The enterprise content management market is expected to reach US$ 94.12 billion by 2026, growing with a CAGR of 15.8% during the forecast period. The market is witnessing growth due to the increasing need for protecting data across various enterprises. The enterprise content management solutions are further gaining momentum across the globe due to the increasing need for effectively managing the large volume of data that is being generated in organizations daily.
Enterprise content management solutions are gaining momentum across the globe owing to the increasing need for effectively managing the large amount of content that is being generated by various organizations regularly. In addition to this, growing digitalization, the Bring Your Own Device (BYOD) trend, rising e-commerce, and the increasing use of social media have further increased the generation of unstructured data in inter-organizations and intra-organizations.
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The enterprise content management market is witnessing growth, as it provides various benefits to clients including accurate searching of required information, paper-free workflow, and better information sharing. It also helps in addressing the required industry regulations and standards. This helps clients to manage important information and save cost and time and cost incurred while searching the required data for making key business decisions.
Increasing IT expenditures in developing nations and growing technological advancements are further driving the enterprise content management market. However, the lack of trained professionals is expected to hamper the enterprise content management system market growth. The growing penetration of cloud-based enterprise content management system and the growing need for digital content with the proliferation of online marketing & online customer relationship, will further foster the market growth over the coming years.
The key players dominating the global enterprise content management market includes Oracle Corporation, IBM Corporation, Hyland Software Inc., Microsoft Corporation, M-Files Inc., Box Inc., Laserfiche, Adobe Inc., Open Text Corp., and Fajtisu Ltd., among others. The global enterprise content management market is highly competitive in nature due to the presence of established players. The competition is getting intense due to increasing partnerships and collaborations undertaken to expand their business and consolidate their market position.
These companies are leveraging strategic collaborative initiatives to increase their market share and profitability. Companies operating in the enterprise content management market are acquiring start-ups to strengthen their product capabilities. In June 2018, Capgemini has acquired Adaptive Lab, a digital design studio that helps businesses adjust to new technology and the accompanying shift in customer behavior. This acquisition is further expected to meet the growing customer demand for the company’s end-to-end digital services.
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