Analysts at Fortune Business Insights™ predict this attribution to the decline in investment in Information Technology, further attributed to the Brexit Outburst in the region.Īround 60% of the Share Covered by Key Players Such as IBM, Xerox, and Others On the contrary, on account of the low growth rate witnessed in nations such as France, Germany, and UK, the ECM market share may face downswing. Besides this, the European market is likely to witness equally significant shares as Asia Pacific. However, North America is holding the dominant ECM market share on account of a major contribution from the BFSI sector and supported government initiatives to adopt enterprise content management in both small and medium enterprises. This enterprise content management market trend is especially prevalent in China, India, and Japan. High contributions from industries such as government and BFSI are responsible for the strong growth in the North America regional market.Īsia Pacific is considered the fastest-growing region on account of the rise in the adoption rate of ECM. In 2018, the market in North America was worth USD 5.90 Billion and is likely to cover the maximum share in the global market.
The market in Asia Pacific is expected to be the fastest-growing following the rising adoption of ECM software from China, Japan, and India. Other industries such as retail, consumer goods, telecom, and others are expected to invest in enterprise content management technology.Įxhibiting USD 5.90 Bn, North America Regional Market to Hold the Largest Share Owing to BFSI’s and Government’s High Contribution The data captured in these industries can be used for historical purposes and is highly crucial, augmenting demand for enterprise content management software. Of these, BFSI accounted for a share of 18.4% in 2018. Industry verticals such as government, healthcare, and BFSI are likely to exhibit the highest rate of adoption of enterprise content management system in the forecast years. Adoption of ECM to Increase in BFSI, Presently at 18.4%.The demand for ECM software is likely to more in large enterprises as these companies generate large amounts of data, which can be only handled with this software. This, in turn, is expected to spur the enterprise content management market size. Furthermore, initiatives such as bring your own devices (BYOD) worldwide are likely to stoke demand for this cloud deployment. This is primarily owing to the low-cost and less maintenance associated with cloud deployment. Cloud-based ECM Software to Exhibit Considerable GrowthĪs per deployment, the adoption of cloud-based enterprise content management software is expected to increase during the forecast years.Market Segmentation as Per Solution, Deployment, Enterprise Size, Industry Vertical, and Region
To get to know more about the short-term and long-term impact of COVID-19 on this market, These, along with upcoming trends will drive the enterprise content management market growth. These two advanced approaches in enterprise content management software can help business processes to accelerate and reduce human errors. We all know that artificial intelligence and machine learning are entering into all spaces owing to large amount of unstructured data. This can help them to access data from anywhere and at any time while being connected to their co-workers and processes. For instance, companies are planning to combine mobility and ECM solutions for employees working at remote locations. The main priority of ECM vendors is to customize ECM solutions as per user and customer requirements. Now, ECM vendors plan to focus on introducing enterprise content management software that is easy to deploy and navigate. The advantages above are further anticipated to bode well for the global enterprise content management (ECM) market size. ECM offers various advantages such as improved sharing of information, less time for processing, more efficient work, more knowledge about the company, and others. In the current market, ECM Softwares such as OnBase, Laserfiche, Dashpivot, and Box are popular. Over the past decade, companies have been adopting ECM solutions to improve their operational efficiency. As per a report by Fortune Business Insights, the global enterprise content management market was worth USD 15.33 Billion in 2019 and is anticipated to reach USD 43.16 Billion by 2026. Technology is changing at a faster rate and ECM software is at the forefront of shaping content management effectively. 23, 2021 (GLOBE NEWSWIRE) - The enterprise content management solution can help organizations efficiently manage unstructured data related to different projects.