Pune, India, May 31, 2019 (GLOBE NEWSWIRE) -- The global enterprise content management market is expected to rise to a value of USD 76.84 billion by 2023 at a CAGR of 16.8% over the forecast period from 2018 to 2023, according to the latest research report from Market Research Future (MRFR).
Competitive Analysis:
Leading players in the global enterprise content management market include IBM Corporation, Oracle Corporation, M-Files Inc., Box Inc., Fajtisu Ltd., Laserfiche, Adobe Inc., Open Text Corp., Hyland Software Inc., and Microsoft Corporation.
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Enterprise content management refers to software used in managing the overall flow of information through an enterprise. The information can be in various forms, such as documents, emails, and image files. The overall management provided by enterprise content management services has become increasingly valuable for players in the global corporate sector, as the volume of data generated in corporate proceedings has grown rapidly over the last few years. The growing demand for digital paperwork is likely to further drive the volume of digital information generated in offices around the world in the coming years, which is likely to drive the global enterprise content management market over the forecast period. The use of digital paperwork has emerged as a key trend in the corporate sector due to its environmental as well as efficiency-related benefits. This is likely to be a major driver for the global enterprise content management market over the forecast period.
The growing development of cloud-based deployment models for enterprise content management solutions is likely to be a major driver for the global enterprise content management market over the forecast period. The use of cloud infrastructure makes enterprise content management much easier, as all the data can be controlled from a single source location, as well as making it more secure. This is likely to be a major driver for the global enterprise content management market over the forecast period, as the adoption of cloud solutions is likely to increase the scope of the enterprise content management market.
The increasing volume of unstructured data being generated in the corporate sector is likely to be a major driver for the global Enterprise Content Management (ECM) Market over the forecast period. Due to the increasing diversity of content generation methods, the format of the data being generated is also changing accordingly. This is causing problems for companies without efficient content management protocols, as the diversity of the data makes it harder to categorize and classify. The increasing use of users’ social media output to understand customers behavior is likely to be a key driver for the enterprise content management market in this regard, as the diversity of data formats from different social media has become a major issue for organizations looking to sift through the data to find valuable nuggets.
Segmentation:
The global enterprise content management market is segmented on the basis of solution, service, deployment, organization size, vertical, and region.
By solution, the global enterprise content management market is segmented into web content management, mobile content management, documentation management, records management, content workflow management, and others. Web content management accounted for close to 23% of the global enterprise content management market in 2017 and is likely to exhibit a strong CAGR of 15.8% over the forecast period, retaining its dominance in the market over the forecast period.
By service, the global enterprise content management market is segmented into integration services, support and maintenance services, and training services. The support and maintenance services segment accounted for 36.2% of the global enterprise content management market in 2017 and is expected to exhibit a solid CAGR of 16.5% over the forecast period.
By deployment, the global enterprise content management market is segmented into cloud and on-premise. On-premise deployment currently dominates the global enterprise content management market, with a valuation of USD 16.16 Bn in 2017, but the demand for cloud deployment is likely to accelerate over the forecast period due to the growing development of advanced and more effective cloud infrastructure.
By organization size, the market is segmented into large enterprises and small & midsized enterprises. Large enterprises dominate the global enterprise content management market, accounting for 57.4% of the market in 2017.
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By vertical, the global enterprise content management market is segmented into BFSI, retail, healthcare, IT and telecommunication, transportation and logistics, energy and utilities, and others. The BFSI sector holds the dominant share in the global enterprise content management market, accounting for 19.7% in 2017, and is likely to retain its dominance over the forecast period at a strong 16% CAGR due to the increasing digitization being implemented in the BFSI sector.
Regional Analysis:
North America dominates the global enterprise content management market and is expected to register a strong 16.5% CAGR over the forecast period. The presence of a number of leading market players in the U.S. is likely to be a major driver for the enterprise content management market in North America over the forecast period.
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