The enterprise content management market is expected to reach US$ 94.12 billion by 2026, growing with a CAGR of 15.8% during the forecast period.
ECM (Enterprise Content Management) Market Insights:
The ECM market is witnessing growth due to the increasing need for protecting data across various enterprises. The enterprise content management solutions are further gaining momentum across the globe due to the increasing need for effectively managing the large volume of data that is being generated in organizations daily.
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In February 2017, OpenText, a developer of enterprise information management, acquired the enterprise content division of Dell EMC. This acquisition is expected to enhance the product portfolio for content management and will also help in adding the enormous customer base.
In May 2016, Hyland Software, a developer of the ECM (Enterprise Content Management) has launched its new platform, “OnBase16”, to help organizations in enhancing and capturing the capabilities of ECM, BPM, and case management throughout the information lifecycle.
In February 2016, Alfresco, an open source Enterprise Content Management (ECM) system, has partnered with Kainos Evolve, a leading UK-based provider of IT, consulting, and software solutions. This partnership will help in providing data and content-management solutions to healthcare platforms.
In June 2018, Microsoft Corporation has collaborated with Ernst & Young, a multinational professional service provider. This collaboration took place to launch a blockchain solution for content rights and royalty management.
In April 2018, Hyland Software has acquired the OneContent business from Allscripts, a healthcare information technology solution provider. This acquisition will further strengthen Hyland Software’s product portfolio.
In September 2018, M-Files, an intelligent information management platform, has partnered with Apex Oil Company, a provider of petroleum products across the US. This partnership will help in integrating the latter’s enterprise service management solution.
ECM Market Dynamics:
Enterprise content management (ECM) solutions are gaining momentum across the globe owing to the increasing need for effectively managing the large amount of content that is being generated by various organizations regularly. In addition to this, growing digitalization, the Bring Your Own Device (BYOD) trend, rising e-commerce, and the increasing use of social media have further increased the generation of unstructured data in inter-organizations and intra-organizations.
The enterprise content management market is witnessing growth, as it provides various benefits to clients including accurate searching of required information, paper-free workflow, and better information sharing. It also helps in addressing the required industry regulations and standards. This helps clients to manage important information and save cost and time and cost incurred while searching the required data for making key business decisions.
Increasing IT expenditures in developing nations and growing technological advancements are further driving the ECM market. However, the lack of trained professionals is expected to hamper the enterprise content management system market growth. The growing penetration of cloud-based ECM system and the growing need for digital content with the proliferation of online marketing & online customer relationship will further foster the market growth over the coming years.
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The key players dominating the global enterprise content management market include Oracle Corporation, IBM Corporation, Hyland Software Inc., Microsoft Corporation, M-Files Inc., Box Inc., Laserfiche, Adobe Inc., Open Text Corp., and Fajtisu Ltd., among others. The global ECM market is highly competitive in nature due to the presence of established players. The competition is getting intense due to increasing partnerships and collaborations undertaken to expand their business and consolidate their market position.
These companies are leveraging strategic collaborative initiatives to increase their market share and profitability. Companies operating in the ECM market are acquiring start-ups to strengthen their product capabilities. In June 2018, Capgemini has acquired Adaptive Lab, a digital design studio that helps businesses adjust to new technology and the accompanying shift in customer behavior. This acquisition is further expected to meet the growing customer demand for the company’s end-to-end digital services.
Key Questions Answered
What are the key drivers, restraints, opportunities, and challenges in the market and how are they expected to impact the market?
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Who are the key market players at different stages of the value chain?
What are the recent trends in the market? (M&A, partnerships, new product developments, expansions)
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