Enterprise Content Management Market Size Surges to $78.4 billion by 2029 - Led by Laserfiche, Xerox | MarketsandMarkets™
Chicago, June 06, 2024 (GLOBE NEWSWIRE) -- The global Enterprise Content Management Market size to grow from USD 47.6 billion in 2024 to USD 78.4 billion by 2029, at a Compound Annual Growth Rate (CAGR) of 10.5% during the forecast period, according to a new report by MarketsandMarkets™. Enterprise Content Management (ECM) boosts efficiency, compliance, and innovation in the global market by streamlining digital information management. It enhances efficiency by automating document-centric processes, reducing manual tasks, and enabling quick access to information. ECM ensures compliance by providing robust security features, audit trails, and adherence to regulatory standards, which are crucial in industries with stringent data protection laws, such as finance and healthcare. By integrating advanced technologies such as AI and machine learning, ECM systems can analyze data trends and drive strategic decision-making, thus helping organizations stay competitive in the global market.
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322 - Tables
63 - Figures
354 – Pages
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DRIVERS
1 Increased need for compliance and audit management to enhance corporate governance
2 Growing need to enhance content security and optimize business processes with automated workflows
3 Better backup and disaster recovery
4 Compelling need to drive CSR with green business practices
RESTRAINTS
1 Misconceptions regarding data security and privacy risks
2 Challenges regarding stringent government rules and regulations
OPPORTUNITIES
1 Increasing adoption of big data analytics revolutionizing next-gen ECM for improved decision-making
2 Rising trend of AI - integrated ECM
3 Growing inclination toward RPA
List of Top Companies in Enterprise Content Management Market:
- Microsoft (US)
- OpenText (Canada)
- Box (US)
- Hyland (US)
- IBM (US)
- Adobe (US)
- Xerox (US)
- Atlassian (Australia)
- KYOCERA Corporation (Japan)
- Oracle (US)
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By Services, the managed services hold the highest CAGR during the forecast period.
The enterprise content management market, by services, is segmented into professional services and managed services. The managed services segment is estimated to grow at the highest CAGR during the forecasted enterprise content management market. Managed services in the enterprise content management market offer organizations ongoing support & maintenance to ensure the optimal performance and reliability of their ECM solutions. These services are typically provided by ECM vendors or third-party service providers and are designed to offload day-to-day management tasks from the organization's IT staff. Managed services encompass a range of offerings, including proactive monitoring, performance optimization, system administration, and technical support. Managed service providers ensure that ECM solutions operate efficiently, securely, and according to the organization's requirements and objectives. By leveraging managed services, organizations can free up internal resources, reduce operational overhead, and ensure their ECM investments' long-term success and value.
The large enterprises segment holds the largest market share during the forecast period based on organization size.
By organization size, the enterprise content management market is divided into large enterprises and SMEs. Over the projection period, the large enterprises segment is anticipated to hold the largest market share. ECM solutions and services are critical in efficiently managing digital content and information in large enterprises. These solutions help large enterprises organize, store, retrieve, and secure their documents, data, and other digital assets across departments and locations. ECM systems provide a centralized platform for content management, enabling large enterprises to streamline their business processes, improve collaboration among teams, and ensure compliance with regulatory requirements.
ECM solutions for large enterprises offer advanced features such as document management, records management, workflow automation, content analytics, and integration with other enterprise systems. ECM services typically include implementation, customization, migration, training, and ongoing support, ensuring that large enterprises can effectively deploy and optimize their ECM systems to meet their specific needs. With ECM solutions and services, large enterprises can enhance operational efficiency, reduce costs, mitigate risks, and improve decision-making processes. By providing a comprehensive and scalable approach to content management, ECM solutions help large enterprises stay competitive in today's fast-paced business environment while addressing the challenges of managing large volumes of digital content and information.
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Based on the deployment mode, the cloud segment holds the highest CAGR during the forecast period.
The enterprise content management market is segmented by deployment mode into on-premises and cloud. The cloud segment is expected to hold the highest CAGR during the forecast period. Cloud-based ECM solutions allow businesses to store, manage, and retrieve their information and data from remote locations over the internet, saving IT infrastructure and reducing maintenance costs. Through cloud deployment, companies can resize the ECM resources they use per their demands. They can add or remove storage and computing powers quickly as needed. Scaling is particularly useful for businesses, those experiencing wild content swings, and others. Additionally, they extend global availability through the fact that users from all over the globe use cloud-based ECM systems to access content from anywhere, at any time, using any device with an internet connection. This ease of access promotes collaboration among the team members, which improves the remote team's productivity efficiency and speeds up the decision-making process.
In addition, cloud-based ECM systems are increasingly being selected by organizations that want to keep their content management in pace with technology, ensure operational effectiveness, and remain competitive in the rapidly changing digital age.
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