Enterprise Content Management Market is Expected To Grow At The Highest CAGR During The Forecast Period 2020-2028

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The global enterprise content management was worth US$ 11,927.9 Mn in 2019 and is expected to reach US$ 29,419.1 Mn by 2030, expanding at a CAGR of 8.5% from 2020 to 2030. North America was holding the largest market share for enterprise content management in 2019.

Enterprise content management involves the organized collection and management of information that could be easily accessed and used by a designated audience such as business executives, customers, and so on. It is the integration of the tools that is used to manage, capture, preserve, store and process the information related to business processes. Enterprise content management system takes care of the managing, processing, creating, and retention of any content being handled by organizations.

The global enterprise content management market is broadly categorized on the basis of component, enterprise size, solution, end use industry and region. On the basis of component, the enterprise content management solution is segmented into software and services. On the basis of software, the enterprise content management solution can further be classified into on-premise, cloud based, and hybrid solutions. Also, on the basis of services, the enterprise content management solution can further be classified into consulting, system integration, and operation & maintenance. The software segment holds the largest market share and is expected to grow at a highest CAGR among the component segment.

Based on enterprise size, the global enterprise content management market is segmented into large enterprises and small and medium enterprises. The small and medium enterprises (SMEs) are expected to grow at a higher CAGR mainly due to growing adoption of low cost cloud based enterprise content management solutions. On the basis of solution, the global enterprise content management market is segmented into document management, content management, case management, workflow management, record management, digital asset management, ediscovery. In 2019, case management segment held the largest revenue share of the overall enterprise content management market.

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Based on end-use industry, the global enterprise content management market is segmented into BFSI, education, government & public, healthcare, manufacturing, media & entertainment, retail, telecom & it, and others. In 2019, BFSI segment held the largest revenue share of the overall enterprise content management market. Also, retail segment is expected to grow at the highest CAGR during the forecast period. The growth in the BFSI segment to growing digitization and need to streamline business processes, improve speed of business operations and decisions and enhance customer service.

On the basis of region, the enterprise content management market is segmented into North America, Europe, Asia Pacific, Middle East and Africa and South America. Geographically, North America is expected to hold the largest market for enterprise content management globally. In 2019, the region accounted for 37.9% of the overall enterprise content management market’s revenue. Asia Pacific is expected to witness the fastest growth during the forecast period. Countries such as India, Japan and China are expected to be at the forefront of enterprise content management adoption due to significantly increased SaaS based deployments in the region.

Some of the major players in the global enterprise content management market include Alfresco Software, Inc.; Capgemini S.A., Datamatics Global Services Ltd., EMC Corporation, Hyland Software, Inc., IBM Corporation, Laserfiche, M-files Inc., Newgen Software, Inc., OpenText Corp., Pennywise Solutions Private Ltd., SAP SE, Systemware, Inc., and Tata Consultancy Services. Key strategies adopted by these players are joint ventures, mergers, acquisitions, and partnerships to expand globally and simultaneously develop cloud based enterprise content management for a wide range of end use industries to establish strong market presence.

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