The volume and variety of material that enterprises must manage are always increasing, necessitating the development of an enterprise content management platform market. Additionally, it is necessary to manage this material across a variety of platforms, including social media, mobile, and the web. Further, the content must be accessible to authorized users anytime and whenever they choose.
COVID-19 Impact and Market Status
There is no doubt that the COVID-19 pandemic breakout has had a significant impact on the market for business content management platforms. Due to businesses need to function with fewer employees as a result of the lockdown enacted by governments around the world, traffic for ECM platforms has decreased. Nonetheless, some firms are opting for cloud-based ECM systems to keep their operations running during these challenging times. In addition, the growing popularity of remote work is anticipated to increase the consumption of ECM platforms in the years to come.
The Cloud-based Type to Emerge as the Most Lucrative Segment
The market for enterprise content management platforms is differentiated into cloud-based and on-premises platforms based on type. It is estimated that the cloud-based category will grow at a quicker CAGR during the projected time. This expansion can be ascribed to the expanding business trend of digital transformation. Enterprise content management systems that are hosted in the cloud have several advantages, including expansion, agility, and cost-efficiency.
The Most Lucrative Solution will likely be the Document Management Segment
Online content management, eDiscovery, digital asset management, document management, and other segments make up the enterprise content management systems industry (record management, case management, etc.). The market for document management is anticipated to witness the fastest growth over the envisioned time frame. The necessity to manage vast amounts of documentation and the expanding trend of digitalization within enterprises are both responsible for this growth.
The SMEs Segment is the most promising Organization Size
Small and large businesses make up the two market segments of enterprise content management platforms based on size. During the projected timeframe, a higher CAGR is anticipated for the SME category. The widespread usage of cloud-based ECM platforms by SMEs is responsible for this development. SMEs are gravitating toward cloud-based ECM platforms due to many benefits, including scalability, flexibility, and cost-effectiveness.
The Healthcare and Life Sciences Industry Segment is the Most Popular End-User
Enterprise content management platforms' end-user segments also included the healthcare and life sciences, consumer goods and retail, telecom and IT, transportation and logistics, the BFSI sector, government, and other industries (manufacturing, media and entertainment, etc.). The life and health care sciences section is projected to grow at the highest CAGR throughout the projection period. The increasing requirement to manage huge amounts of health data and patient information is to account for this growth.
North America region to render Adequate Financing Avenues
Based on region, the market for enterprise content management platforms is segmented into Africa, South America, the Middle East, Europe, Asia, and North America. North America is estimated to hold the largest market share during the projected timeframe. It is conceivable to attribute this development to the region's significant number of ECM vendors. Furthermore, the area has a solid infrastructure that fosters the proliferation of cloud-based ECM services.
The need for more efficiency and collaboration is what is causing the global corporate content management platform to expand. This trend of digital transformation among enterprises is to thank. The market is expanding as a result of both the growing Bring Your Own Device (BYOD) trend in the workplace and the increasing demand for cloud-based ECM solutions.
An enterprise content management platform is a piece of software that aids in the more efficient administration of information within enterprises. All of the organization's content is housed in one central location. Additionally, it provides tools like workflow management, version control, and security that aid enterprises in better managing their material. Additionally, it makes it possible for approved users to view the material whenever and from wherever.
The use of enterprise content management platforms has a variety of advantages including improving the efficiency with which organizations manage their content; providing a centralized location for all of the content produced by the organization; and providing features like version control, workflow management, and security.
The enterprise content management platform offers many services, including e-discovery, document management, online content management, and digital asset management. These services aid businesses in more efficient content management. A service called document management aids businesses in the storage, administration, and tracking of their papers. A tool called internet management facilitates the creation and management of corporate websites. A service called "digital asset management" aids businesses in keeping track of their digital possessions like photos, movies, and other items. eDiscovery is a tool that aids businesses in locating and obtaining electronically stored data.
The market for enterprise content management platforms is anticipated to increase by 10.5% CAGR reach to USD 50.49 billion in 2029. This growth might be ascribed to the rising trend of digital transformation across businesses as well as the rising demand for cloud-based ECM platforms.
The growing trend of digital transformation, the burgeoning need for cloud-based ECM platforms, with the increased requirement to handle unstructured data are some of the drivers propelling the development of the enterprise content management platform. The market for enterprise content management platforms is expanding as a result of the growing requirement to save costs and boost efficiency.
The enterprise content management platform's limiting characteristics include its high initial cost and the demand for qualified employees for its implementation and maintenance. These platforms also need to be tightly integrated with other enterprise applications. Nonetheless, possibilities for the expansion of this market are anticipated to arise from the steady increase of digitalization among enterprises.
The major companies in the market for enterprise content management platforms include Newgen Software Technologies (India), IBM (US), SAP (Germany), Microsoft (US), Open Text (Canada), Laserfiche (US), Oracle (US), Hyland Software (US), Adobe (US), and Alfresco Software (UK). The current state and future growth potential of the ECM platform are covered in this paper for the years 2019 through 2029. With assistance from sector specialists, the study was created based on thorough market regulators. The study offers a comprehensive assessment of the market, outlining its scope, makeup, and prospects. Profiles of the major market participants are also included, as well as Porter's five forces analysis.
Recent Developments of the Global Enterprise Content Management Platform Market
- A leading supplier of file collaboration and secure file-sharing solutions, Hightail Inc., was bought by Open Text Corporation in January 2019 (a developer of enterprise information management (EIM) systems). The market for cloud-based ECM platforms will benefit from Open Text's ability to grow both its customer base and product line.
- The cloud-native content management system Adobe Experience Manager (AEM) 6.5 was released in November 2019 by Adobe Inc., a top provider of creative solutions (CMS). In the market for enterprise content management platforms, this introduction will aid Adobe in increasing its market share.
- Red Hat Inc., a top supplier of open-source software solutions, was acquired by IBM Corporation, a major supplier of IT solutions and services, in September 2019. This purchase will assist IBM in establishing a significant position in the hybrid cloud market.
Enterprise Content Management Platform Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2030||USD 50.49 billion|
|Growth Rate||CAGR of 10.5 % during 2022-2030|
|Segment Covered||Type, Solution, Size, End-User, Regions|
|Regions Covered||North America, Europe, Asia Pacific, Middle East and Africa, South America|
|Key Players Profiled||Newgen Software Technologies (India), IBM (US), SAP (Germany), Microsoft (US), Open Text (Canada), Laserfiche (US), Oracle (US), Hyland Software (US), Adobe (US)|
Key Segments of the Global Enterprise Content Management Platform Market
Type Overview, 2019-2029 (USD Billion)
Solution Overview, 2019-2029 (USD Billion)
- Document Management
- Digital Asset Management
- Web Content Management
- Others (record management, case management, etc.)
Size Overview, 2019-2029 (USD Billion)
- Large Enterprises
End-User Overview, 2019-2029 (USD Billion)
- Telecom and IT
- Healthcare and Life Sciences
- Consumer Goods and Retail
- Transportation and Logistics
Regional Overview, 2019-2029 (USD Billion)
- The rest of Europe
- Asia-Pacific as a whole
- South America's remaining countries
Middle East and South Africa