According to the latest report by IMARC Group, titled “Enterprise Content Management Software Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, the global enterprise content management software market reached US$ 51.0 Billion in 2021. Enterprise content management (ECM) software is generally used to store unstructured business information. This includes electronic mails (e-mails), word documents, portable document format (PDF), and scanned images and reports that can later be accessible by multiple users within the organization. This software facilitates process automation that assists multiple businesses to minutely monitor web pages, reports, and files in order to reduce the risks of data theft. As a result, it aids in improving the efficiency, productivity, and customer service of a business in a cost-effective manner. It is widely adopted as an essential component in governmental administration, contract management, human resource process and commercial supply chains for the smooth functioning of businesses.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Enterprise Content Management Software Market Trends:
The global market is primarily driven by significant growth in the Information Technology (IT) sector. Along with this, continual technological advancements across the globe are creating a positive outlook for the market. In line with this, the widespread integration of advanced technologies with the ECM software, including cloud computing, artificial intelligence (AI), and the Internet of Things (IoT) solutions, to help businesses in improving their customer services is positively influencing the market growth. Furthermore, the escalating need for flexible and cost-effective software services for enhanced enforcement of data security and privacy policies is creating a positive outlook for the market. Moreover, increasing investments by public and private firms for the deployment of enterprise content management software across numerous enterprises is acting as another major growth-inducing factor. Some of the other factors contributing to the market growth include rapid digitization across multiple industry segments and extensive research and development (R&D) activities conducted by key players to introduce improved solutions in the market. On account of the aforementioned factors, the market is anticipated to grow at a CAGR of 14.6% during 2022-2027.
- On the basis of the deployment model, the market has been bifurcated into on-premises and cloud-based.
- Based on the component type, the market has been categorized into Document Management System (DMS), Web Content Management (WCM), Document-Centric Collaboration (DCC), Records Management, Document Imaging, Business Process Management (BPM) and others.
- On the basis of the service, the market has been divided into professional and managed.
- Based on the enterprise, the market has been classified into small, medium, and large enterprises.
- On the basis of the end-use industry, the market has been segregated into telecom and IT, banking financial services and insurance (BFSI), retail, education, manufacturing, media and entertainment, government, healthcare and others.
- Based on the region, the market has been segmented into North America, Europe, Asia Pacific, Middle East and Africa and Latin America.
- The competitive landscape of the industry has been examined in the report with the detailed profiles of the key players. Some of these players include Capgemini SE, Xerox Corporation, OpenText Corporation, IBM Corporation, Oracle Corporation, M-Files Corp., Hyland Software Inc., Epicor Software Corp, Alfresco Software Inc., Docuware Gmbh, Datamatics Global Services Limited, Hewlett Packard Enterprise Company, Microsoft Corporation, and Newgen Software Technologies Limited.
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