According to the latest report by IMARC Group, titled “Enterprise Content Management Software Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the global enterprise content management software market has been experiencing robust growth during 2013-2018. Enterprise content management (ECM) software refers to a program that is designed to manage unstructured data or information for optimized business workflow. It enables automated and systematic supervision of emails, reports, files, web pages, scanned documents, and records. This helps the companies in maintaining smooth coordination among employees, thereby improving the use of the existing content within several processes. Owing to these benefits, ECM software is widely implemented in contract management, governmental administration, commercial supply chains and various HR processes.
Global Enterprise Content Management Software Market Trends:
The growing concerns among several enterprises regarding data protection and confidentiality have increased the adoption of ECM software. As a result, several companies are opting for this software for efficient distribution of work among the employees. This makes different functional processes traceable and also enhances the alignment of on-going tasks. Also, the increasing utilization of the user’s social media output provides diverse data formats that help in understanding different customer behavior patterns. Owing to this, various financial institutions have switched to ECM software to attain short-term revenue objectives quickly by analyzing and improving customer experiences on digital platforms. Moreover, the rising integration of ECM software with tablets and smartphones has enabled organizations to easily access and collaborate content and business documents, irrespective of the time and place. Besides this, the increasing technological advancements have augmented the influx of cloud-based ECM services that provide flexible, cost-effective and easily manageable internet-based resource facilities. Apart from this, due to rapid modernization has led to an increase in the integration of functional business units during merger and acquisition, which fuels the need for a methodical content management system such as ECM software. Looking forward, IMARC Group expects the market to expand at a CAGR of 12% during 2019-2024.
- Based on the deployment model, the market has been segmented as on-premises and cloud-based ECM software.
- On the basis of the component, 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.
- The market has been bifurcated based on the service into professional and managed services.
- Based on the enterprise, the market has been classified into small and 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.
- Region-wise, the market has been divided into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
- The competitive landscape of the market has also been examined, with some of the key players being 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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