Enterprise Content Management Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023 - 2028)

Enterprise Content Management Market Analysis

The Enterprise Content Management (ECM) Market is expected to grow at a CAGR of 21.9% over the forecast period. The primary reasons for driving market demand are the new ways of digital working, content explosion across enterprise channels, and new digital channels.

• The Enterprise Content Management solutions are helping the business organization achieve process efficiency with accessibility throughout the project's lifecycle. The larger organizations generate a large amount of data from smart devices and other resources; hence the need to manage data is increasing.
• Key players in the market include Microsoft Corporation, Capgemini, OpenText Corporation, Hyland Software Inc., IBM Corporation, Xerox Corporation, Oracle Corporation, and others. These companies are making significant efforts in the global customer data platform market to create the next big thing by engaging in partnerships and making frequent product developments.
• In August 2022, Capgemini and Unity, the leading platform for creating and operating real-time 3D (RT3D) content, are collaborating to assist organizations worldwide in exploring and capitalizing on the business opportunities and benefits of immersive and metaverse experiences across industries.
• Technological advancements are also making enterprise content management systems more critical than ever. The proliferation of remote work has necessitated ECM's business continuity and collaboration features.
• With the rising concern of GDPR and data compliance, large organizations are focusing on finding a way to automate and monitor data compliance to store, manage and deliver data. At the same time, a lack of knowledge of security frameworks and the requirement of technical experts for handling enterprise content management solutions may impact organizations' adoption of these solutions.
• Apart from the growth in digital content across enterprises, easier access from remote end-points, the need for regulatory compliances, and the need for protection of enterprise data against disaster are among the significant drivers behind the shift from the companies switching from legacy ECM solutions to cloud-based ECM solutions.
• The COVID-19 pandemic positively influenced the enterprise content management market as the adoption of digital solutions is increasing, which helped in the rise of content creation. The need to streamline business operations during pandemics has accelerated data creation since business sectors increasingly handle their business operations online.

Enterprise Content Management Industry Segments

Enterprise content management refers to systematically collecting the information generated by organizations throughout their entire lifecycle using a combination of strategies, methods, and tools. The enterprise content management software helps reduce the risk associated with the data and streamline the information lifecycle with document management and the automation of process workflows.

The Enterprise Content Management Market is segmented by Type (Content Management, Document Management, Case Management, Workflow Management, Record Management, Digital Asset Management, Professional Services) By Deployment (On-premises and Cloud) By Enterprise (Small and Medium Enterprise and Large Enterprise) By End-user Industry (Telecom and IT, BFSI, Retail, Education, Manufacturing, Media and Entertainment, Government, Healthcare) and Geography.

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Enterprise Content Management Market Trends

This section covers the major market trends shaping the Enterprise Content Management Market according to our research experts:

Information Technology Industry is Expected to Drive Market

• The information technology industry is expected to drive the growth of the market owing to the rising adoption of cloud services by organizations to efficiently perform their business operations from remote locations.
• The key players in the market focus on cloud-based solutions that increase capability and future opportunities. In June 2022, OpenTextTM unveiled Project Titanium, the future of information management in the cloud and the next step in the company's cloud journey, at OpenText World EMEA. Through cloud-based information management, Project Titanium solidifies the organization's strategic position as a global leader in information management, providing customers with the simplicity, flexibility, and trust they need to thrive in dynamic times.
• Owing to various benefits of ECM solutions, such as scalability, reliability, and improved efficiency SMEs are encouraged to adopt ECM solutions and services rapidly.
• Information technology industries are users of a large amount of critical data and must follow standards and regulations, which require high-security infrastructure to maintain these standards. Hence, organizations are adopting enterprise content management to fulfill this requirement.
• Moreover, the enterprise content management systems help workers of the organization with increased productivity and help to deliver better customer service and products and services on time.

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