Enterprise Content Management (ECM) Market Overview
Enterprise content management (ECM) Market Size was valued at USD 30.7 billion in 2021. The enterprise content management (ECM) market industry is projected to grow from USD 34.5 billion in 2022 to USD 77.4 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 12.25% during the forecast period (2022-2030). The key market drivers influencing the demand for enterprise content management are rising standards for compliance and audit management, increased control and visibility over corporate information, and integrating and optimizing business processes.
Fig 1: Enterprise content management (ECM) Market Size, 2022-2030 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Enterprise content management (ECM) Market Trends
AI and machine learning integration to drive the market growth
Cloud computing and other technological breakthroughs like the Internet of Things (IoT) will produce vast volumes of data that need to be handled properly. According to Statista, there will be 64.2 zettabytes of data created in 2020, and by 2025, that number is expected to increase to over 180 zettabytes. Enterprises make use of analytics and solutions based on artificial intelligence to manage such a massive amount of unstructured data. It automates ECM, lowers risk, increases the value of the material, and strengthens data governance. As a result, it is anticipated that the demand for these solutions would increase soon. Robotic process automation is used by AI integrated business content management solutions to extract and tag documents, identify documents based on content, and extract critical metadata by examining document content, among other things.
AI-based solutions aid in sophisticated data indexing and collection. Major players like Datamatics Services Limited, OpenText, and IBM Corporation provide integrated solutions for artificial intelligence, machine learning, and analytics to give customers cutting-edge solutions. For instance, Datamatics Services Limited introduced a new version of TruCap+ with pre-built AI/ML features in March 2021. The technology makes it possible to process documents without the need of a template and aids businesses in accurately completing end-to-end document procedures. Thus, this factor is driving the market CAGR.
Furthermore, due to the increasing usage of cloud services by businesses to effectively conduct their company operations from remote places, the information technology sector is anticipated to drive the market's growth. The major market participants concentrate on cloud-based solutions that boost capabilities and present and future opportunities. At OpenText World EMEA in June 2022, OpenTextTM presented Project Titanium, the next development in the company's cloud strategy and the future of information management in the cloud.
Project Titanium establishes the company's strategic position as a world leader in information management through cloud-based information management, giving customers the ease, adaptability, and trust they require to survive in changing times. SMEs are urged to quickly implement ECM solutions and services due to a variety of benefits, including scalability, reliability, and increased efficiency. Additionally, the enterprise content management systems support workers' enhanced productivity and support timely delivery of better customer service, goods, and services.
However, to be more productive, today's millennials bring their own devices and software to work, including smartphones, laptops, and tablets. Enterprise content management and security present issues for organisations. Although on-premise solutions are more secure and simpler to maintain regulatory compliance than cloud-based ones, on-premise solutions are more cheap and easily accessible.
As a result, businesses are implementing hybrid systems to take advantage of cloud and on-premise advantages. Major industry companies are providing hybrid solutions to handle the difficulties users and IT are facing. Ad hoc collaboration, externalizing/sharing enterprise content, and enterprise business process collaboration are all made easier by hybrid systems. In order to manage content collaboration and provide a platform for content-enabled applications for both on-premises and cloud, hybrid cloud adoption is thus anticipated to increase in the near future. Thus, it is anticipated that this aspect will accelerate enterprise content management (ECM) market revenue
Latest Industry Updates For Enterprise content management (ECM) Market
March 2023- The enterprise content management program OmniDocs Connector has recently been made available in the cloud marketplace by Newgen.
Salesforce Sales Cloud and the Newgen OmniDocs Contextual material Services Platform are completely integrated, enabling users in managing, controlling, sharing, and using corporate material. By overcoming content silos, getting unified access to material, and enabling users to be contextually aware, companies may increase efficiency while guaranteeing regulatory compliance.
Business Users often invest a lot of time and energy finding and organizing useful information. Through the connection, customers will be able to take use of Newgen OmniDocs platform's powerful features for managing the document lifecycle from creation to disposal, promote user collaboration, and guarantee security and compliance. According to Rajvinder Singh Kohli, the SVP of Newgen Software, this would allow businesses to concentrate on boosting staff productivity and cutting expenses while also driving client acquisition.
A nice addition to the AppExchange is the Newgen OmniDocs Connector, which enables users for managing, controlling, sharing, and using organizational material to increase productivity. According to David Lee, vice president of product management at AppExchange, AppExchange is constantly changing for connecting customers with the appropriate apps and professionals for their business needs.
The world's top enterprise cloud marketplace, Salesforce AppExchange, gives businesses, developers, and entrepreneurs the tools they need to create, promote, and expand in whole new ways. AppExchange links clients of all sizes and across sectors to ready-to-install or configurable apps & Salesforce-certified consultants for addressing any business difficulty. It boasts more than 7,000 listings, 11 million user installs, and 117,000 peer evaluations.
A complete digital transformation platform having native process automation, communication management, content services, and AI/ML capabilities is offered by Newgen, a market leader. Successful businesses all over the world use Newgen's well-known minimal code application platform for creating and rolling out sophisticated, content-driven, and user-friendly business apps in the cloud. Newgen enables simplicity with speed and agility for many more use cases across sectors, from onboarding up to service requests, financing to underwriting.
Enterprise Content Management (ECM) Market Segment Insights
Enterprise Content Management (ECM) Solution Insights
The enterprise content management (ECM) market segmentation has been segmented by solution into Web Content Management, Mobile Content Management, Documentation Management, Records Management and Content Workflow Management. The web content management segment dominated the market growth in 2021 and is projected to be the faster-growing segment during the forecast period, 2022-2030. Enterprise content management tools assist in digitizing paper content such as resumes, invoices, and research papers. The time needed to search, manage, share, and update content is decreased by the content management systems, which also increases corporate efficiency.
Enterprise Content Management (ECM) Service Insights
The enterprise content management (ECM) market segmentation, based on service, Integration, Support & Maintenance and Training. The training segment dominated the enterprise content management (ECM) market revenue in 2021 and is projected to be the faster-growing segment during the forecast period, 2022-2030. These training services offer the assistance required to maintain the effectiveness of corporate procedures, spur company expansion, and save unneeded operational costs.
Enterprise Content Management (ECM) Deployment Insights
The enterprise content management (ECM) market data, based on deployment, on-premises and cloud. The cloud segment dominated the enterprise content management (ECM) market revenue in 2021 and is projected to be the faster-growing segment during the forecast period, 2022-2030. The adoption of cloud deployment is being boosted by its low cost and simplicity of access to documents from distant locations. The demand for cloud deployment rises because to mobility, BYOD (bring your own device) rules, and remote work, which expands the ECM market.
Figure 2: Enterprise Content Management (ECM) Market by Deployment, 2021 & 2030 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Revie
Enterprise Content Management (ECM) Organization Size Insights
Based on organization size, the enterprise content management (ECM) industry, is segmented into SMEs and Large Enterprises. The large enterprise segment dominated the market in 2021 and is projected to be the faster-growing segment during the forecast period, 2022-2030 due to increased demand. The demand for web content and digital asset management tools is increased by large businesses investing in digital marketing services. Large organisations generate enormous amounts of data, which increases the demand for ECM solutions.
Enterprise Content Management (ECM) Vertical Insights
The enterprise content management (ECM) industry, based on vertical, BFSI, healthcare, retail, IT & telecommunication, energy & utilities and transportation & logistics. The healthcare segment dominated the enterprise content management (ECM) market in 2021 and is projected to be the faster-growing segment during the forecast period, 2022-2030. Mobile health, telemedicine, tele-health, and medical robotics are a few of the technologies used in healthcare that are integrated, and they generate a lot of sensitive data. The market for ECM solutions across the industry is opened up by this extremely important data.
Enterprise Content Management (ECM) Regional Insights
By region, the study provides the market insights into North America, Europe, Asia-Pacific, and the Rest of the World. North America enterprise content management (ECM) market accounted for USD 13.2 billion in 2021 and is expected to exhibit a 43.10% CAGR during the study period. This is due to the end-use industries in this area, which emphasize the usage of cutting-edge, sector-specific content management services and solutions to maintain a competitive environment.
Further, the major countries studied in the market report are: The U.S., Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 3: ENTERPRISE CONTENT MANAGEMENT (ECM) MARKET SHARE BY REGION 2021 (%)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Asia Pacific enterprise content management (ECM) market accounts for the fastest growing market share. ECM adoption trends are on the rise, thanks to nations like Japan, China, and India. During the forecast period, APAC is anticipated to develop at the highest CAGR. The market in this region is expanding as a result of small and medium-sized businesses' increasing use of enterprise content management. Moreover, China enterprise content management (ECM) market held the largest market share, and the India enterprise content management (ECM) market was the fastest-growing market in this region.
Europe enterprise content management (ECM) market is expected to grow at a substantial CAGR from 2022 to 2030. The region's demand for ECM solutions is increased by the growth of online models like digital platforms and ecosystems during the pandemic as a result of socioeconomic variables and the flexibility of regulatory structures. Further, the UK enterprise content management (ECM) market held the largest market share, and the Germany enterprise content management (ECM) market was the fastest-growing market in the region.
Enterprise Content Management (ECM) Key Market Players & Competitive Insights
Major market players are spending a lot on R&D to increase their product lines, which will help the enterprise content management (ECM) industry grow even more. Market participants are also taking various strategic initiatives to grow their worldwide footprint, including new product launches, contractual agreements, mergers and acquisitions, increased investments, market developments and collaboration with other organizations. Competitors in the industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market industry.
One of the primary business strategies manufacturers adopt in the enterprise content management (ECM) industry to benefit clients and expand the sector is manufacturing locally to reduce operating costs. In recent years, enterprise content management (ECM) industry has provided medicine with some of the most significant benefits. The enterprise content management (ECM) market major player such as Xerox Corporation (U.S.), OpenText Corporation (Canada), Epicor Software Corp. (U.S.), Adobe Inc. (U.S.), Laserfiche (U.S.), Datamatics Services Limited (India), M-files Corporation (U.S.), Kyocera Corporation (Japan), Docuware Corporation (Germany) and Ascend Software (U.S).
Datamatics is a company based in India that offers consultancy, IT, data management, and business process management services. Its services make use of robotics, AI, and machine learning methods. The corporation has offices in America, Australia, Asia, and Europe and its headquarters are in Mumbai. In December 2019, B.C. CIGNEX Holding Corporation, a provider of open-source and SAP connect solutions, was purchased by Datamatics Services Limited. The goal of this acquisition is to increase Datamatics' footprint in San Francisco, Singapore, and India.
Also, enterprise information management (EIM) software is created and sold by the Canadian business OpenText Corporation. For major businesses, governmental organisations, and firms that provide professional services, OpenText software solutions manage content or unstructured data. In September 2019, a partnership between Google cloud and OpenText Corporation was completed. Through this partnership, Google will be able to manage and instal OpenText enterprise information management applications, such as content servers and complete enterprise content management, using its multi-cloud and hybrid cloud.
Key companies in the enterprise content management (ECM) market includes
-
Xerox Corporation (U.S.)
-
Datamatics Services Limited (India)
-
OpenText Corporation (Canada)
-
Epicor Software Corp. (U.S.)
-
Adobe Inc. (U.S.)
-
Laserfiche (U.S.)
-
M-files Corporation (U.S.)
-
Kyocera Corporation (Japan)
-
Docuware Corporation (Germany)
-
Ascend Software (U.S)
Enterprise Content Management (ECM) Industry Developments
February 2022:By making its OpenText Core Content service available on Google Cloud, OpenText established a partnership with the company. Through the cooperation, customers will gain access to additional capability by making optimal use of Google Cloud features in safe software supply chains.
April 2021:Digital asset management and content services platform vendor Nuxeo was purchased by Hyland, a content service provider. Hyland has enhanced its position and expanded its open-source content offerings with the help of the cloud-based, open-source Nuxeo platform.
Enterprise Content Management (ECM) Market Segmentation
Enterprise Content Management (ECM) Solution Outlook (USD Billion, 2018-2030)
Enterprise Content Management (ECM) Service Outlook (USD Billion, 2018-2030)
-
Integration
-
Support & Maintenance
-
Training
Enterprise Content Management (ECM) Deployment Outlook (USD Billion, 2018-2030)
Enterprise Content Management (ECM) Organization Size Outlook (USD Billion, 2018-2030)
Enterprise Content Management (ECM) Vertical Outlook (USD Billion, 2018-2030)
Enterprise Content Management (ECM) Regional Outlook (USD Billion, 2018-2030)
-
North America
-
Europe
-
Germany
-
France
-
UK
-
Italy
-
Spain
-
Rest of Europe
-
Asia-Pacific
-
China
-
Japan
-
India
-
Australia
-
South Korea
-
Australia
-
Rest of Asia-Pacific
-
Rest of the World
-
Middle East
-
Africa
-
Latin America
| Report Attribute/Metric |
Details |
| Market Size 2021 |
USD 30.7 Billion |
| Market Size 2022 |
USD 34.5 Billion |
| Market Size 2030 |
USD 77.4 Billion |
| Compound Annual Growth Rate (CAGR) |
12.25% (2022-2030) |
| Base Year |
2021 |
| Forecast Period |
2022-2030 |
| Historical Data |
2018 & 2020 |
| Forecast Units |
Value (USD Billion) |
| Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered |
Solution, Service, Deployment, Organization Size, Vertical and Region |
| Geographies Covered |
North America, Europe, Asia Pacific, and Rest of the World |
| Countries Covered |
The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled |
Xerox Corporation (U.S.), OpenText Corporation (Canada), Epicor Software Corp. (U.S.), Adobe Inc. (U.S.), Laserfiche (U.S.), Datamatics Services Limited (India) |
| Key Market Opportunities |
The major market participants concentrate on cloud-based solutions that boost capabilities and present and future opportunities |
| Key Market Dynamics |
AI and Machine Learning Integration to Drive Market Growth The market is anticipated to be driven by the information technology industry |
Frequently Asked Questions (FAQ) :
The market size was expected to be USD 30.7 billion in 2021.
The market is expected to register a CAGR of ~12.25% over the next ten years.
North America held the largest market share in the market.
Xerox Corporation (U.S.), OpenText Corporation (Canada), Epicor Software Corp. (U.S.), Adobe Inc. (U.S.), Laserfiche (U.S.), Datamatics Services Limited (India) are the key players in the market.
The web content management category led the segment in the market.
The healthcare category had the largest market share in the market.
