, registering a CAGR of 10.8% during the forecast period 2019-2027.
The applications of ECM solutions in various sectors include enterprise document imaging and capture, enterprise records management, enterprise web content management, enterprise document management, enterprise content workflow management, digital asset management, and enterprise digital rights management among many others. The successful implementation of ECM solutions in the BFSI sector attracted interest from other industries such as retail, transportation and logistics, government towards the benefits offered by these solutions. Some of those benefits include increased operational efficiency, productivity & communications, and reduced costs in various business functions.
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Continuous investments in ECM solutions by companies across major industry verticals such as BFSI, government, and retail have fueled the enterprise content management market growth, especially among developing economies such as China and India. Rest of the developing regions like South America and Middle East & Africa are also expected to grow significantly throughout the forecast period. BFSI, retail, and government sectors are the major industry verticals poised to drive the enterprise content management market during the forecast period.
With the presence of some of the major players such as Open Text Corporation, IBM Corporation, Hyland Software, Inc., Alfresco Software, Inc., Microsoft Corporation, and a large number of small players, adoption of enterprise content management has been growing at an impressive pace in the North American region. However, developing regions such as Asia Pacific, Middle East, Africa, and South America are expected to contribute a substantial percentage in the growth of global enterprise content management market during the forecast period from 2019 to 2027 owing to the supportive government initiatives for digital transformation and presence of a large number of small and medium-sized enterprises.
The major players operating in the global enterprise content management market include Alfresco Software, Inc., DELL EMC, IBM Corporation, Oracle Corporation, Microsoft Corporation, Newgen Software Technologies Ltd., OpenText Corporation, Xerox Corporation, Hyland Software, Inc. and M-Files Corporation., among others.
The report segments the global Enterprise Content Management market as follows:
Global Enterprise Content Management Market Segmentation
By Deployment Type
By Organization Type
• Small & Medium Enterprises
• Large Enterprises
By Industry Vertical
• IT and Telecom
• Transportation and Logistics