New York, Aug. 09, 2023 (GLOBE NEWSWIRE) -- The global enterprise content management market is estimated to grow at a CAGR of ~12.80% over the forecast period. The market is estimated to garner a revenue of USD 114 Billion by the end of 2035, up from a revenue of USD 27 Billion in the year 2022. This growth is attributed to the increasing demand for cloud-based solutions and the increasing adoption of digital content management solutions by healthcare industry. Approximately 30% of the world's data is generated by the healthcare industry, which maintains patient records, provides treatments, and conducts clinical research.
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ECM platforms also make it easier to comply with healthcare regulations, as they provide better control over who can access patient records, as well as audit trails to track usage. Additionally, they provide a secure environment for sharing files with external organizations, such as insurance companies, and automate data entry tasks to reduce manual errors and save time.
Enterprise Content Management Market: Key Takeaways
- Market in Asia Pacific to propel the highest growth
- The cloud segment to garner the highest growth
- Market in North America to grow at a highest rate
Increasing Need To Manage Data Generated Across A Variety Of Organizations To Boost Market Growth
Companies are increasingly relying on the data they generate to inform their decisions and improve their services. This data can be used to analyze customer behaviors, trends, and preferences, allowing companies to better understand their customers and make more informed decisions. Approximately 95% of businesses state that managing unstructured data is a challenge for their organization, and 96% are investing in big data and artificial intelligence.
A total of 45% of businesses worldwide use cloud computing for at least one of their data processing workloads. As organizations become increasingly data-driven, they need to store, manage, and access large volumes of data quickly and securely. Enterprise Content Management (ECM) solutions enable organizations to store data safely and securely, while also allowing them to access and manage it quickly and efficiently. With automated data management, they can automate tedious manual processes and free up time to focus on more important tasks. Additionally, ECM solutions can provide access control and other security features to help ensure data is not accessed by unauthorized users.
Enterprise Content Management Market: Regional Overview
The global enterprise content management market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Rapid Growth in Digital Infrastructure to Drive the Growth in the Asia Pacific Region
The enterprise content management market in Asia Pacific region is estimated to garner the largest revenue by the end of 2035. The reason is attributed to the growing number of digital transformation initiatives in countries such as India and China, including the establishment of smart cities and the growth of digital infrastructure. Chinese digital economy is estimated to be worth USD 6 trillion in 2021, placing it second in the world. Spending on digital transformation in India is expected to reach USD 86 billion by 2026. Digital transformation allows organizations to automate processes, make decisions more quickly, access new markets, and improve customer service. As more organizations in region move towards digital transformation, they are seeking solutions to better manage their digital content. Enterprise Content Management solutions enable organizations to store, manage, and access content in a secure, centralized system, helping them to streamline their processes.
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Increasing Popularity Of Securing Large Amount Of Data To Drive The Growth In The North America Region
The North America enterprise content management is estimated to garner the largest revenue by the end of 2035 due to the rapid adoption of cloud technologies and the increasing need for data security in organizations. In accordance with estimates, the United States suffers from the most data breaches, as 210 million users were affected by data breaches in 2021, compared to 175 million in 2020. The U.S. has reported 817 data breaches since first quarter 2022.
With the rise in cyberattacks, organizations are becoming increasingly aware of the need to protect their data and information. The need for a secure, organized, and efficient way to store and manage data has led to the development of enterprise content management market, which offer organizations a secure way to store and share data. Furthermore, North America's advanced IT infrastructure provides businesses with the flexibility to scale up or down depending on their needs, ensuring that their data and content is secure and their processes are efficient.
Enterprise Content Management, Segmentation by Deployment
- On-premises
- Cloud
The cloud segment in enterprise content management is anticipated to hold the largest revenue by the end of 2035. Cloud-based solutions are cost-effective, easily scalable, and offer quick implementation, which are some of the key factors driving its adoption among businesses. According to estimates, 58% of company data in the world is stored in the cloud, and cloud data centers consume 3% of energy worldwide. It has also been reported that 92% of large enterprises use multiple clouds.
Additionally, cloud-based solutions often come with a subscription-based fee that can be scaled up or down according to the company's needs, thereby reducing the need for businesses to purchase and maintain expensive hardware. For instance, OpenText offers a comprehensive suite of cloud-based solutions for managing and archiving enterprise content lifecycles.
Enterprise Content Management, Segmentation by Enterprise
- Small
- Medium Enterprise
- Large Enterprise
The large enterprise segment in enterprise content management market is anticipated to hold the largest revenue by the end of 2035. This is because enterprise content management systems are designed to help large companies store, manage and share large amounts of data. These systems are crucial for companies to remain competitive in today's digital world, and as the number of companies and the size of their data increases, so does the need for enterprise content management systems.
The increased presence of these large enterprises has created higher requirements for content management solutions due to their larger scale of operations. The number of large companies worldwide was estimated to reach 350,500 as of 2021. Additionally, large companies often have multiple departments and teams that need to access and share the data, so an enterprise content management market can provide the necessary tools and resources to make that possible.
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Enterprise Content Management, Segmentation by Type
- Content Management
- Document Management
- Case Management
- Workflow Management
- Record Management
- Digital Asset Management
- Others
Enterprise Content Management, Segmentation by End User
- Telecom and IT
- BFSI
- Retail
- Education
- Manufacturing
- Media and Entertainment, Government
- Healthcare
Few of the well-known market leaders in the global enterprise content management market that are profiled by Research Nester are Microsoft Corporation, OpenText Corporation, Hyland Software Inc., IBM Corporation, Xerox Corporation, SAP, Objective Corporation, DOMA Technologies, SER Group, Oracle, and other key market players.
Recent Development in the Market
- OpenText Corporation has launched new content services platforms with OpenText Core Content and OpenText Core Case Management. In addition to managing unstructured content, automating processes, and facilitating secure access to content from anywhere, these platforms provide organizations with a comprehensive solution for unstructured content management.
- A digital asset management and content platform company, Nuxeo, has been acquired by Hyland Software, Inc. It is intended to provide Hyland with access to Nuxeo's enterprise digital content management platform, which is a powerful tool for managing digital content.
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