TMCnet News
Enterprise Content Management Market to Reach $67 Billion by 2022: Increasing Need for Regulatory Content ManagementDUBLIN, July 27, 2017 /PRNewswire/ -- The "Enterprise Content Management Market - Global Forecast to 2022" report has been added to Research and Markets' offering.  The Enterprise Content Management (ECM) market is expected to grow from USD 31.66 Billion in 2017 to USD 67.14 Billion by 2022, at a Compound Annual Growth Rate (CAGR) of 16.2%. Several factors such as increasing need for regulatory content management and increased traction of risk mitigation are responsible for the growth of the Enterprise Content Management market. Verticals such as consumer and goods, government, healthcare and life sciences, manufacturing, IT and telecom, and transportation and logistics have contributed largely to the ECM market. The Enterprise Content Management market is segmented by component, deployment type, organization size, business function, vertical, and region. The cloud-based ECM deployment is likely to gain traction during the forecast period and grow at highest CAGR as it reduces the total cost of ownership by cutting down the cost associated with installing hardware to support ECM solutions. Cloud-based deployment model also offers higher agility than the on-premises deployment model. Enterprises are considering cloud deployment as solution providers offer remote ECM solutions at competitive pricings. ECM solutions are estimated to dominate the Enterprise Content Management market in 2017, while ECM services are expected to witness the fastest growth during the forecast period. ECM solutions are gaining popularity as an enormous amount of data being generated by organizations and the need to safeguard a large amount of enterprise data from a centralized place. However, ECM are vital to ensure proper implementation, maintenance, nd support of ECM solutions. Leading ECM solutions enable line of business departments to manage user access independently, which means sensitive HR information stays within the HR department, while private financial information stays within the finance department, even if the information is stored in the same repository. The Small and Medium-sized Enterprises (SMEs) segment is expected to grow at the highest CAGR in the Enterprise Content Management market during the forecast period. SMEs have various personal data related to customers, which is required to be protected from being affected by the vulnerabilities. Increasing awareness and digital transformation has influenced SMEs to adopt cloud-based ECM solutions. By business function, the supply chain management segment is expected to have the largest market size during the forecast period than the other segments. The supply chain department deals with inventory optimization integrated with global customer requirements. ECM helps all upstream customers and downstream suppliers' records to be integrated into one easy interface. Furthermore, ECM provides additional security for files in terms of document sensitivity and user access levels. ECM solutions and services are being increasingly adopted by verticals, such as transportation and logistics, healthcare and life sciences, consumer goods and retail, manufacturing, and energy and utilities, to automate and protect the valuable data, thus, fueling the growth of the Enterprise Content Management market across the globe. The consumer goods and retail vertical is expected to hold the largest market size during the forecast period. However, transportation and logistics segment are also expected to represent prospective opportunities during the forecast period for ECM vendors. Difficulties in smooth handling of enterprise data in case of merger and acquisition, the existence of functional content data silos about ECM among enterprises across various industry verticals is restraining the growth of Enterprise Content Management market globally. This is one of the major identified restraints affecting the widespread adoption of ECM in the global market along with the challenge of aligning ECM strategy with the organizational strategic initiatives. Companies Mentioned
Key Topics Covered: For more information about this report visit https://www.researchandmarkets.com/research/psf8x8/enterprise Media Contact: Research and Markets
|