DUBLIN–(BUSINESS WIRE)–The “Global Enterprise Content Management Market – Forecast to 2026” report has been added to ResearchAndMarkets.com’s offering.
The publisher estimates the global enterprise content management market size is expected to grow at a Compound Annual Growth Rate (CAGR) of 9.8% during the forecast period, to reach USD 37.7 billion by 2026 from USD 23.6 billion in 2021.
Key factors that are expected to drive the growth of the market are the rising demand to meet regulatory compliance standards and audit management with improved visibility and control to strengthen corporate information governance, enhance security and optimize business processes with automated workflows and streamline business processes by eliminating repetitive manual tasks. These factors are driving the demand for enterprise content management.
The COVID-19 Impact on the global enterprise content management tools market
The pandemic has had a positive impact on the enterprise content management market. The COVID-19 pandemic and the proliferation of remote work environments have created new complex barriers for businesses to overcome. The unprecedented outbreak of the novel virus sent many businesses scrambling to quickly find a document management solution that simplifies and streamlines their business operations.
ECM solutions provide access to business-critical information regardless of location – whether that be in the office or working remotely. Organizations across different verticals are leveraging ECM solutions to increase workflow efficiency, storage, security, compliance, and simplify the flow of business information in areas such as accounts payable, accounts receivable, human resources, and contract collaboration.
The services segment is expected to grow at a higher CAGR during the forecast period
Based on services, the ECM market is segmented into two categories: professional and managed services. These services assist in building, assessing, and leveraging ECM environments to avoid time wastage and effort on a failed implementation.
Enterprises need active support from skilled professionals to minimize their downtime during the pre-and post-installation of ECM solutions. These services provide the necessary support to uphold the efficiency of business processes, increase enterprise growth, and reduce unwanted operational expenses.
IT and ITeS industry vertical to hold the highest market share in 2021
IT and ITeS is one of the fastest-growing verticals with respect to the adoption of advanced technologies and services due to the enormous volume of content and documents. IT service providers handle the critical data from various industries, such as BFSI, healthcare, education, and government & defense.
The companies have to follow security standards and regulations such as HIPPA standards in healthcare, PCI DSS standards for credit card-related information, GLBA, SOX/J-SOX, NCUA, data privacy, and data residency laws. Companies require high-security infrastructure to manage these standards. Hence, they are adopting enterprise content management for managing IT service delivery to enhance the customer experience.
APAC to grow at the highest CAGR during the forecast period
Asia Pacific has witnessed the advanced and dynamic adoption of new technologies and is projected to record the highest CAGR during the forecast period. In addition, IT spending across organizations in the region is gradually increasing, which is projected to lead to a surge in the adoption of ECM software solutions.
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 in the region.
While the expenditure on technology solutions in APAC has increased, a setback is witnessed due to the recent COVID-19 pandemic. The COVID-19 pandemic makes it more urgent for business leaders across APAC to increase their rate of cloud adoption and digital transformation.
Also, the current pandemic has forced the government and public sector across APAC to shift toward digital innovation and meet regulatory compliance standards, which is driving huge market opportunities for ECM vendors.
- Rising Demand for Content Management Across Verticals and Increasing Digitization To Drive the Market Growth
- North America To Hold the Largest Market Share In 2021
- Bfsi Segment To Account for the Largest Share In the North American Market In 2021
- Solutions Segment and Rest of Asia Pacific To Account for Large Shares In the Asia Pacific Market In 2021
- Large Enterprises Segment To Account for A Larger Market Share In 2021
- Rising demand to meet regulatory compliance standards and audit management with improved visibility and control to strengthen corporate information governance
- Growing need to enhance content security and optimize business processes with automated workflows
- Better backup and disaster recovery
- Compelling need to drive corporate social responsibility with green business practices
- Misapprehensions related to data security and privacy risks
- Impact of stringent government rules and regulations
- Increase in the adoption of Big Data Analytics to introduce next generation of ECM to make better business decisions
- Rising trend of Ai-integrated ECM
- Growing inclination toward the adoption of Robotic Process Automation (RPA)
- Lack of skilled workforce and poor management in creating user adoption processes
- Difficulties with integration and implementation of ECM with current applications
Case Study Analysis
- Legal Aid Western Australia
- Powersouth Energy Cooperative
- Artificial Intelligence and Automation
- IoT Technology
- Augmented Reality
- Blockchain Technology
- Enterprise Content Management Market: Patent
- Top 10 Patent Owners (US)
- Top 10 Companies With the Highest Number of Patent Applications
Regulatory Implications and Industry Standards
- General Data Protection Regulation
- ISO 9001 Standard
- Content Management Interoperability Services
- Department of Defense Standard
- ISO 15489: 2001 Standard
- Health Insurance Portability and Accountability Act of 1996
- Newgen Software
- Micro Focus
- Ascend Software
- Kyocera Corp.
- SER Group
- GRM Information Management
- Doma Technologies
- Paper Alternative Solutions
- DMACQ Software
- Square 9 Softworks
For more information about this report visit https://www.researchandmarkets.com/r/n6pyha