Market Overview

The enterprise content management market is expected to register a CAGR of over 14.36% during the forecast period 2019 - 2024. Automated workflows for creating the documents, editing, and publishing documents improve business processes and collaboration among staff members. Such benefits of providing the capability of a better use of the existing content have been the primary reason driving the market demand.

• The effectiveness of an enterprise content management solution and its platform comes from the fact that it is meant for managing all the phases of content that initiate at the stage of content creation, storage, multiple versions, delivery, archival, and disposal as per regulated laws where the firm operates the corporate policies of the organization.
• Whether the content for the management is from the commercial supply chains, contract management, HR processes, the government administration, the driving force behind implementing an ECM solution in an enterprise is to do business efficiently and better. By eliminating the dependency on paper documents and organizing unstructured information according to business need, organizations are empowered to work more efficiently.
• Integration of functional units of businesses during a merger and acquisition is a humungous task for two companies if their business approach is different, even when they are operating in the same vertical. It becomes even more difficult if the firms operate in different countries with different languages being spoken.
• The cloud-based services exhibits the potential to provide cost-effective, flexible, easy to manage, and authoritative resources facilities, over the internet. The cloud-based ECM services upsurge the capabilities of the hardware resources by optimal and shared utilization. These features encourage the organizations and individual users to shift their services and applications to the cloud.
• However, these services offered by third-party cloud service providers entail additional security threats that increase the cost of the services. The migration of the user’s data, applications, etc., outside the administrative control in a shared environment escalates the security concerns. Security issues also arise due to the very nature of the cloud-based services concept.

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Key Market Trends

Document Management is Expected to Register a Significant Growth

Paper documents have proven to be problematic, as they take up space and consume time when handled. They also have an added disadvantage of being difficult to store and risk increased perishability.

Therefore, there has been an increase in the amount of electronic data and documents managed. There have also been immense improvements in the available technology, which resulted in more secure and efficient systems to store and retrieve documents. All these factors, together, have contributed toward making document management technology one of the fastest-developing management systems in the market.

Document management enables organizations to better manage the creation, approval, revision, and consumption of electronic documents. It also provides key features, such as library services, document profiling, searching, check-in, check-out, revision history, version control, and document security. Moreover, cloud computing has brought its plethora of advantages even to the field of document management systems. It provides an easily accessible resource and repository for documents and related software, and is also helpful in being cost-effective.

However, there are both benefits and drawbacks to using cloud computing as the base for document management systems. Though it provides ease of access and reduced maintenance efforts, it also brings in potential security risks and does not provide total control.

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