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The global enterprise content management market size was USD 10.33 billion in 2020 and is projected to grow from USD 11.63 billion in 2021 to USD 29.64 billion in 2028, exhibiting a CAGR of 14.3 % in the 2021-2028 period. Based on our analysis, the global ECM market exhibited a steady growth of 12.3% in 2020 as compared to the average year-on-year growth during 2017-2019. The global impact of COVID-19 has been unprecedented, and with it this market is expected to witness a steady growth across all regions amid the pandemic. The rise in CAGR is attributable to this market’s demand and growth, returning to pre-pandemic levels once the pandemic is over.
The covid-19 pandemic is observed to have an unprecedented impact on operations resulting in the shutdown of industries that have hindered the demand for ECM solutions since mid-2020. However, the adoption of digital solutions is likely to grow after 2021. Rising digital transformation across the industry boosts content creation. Businesses have shifted their content to the cloud owing to the new norm of the remote workplace. Covid-19 has accelerated data creation due to the proliferation of social media, increased internet connectivity, and mobilization. Businesses face challenges in managing a huge volume of unstructured data. Hence ECM solutions help in document management for easy retrieval and archival.
Enterprises are opting for cloud or hybrid solutions to reduce time and increase productivity. Platform flexibility and integration of technologies such as artificial intelligence (AI) and machine learning (ML) are expected to boost adoption of these solutions in coming years. Businesses opt for these solutions for records management, content collaboration, audit trail, dashboard analytics, etc., to continue business processes amid pandemics.
For instance, in December 2020, LaserFiche, a Content management solution provider, worked with western Australian non-profit organization RAAFA to facilitate remote recruitment amid covid restrictions. RAAFA has implemented the solution to develop a digital e-form and allowed candidates to submit the applications and supporting documents digitally. Implementing the solution helps to eliminate the need for physical copies and in-person meetings amid the social distancing measures. Thus, the market is anticipated to gain traction post-COVID-19.
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Hybrid ECM Solution to Foster Growth in Coming Years
Today’s millennials bring their own devices/applications such as mobile, laptops, tablets to work to be more productive. Organizations face challenges in securing and managing enterprise content. Cloud-based solutions are affordable and easily available, but on-premise solutions are more secure, and maintaining regulatory compliances is easier than cloud-based. Hence, organizations are adopting hybrid solutions to leverage the benefits of cloud and on-premise.
Major market players are offering hybrid solutions to address the challenges faced by users and IT. Hybrid solutions help in ad hoc collaboration, externalizing/sharing enterprise content, and enterprise business process collaboration. Thus, hybrid cloud adoption is expected to grow in the near future to manage content collaboration and provides a platform for content-enabled applications for both on-premise and cloud.
Integration of AI and Machine Learning to Boost the Market
Technological advancements such as the Internet of Things (IoT) and cloud computing will generate an enormous amounts of data that would require proper handling. As per Statista, the amount of data created in 2020 is 64.2 zettabytes, which is projected to grow more than 180 zettabytes in 2025. To manage such a large volume of unstructured data, enterprises leverage artificial intelligence-based analytics and solutions. It automates ECM, reduces risk, enhances the content value, and improves data governance. Hence the demand for these solutions is expected to grow in the near future.
AI integrated enterprise content management solutions leverage robotic process automation that helps extract and tag documents, identify documents based on content, and extract key metadata by analyzing document content and others. AI-based solutions help in advanced data indexing and capture. For example, AI-based image recognition helps auto-tag pictures at upload and automatically captures the text from them. Similarly, AI-based voice recognition is used to extract valuable information from audio files to get better insights.
Major players such as Datamatics Global Services Limited, OpenText, IBM Corporation provide artificial intelligence, machine learning, analytics integrated solutions to offer advanced solutions to customers. For Instance, in March 2021, Datamatics Global Services Limited launched a new version of TruCap+ with pre-built AI/ML capabilities. The solution enables processing documents without a template and helps enterprises perform end-to-end document processes with high accuracy.
Robust Digital Strategies Adopted by Major Enterprises to Drive ECM Solutions
ECM solutions support managing the content life cycle from creation to disposition of content such as transactional, social, and business across channels. ECM has to complement digital asset management, web content management, and business process management to achieve end-to-end digital transformation across the enterprise. These solutions offer document and records management, archiving, collaboration, workflow management, and customer communication management.
Enterprises are investing in advanced ECM solutions with consumer-facing technologies such as cross channels integration and consumer self-service. For instance, the integration of E-signature allows consumers to sign documents electronically. Further, content mobilization and web content management help manage, capture, and access content from smartphone, web, and tablet applications. Content analytics-enabled enterprise content management solutions help to generate actionable and meaningful insights. All the factors mentioned above are likely to support the digital strategies adopted by the market players.
High Initial Investment to Deploy ECM solutions restrict the market growth
Organizations require technical experts to develop system templates according to system document type. Such technical experts are highly expensive, failure to recruit skilled technical experts may impact the adoption of these solutions across the enterprises. Hence, the inability to hire technical experts restricts the adoption of ECM solutions across small businesses.
Large enterprises generate a huge volume of unstructured data, and processing this unstructured data requires huge costs which restricts the adoption of ECM solutions across large enterprises. Due to the rising volume of data, several organizations need to install additional servers to avoid creating a backlog of unprocessed and valuable data. Small and medium-sized enterprises have a limited budget which impedes the adoption of enterprise content management solutions.
Document Management and Web Content Management to Create Market Opportunities for ECM Solutions
Based on solution, the market is classified into document management, web content management, digital asset management, eDiscovery, others (record management, case management, etc.)
Among these, the web content management segment holds the largest market share during the forecast period. Enterprise content management solutions help in storing paper content from invoices, resumes, and research reports in digital form. The content management solutions reduce the time required to search, manage, share, update, and improve business productivity.
Less risk of document loss and efficient document maintenance boosts the demand for ECM solutions across the document management segment. The proliferation of smartphones, social media, IoT devices, etc., creates huge volumes of data such as images, videos, audios, etc. This huge volume of unstructured data creates demand for web content management and digital asset management solutions.
Thus, the market demand is likely to boost rapidly over the projected horizon. eDiscovery and others (records management, case management, etc.) solutions are expected to witness significant market growth during the forecast period.
The Global Market to Witness Increasing Demand for Cloud-based Solutions
Based on Deployment, the enterprise content management market is divided into cloud and on-premise. The adoption of cloud-based is anticipated to grow with the highest CAGR in the forecast period. Low cost and ease of access to documents from remote locations are boosting the adoption of cloud deployment. Mobilization, BYOD-bring your own devices policies, and remote work increase the demand for cloud deployment, thereby surging the ECM market size. The rising adoption by SMEs to reduce IT costs and efficient collaboration fosters cloud-based solutions. On-premise solutions are likely to rise with moderate growth owing to protect sensitive information and ease to maintain regulatory compliance.
Adoption by Large Enterprises to Foster the Market Growth
Based on enterprise size, the market is segmented into small and medium-sized enterprises (SME) and large enterprises. The large enterprise segment is expected to grow with the largest market share during the forecast period. Large enterprises invest in digital marketing services that create demand for web content and digital asset management solutions. Due to the huge volume of data generation across large enterprises, the need for ECM solutions is more. Small and medium-sized enterprises are expected to witness significant growth during the forecast period.
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Healthcare, Retail, and IT telecom are Expected to Witness a High Rate of Adoption of EMC Solutions
By industry vertical, the market is classified as BFSI, government, IT & telecom, consumer goods, and retail, healthcare and life sciences, transportation and logistics, others (manufacturing, energy, and utilities, etc.). Among these, the healthcare sector is expected to hold the largest market share during the forecast period. Integration of technology across healthcare includes mobile health, telehealth, telemedicine, and medical robotics, which creates a huge volume of sensitive data. This highly crucial data creates market opportunities for ECM solutions across the sector.
The healthcare, retail, and IT telecom sectors are anticipated to grow with the highest CAGR during the forecast period due to the rapid adoption of e-commerce and cloud adoption. The data such as financial investment, research, government data, and policies create demand and foster ECM solutions across the BFSI and Government sector. Transportation & logistics and others (manufacturing, energy, utilities, etc.) verticals are also forecasted to support the growth owing to industry 4.0.
North America Enterprise Content Management Market Size, 2020 (USD Billion)
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The global enterprise content management market growth has been analyzed across five major regions: North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America. The regions are further categorized into countries.
North America is expected to hold the largest market share of the global market in the forecast period. Industry verticals such as BFSI and Governments are highly investing in ECM solutions to secure and manage the volume of data. For instance, the United States Department of treasury prefers ECM as a treasury content/collaboration platform. Microsoft SharePoint-based system offers software-as-a-service and platform-as-a-service solutions to treasury services like MyTreasury, Electronic Case Suspension, Debarment Management system, Bureau Specific Application, and others. The adoption of ECM solutions has increased due to government initiations in the region.
Asia Pacific is expected to be the fastest-growing region in the ECM market, owing to countries such as Japan, China, and India, increasing ECM adoption trends are observed. APAC is anticipated to grow with the highest CAGR during the forecast period. The rising adoption of enterprise content management among small and medium-size enterprises drives the growth of the market in this region.
The European market is likely to witness equally significant shares as the Asia Pacific. The emergence of online models such as digital platforms and digital ecosystems during the pandemic due to socio-economic factors and flexibility in regulatory structures boosts the demand for ECM solutions in the region.
The Middle East and Africa market is projected to grow at a moderate rate in the forecast period due to the growing adoption of smartphones, online services, and increased start-up investment. Similarly, Latin America witnessed moderate growth in this market due to the digital transformation and Rising IT investments across the region.
Key Players Focus on Strengthening Their Market Position with Continuous Developments
The players are investing in advanced technologies to improve the capabilities. Also, the prominent players are involved in acquisitions, partnerships, collaborations, and mergers to expand the market presence.
March 2021- Hyland Software, Inc. launched new solutions and product enhancements to enhance customer experience and drive digital transformation. Product enhancement includes Perceptive Content Foundation Enhancement Pack (EP) 3, Content Composer Foundation EP 3, and Brainware Foundation EP2. Hyland's new solutions include Priority Work Management, Alfresco Content Services 7.0 help organizations to support remote workforces and deliver better customer experiences.
December 2019- Datamatics Global Services Limited acquired open-source and SAP connect solution provider CIGNEX Global Holding Corporation. This acquisition aims to expand the presence of Datamatics to San Francisco, Singapore, and India.
An Infographic Representation of Enterprise Content Management (ECM) Market
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The market research report highlights leading regions across the world to offer a better understanding to the user. Furthermore, the report provides insights about the latest industry and market trends and analyzes technologies deployed at the global level. It further highlights some of the growth-stimulating factors and restraints, helping the reader gain in-depth knowledge about the market.
Value (USD Billion)
By Solution, Deployment, Enterprise Size, Industry Vertical, Region
By Deployment Model
By Enterprise Size
By Industry Vertical
The global market size is projected to reach USD 29.64 billion by 2028.
In 2020, the market size stood at USD 10.33 billion.
The market is projected to grow at a CAGR of 14.3% during the forecast period.
Web content management component held largest market share in 2020.
The North American region is expected to hold the highest market share.
Asia Pacific is expected to grow with a remarkable CAGR.
North America is expected to hold a significant share in the enterprise content management market. The market size in this region stood at USD 3.98 billion in 2020.
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