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Increasing Content and Greater Regulations Drive the Market Growth
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Enterprise content management (ECM) solutions are large-scale, multifunctional, cross-platform content management systems designed to address the structured and unstructured content management needs of a range of organizational types and sizes. ECM solutions enable enterprises to capture, store, organize, manage, and deliver content in a seamless manner, ultimately equipping end users with pertinent information at all points in time. ECM solutions handle an ever-increasing array of content types including, but not limited to, documents, records, images, and video. Though the value proposition of an ECM is vertical agnostic, these solutions are used across several enterprise functional areas and lines of business. Enterprises commonly deploy ECM as a point solution to fulfil specific organizational needs such as document management, file management, records management, or case management. As the market has evolved and enterprises have matured in their use of such point solutions, the demand has increased for ECM solutions that are unified software platforms rather than a multitude of isolated applications that do not talk to each other. With enterprises viewing content management more strategically, facilitating easy data discovery and enhancing collaborative workflows are growing on the list of enterprise priorities. Frost & Sullivan expects revenues for the global ECM market to increase from $5.35 billion in 2018 to $11.80 billion in 2024, at a compound annual growth rate (CAGR) of 14.1% from 2018 to 2024. Though a mature market, the growth will rise steadily over the forecast period, as a large number of vendors attempt to meet the demand for ever-increasing content and greater regulations are being put in place for protecting consumer data. Geographical Segmentation: The global market has been segmented into North America, Latin America (NALA), Europe, the Middle East, and Africa (EMEA), and Asia-Pacific (APAC).
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