Global Enterprise Content Management (ECM) Market 2018-2022
About Enterprise Content Management
An ECM software may be defined as an integrated tool for collecting, managing, organizing, and storing information in an organization to maximize the accessibility and usability for all types of business content across an organization.
Technavio’s analysts forecast the global enterprise content management (ECM) market to grow at a CAGR of 15.51% during the period 2018-2022.
Covered in this report
The report covers the present scenario and the growth prospects of the global enterprise content management (ECM) market for 2018-2022. To calculate the market size, the report considers the revenues generated from ECM software (perpetual licensing, fixed, and subscription) that includes standalone and integrated solutions with the existing enterprise systems.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Enterprise Content Management (ECM) Market 2018-2022
Technavio recognizes the following companies as the key players in the global enterprise content management (ECM) market: Hyland Software, IBM, Microsoft, OpenText, and Oracle.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is high-tech developments to upsurge ECM usability and expectations. Innovations and technological advances in the world, such as cloud computing, the blockchain, advanced analytics, big data, the IoT, virtual assistants, machine learning, augmented reality, and virtual reality, are expected to pave the way for the adoption of advanced software solutions throughout enterprises for their core activities. In the modern world, organizations are expected to be a part of the new-age hyper-connected ecosystem. This will lead to data explosions. Owing to the increase in the number of technical advances and smart devices, as well as social media boom, the diversity of content is expected to increase as well.”
According to the report, one of the major drivers for this market is Data explosion across industries. One of the primary drivers for the ECM market is the rapid rate of data generation across various verticals. This is the age of big data. Organizations currently generate a huge amount of data from online communication and collaboration alone. Essentially, every industry is a digital industry in this modern world. Due to the digitalization of businesses and processes, there is an abundance of complex and diversified data set in the world. Data is the essence of the modern-day enterprises. Furthermore, due to the use of advanced and diverse machines and devices across business processes, the content generated by organizations are rich, varied, and complex. For example, the BFSI sector has been generating huge volumes of data, primarily due to process automation and customers adopting digital mediums for their core financial transactions.
Further, the report states that one of the major factors hindering the growth of this market is Threat to data security and privacy. In the current advanced and hyper-connected world, absolute security has become a myth. Data security breaches are imminent, and data security remains a concern with the technological advances in the corporate sector. The ever-increasing trend toward the componentization paradigm and the customization between modules and software brings its own set of challenges regarding data security and the integrity of software modules.
Hyland Software, IBM, Microsoft, OpenText, and Oracle.