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.
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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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.
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.
For More Information: www.grandviewresearch.com
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