PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1423738
PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1423738
According to Stratistics MRC, the Global Enterprise Content Management (ECM) Market is accounted for $24.6 billion in 2023 and is expected to reach $54.4 billion by 2030 growing at a CAGR of 12% during the forecast period. Enterprise Content Management (ECM) refers to the systematic management of an organization's digital content throughout its lifecycle, from creation to archival or disposal. ECM systems help organizations adhere to regulatory requirements by enforcing document retention policies and providing audit trails.
According to Association for Intelligent Information Management (AIIM), around 52% of organizations have three or more than three ECM/DM/RM systems and around 22% of organizations have five or more than five systems.
Rising trend of AI-integrated ECM
Enterprise content management is enhanced by artificial intelligence (AI), which has the capacity to "read" data from a document. An AI-powered ECM system can categorize, classify, analyze content, and deliver information in various different forms. Additionally, AI-based technologies such as machine learning, image recognition, voice recognition and transcription, natural language processing (NLP), and natural language understanding (NLU) are driving the trends for AI-integrated ECM. Therefore, the rising trend of AI-integrated ECM is a significant factor propelling market demand.
Misconceptions related to data security
Security and compliance are the primary concerns of organizations across the globe, and these organizations are reluctant to adopt new solutions that involve data handling or shifting data from one platform to another. Enterprise content management involves data collection and transmission from one channel to another. Moreover, due to an inadequate understanding of security frameworks and their applications, a lot of businesses believe that enterprise content management solutions could cause data breaches in their highly abstracted data sets, which hinders them from growing their market position.
Demand for workflow automation
Workflow automation within ECM systems streamlines the movement of content through predefined processes, reducing manual intervention, minimizing errors, and accelerating task completion. ECM's integration of workflow automation not only enhances the speed of content processing but also fosters collaboration by ensuring seamless coordination among various stakeholders. Therefore, demand for workflow automation is a significant driver accelerating market expansion.
Lack of skilled workers
The complexity of ECM systems, encompassing document management, workflow automation, and information governance, necessitates a specialized skill set. This dearth of skilled workers leads to obstacles in the implementation, customization, and maintenance of ECM solutions, hindering the seamless integration of these systems into diverse business environments. Consequently, organizations may face delays, increased costs, and suboptimal utilization of ECM functionalities. These factors hamper market growth.
Covid-19 Impact
The Enterprise Content Management (ECM) sector was severely impacted by the COVID-19 pandemic. Organizations faced a growing need for ECM solutions to effectively manage and distribute digital content as remote work evolved into the new standard. Cloud-based ECM systems have become more popular as a result of the pandemic, which has highlighted the value of accessibility and teamwork. In addition, security concerns and compliance requirements surged, highlighting the need for ECM platforms to ensure data privacy and regulatory compliance in a remote work environment.
The services segment is expected to be the largest during the forecast period
The services segment is estimated to hold the largest share, due to the need for professional and managed services to ensure the smooth functioning of ECM solutions. In order to prevent spending money and time on an unsuccessful implementation, these services help with the development, evaluation, and utilization of ECM environments. Furthermore, these services offer the assistance required to maintain the effectiveness of business procedures, spur enterprise expansion, and cut down on unnecessary operating costs.
The healthcare segment is expected to have the highest CAGR during the forecast period
The healthcare segment is anticipated to have lucrative growth during the forecast period. Healthcare organizations deal with vast amounts of sensitive patient data, intricate workflows, and stringent regulatory requirements. ECM solutions become indispensable tools for these entities, providing a comprehensive framework for secure storage, retrieval, and management of healthcare documents and records. Within the healthcare landscape, ECM systems facilitate seamless integration with electronic health records (EHRs), enabling healthcare professionals to access critical patient information promptly.
Asia Pacific commanded the largest market share during the extrapolated period owing to the advanced and dynamic adoption of new technologies. The adoption of ECM software solutions is projected to increase as a result of the region's organizations gradually increasing their IT spending. China, Japan, and Australia and New Zealand (ANZ) are the leading countries in terms of the adoption of enterprise content management software solutions and services, which fuels market demand in this region.
North America is expected to witness profitable growth over the projection period, owing to the region's technological prowess and the imperative for efficient information management. The prevalence of stringent regulatory frameworks, coupled with the escalating need for organizations to streamline workflows and enhance data security, has fuelled the adoption of ECM solutions. The region is characterized by a diverse industry landscape, including finance, healthcare, and legal sectors, each driving the demand for ECM applications.
Key players in the market
Some of the key players in the Enterprise Content Management (ECM) Market include Microsoft Corporation, Oracle Corporation, Newgen Software, International Business Machines (IBM) Corporation, M-Files Corporation, Hewlett Packard Enterprise (HPE) Company, Open Text Corporation, Hyland Software Inc., Alfresco Software Inc., Adobe Systems Incorporated and Xerox Corporation.
In September 2023, Microsoft Corp. and Mercy are forging a long-term collaboration using generative AI and other digital technologies to give physicians, advance practice providers and nurses more time to care for patients and improve the patient experience.
In March 2023, Newgen Software, a key provider of low code-driven online transformation tools, announced the launch of Newgen OmniDocs Connector, an enterprise content management (ECM) solution, on its cloud market space. The initiative will enlarge the scope of demand for ECM solutions in the software industry.
In October 2022, Microsoft Corp. and Mercedes-Benz collaborate to make vehicle production more efficient, resilient and sustainable. With the new MO360 Data Platform, Mercedes-Benz is connecting its around 30 passenger car plants worldwide to the Microsoft Cloud, enhancing transparency and predictability across its digital production and supply chain.
In June 2022, Oracle announced partnership with Kyndryl, the world's largest IT infrastructure services provider, to help customers accelerate their journey to the cloud by delivering managed cloud solutions to enterprises around the world.