The Future of Enterprise Content Management (ECM)….. COVID-19 & Its Impact….



The global enterprise content management market size is expected to reach USD 93.76 billion by 2025, according to a study conducted by Grand View Research, Inc., registering a CAGR of 15.6% during the forecast period. Soaring need for securing confidential data is triggering the adoption of enterprise content management software. Components of the software include solutions and services such as document management, web content management, records management, document collaboration, and digital rights management. These solutions enable enterprises to reduce their data storage costs and enhance productivity by allowing them to collaborate with employees.
Artificial Intelligence (AI), Virtual Reality (VR), and Augmented Reality (AR) solutions are anticipated to substantially contribute while responding to the COVID-19 pandemic and address continuously evolving challenges. The existing situation owing to the outbreak of the epidemic will inspire pharmaceutical vendors and healthcare establishments to improve their R&D investments in AI, acting as a core technology for enabling various initiatives. The insurance industry is expected to confront the pressure associated with cost-efficiency. Usage of AI can help in reducing operating costs, and at the same time, can increase customer satisfaction during the renewal process, claims, and other services. VR/AR can assist in e-learning, for which the demand will surge owing to the closure of many schools and universities. Further, VR/AR can also prove to be a valuable solution in providing remote assistance as it can support in avoiding unnecessary travel. The report will account for Covid19 as a key market contributor.
In North America, availability of advanced IT infrastructure and presence of prominent IT giants such as IBM and Microsoft Corporation is poised to drive the adoption of enterprise content management software. Latin American and MEA are projected to witness considerable growth over the coming years owing to growing preference of enterprises for cloud and rising need for IT services by the government sector.
However, vendor dependence and high cost of maintenance are likely to hamper the growth of the market. To overcome this, ECM providers may offer flexibility to enterprises and low-cost maintenance services for gaining credence among organizations.
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The global enterprise content management market size was valued at USD 25.92 billion in 2016. Soaring need to secure confidential data and achieve operational efficiency is one of the key trends contributing to market growth. Additionally, increasing government regulations for data security are further elevating the demand for enterprise content management software.
Further key findings from the study suggest:
·         The services segment is expected to post the highest CAGR of over 17.0% during the forecast period due to growing emphasis on periodic maintenance and employee training to enhance operational efficiencies
·         Cloud-based ECM provides benefits such as high service level, which will drive the growth of the segment over the forecast period. The segment is anticipated to command more than 60% of the overall market revenue by 2025.
·         The SME segment is expected to expand at a CAGR of 21.1% over the forecast period owing to reduced data storage costs and security offered by enterprise content management
·         Transportation & logistics is expected to rise at a CAGR of over 16% over the same period
·         Latin America is expected to emerge the fastest-growing region over the forecast period as enterprises in this region are shifting towards cloud deployment
·         Prominent industry participants operating in the market include IBM, Hewlett Packard Enterprise (HPE) Company, M-Files Corporation, and Microsoft Corporation.
Burgeoning volumes of is boosting the use of enterprise content management software as it enables organizations to store, manage, and share data in the form of videos and audio clips, among others, through a central repository. Increasing adoption of cloud is also working in favor of the market.
Various software providers offer automated data security feature, which enables the management to set passwords for accessing crucial documents such as financial reports. For instance, M-Files Corporation offers automated data security feature under its M-Files Enterprise Information Management offering. However, vendor dependence and concerns regarding high costs involved in the maintenance may hamper the growth of the market. Moreover, internet connectivity can be a challenge especially in developing countries.
Based on components, the market has been segmented into solutions and services. Solutions such as document management, web content management, records management, document collaboration, digital rights management, and content analytics offer operational efficiency to organizations. These solutions enable organizations to manage digital content efficiently and offer enhanced customer services.
Post-purchase services such as training of employees and support & maintenance of the software enable organizations to enhance their IT performance and focus on core business practices. This reliability offered by service providers is encouraging businesses to adopt enterprise content management software. The services segment is anticipated to expand at a remarkable CAGR during the forecast period.
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https://www.grandviewresearch.com/press-release/global-enterprise-content-management-ecm-market
Grand View Research has segmented the global enterprise content management market based on component, deployment, organization type, vertical:
Enterprise Content Management Component Outlook (Revenue, USD Million, 2014 - 2025)
·         Solutions
·         Services
Enterprise Content Management Deployment Outlook (Revenue, USD Million, 2014 - 2025)
·         On-Premise
·         Cloud
Enterprise Content Management Organization Type Outlook (Revenue, USD Million, 2014 - 2025)
·         SMEs
·         Large Enterprises
Enterprise Content Management Vertical Outlook (Revenue, USD Million, 2014 - 2025)
·         BFSI
·         Communication Media & Services
·         Retail
·         Manufacturing & Natural Resources
·         Transportation & Logistics
·         Government & Utilities
·         Others (Food & Beverages, Oil & Gas, Real Estate)
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.




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