Enterprise Content Management (ECM) Market Size, Share & COVID-19 Impact Analysis, By Solution (Document Management, Web Content Management, Digital Asset Management, eDiscovery, and Others), By Deployment (On-premise and Cloud), By Enterprise Type (Large Enterprises and SMEs), By Industry (BFSI, Government, IT & Telecom, Consumer Goods and Retail, Healthcare & Life Sciences, Transportation & Logistics, and Others), and Regional Forecast, 2023-2030

The global enterprise content management (ECM) market size was valued at USD 32.83 billion in 2022.The market is projected to grow from USD 37.46 billion in 2023 to USD 106.26 billion by 2030, exhibiting a CAGR of 16.1% during the forecast period.

Implementing enterprise content management (ECM) helps organizations to reduce the cost of content maintenance, simplify document-centric operations, manage information more effectively, and improve employee and customer communication. The enterprise content management market is witnessing growth as businesses cannot manage their data in a traditional manner. This is primarily due to the amount of data created, captured, copied, and consumed globally, which is forecasted to exceed 180 zettabytes.

According to a survey conducted by Association for Intelligent Information Management (AIIM), around 52% of organizations have three or more than three ECM/DM/RM systems and around 22% of organizations have five or more than five systems. Organizations are heavily spending on enterprise content management as the system not only increases employee productivity but also minimizes information search expenses by up to 90%.

COVID-19 IMPACT

COVID-19 Pandemic Enhanced the Investments for Paperless Organizations Resulting in Market Growth

For a long time, the global market for enterprise content management witnessed potential demand for document security and the reduction of paper waste and paper consumption across organizations. The pandemic created opportunities for enterprise content management providers as investments in paperless organizations had surged.

Governments in several countries invested in digital technologies and adopted paperless strategies to reduce paper waste. Market participants also supported local governments during the pandemic. For instance, in June 2021, Konica Minolta, Inc. launched the 'DX Support Platform' to assist local governments in reforming their work styles. This platform promoted business procedure reengineering and facilitated the standardization and streamlining of work processes in accordance with the national government regulations for digital systems. Companies switched toward digitization, thereby, influencing consumer preferences.

In addition, the acceptance of cloud-based services is projected to see a surge in future years. The growth allowed A.I. and cloud industry giants to alter their services to decrease document load. As a result, the demand for cloud-based services is expected to propel the global enterprise content management market share.

Furthermore, leading players are developing advanced technology-based enterprise content management systems to minimize additional time and enhance data security. The incorporation of Artificial Intelligence (AI) and Machine Learning (ML) technologies is also expected to propel the enterprise content management market growth.

LATEST TRENDS

Rising Trend for Customized Solutions is Expected to Boost the Market Demand  

Customized solutions are gaining traction among businesses as they do not want to change their workflows to suit a software; rather they seek solutions that fit seamlessly with their existing workflows. Market players are focusing on providing customizable settings, including automated processes, tiered permissions that align with company’s specific need.

Customized ECM solutions provide high-level data security as they are developed from scratch, allowing the deployment of custom security features. The solutions can be integrated with other systems for ensuring content consistency, facilitate marketing campaigns, customer on boarding and updating information about products, streamline publishing, and others.

Businesses adopt custom ECM solutions as they are designed entirely based on customer-provided brand identity guidelines, making the UI/UX intuitive and optimized for users.

Customized solutions are creating opportunities for the market players and is expected to accelerate the growth of global market.

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DRIVING FACTORS

Increasing Demand for Paperless Offices to Aid the Market Growth

Usage of paper documents in companies leads to inefficiency as paper documents are misplaced most of the time. The paper documents does not provide enterprises with the required insights they need to succeed because it is difficult for companies to drive insights through paper documents, thereby, the increasing the demand for paperless offices solutions. The rising  demand for paperless offices is driven by the benefits of digitizing files, allowing users to store documents on either an on-premise server or in the cloud. These digital file folders in a repository requires less space than physical records archive. Enterprise content management systems offer advanced security capabilities, especially when it comes to data access.

These systems make it easy to configure access rights for user groups, individual users, and even change these settings on a per-document level by using the electronic document management system. Modern ECM systems helps to store all the data on a cloud server, ensuring data resilience even in cases where local archives are compromised or if organizational computers fail.

Key players in the market are focusing on developing innovative solutions with advanced features to promote paperless efforts. For instance,

In June 2021, Exela Technologies, Inc., launched an advanced digital mailroom platform for large, small, and medium scale enterprises in the U.K. With this platform, SMEs and professionals in the U.K. signed up for a virtual office address and are able to receive incoming mail with digitized documents accessible through this platform.

Thus, the rising demand for paperless office solutions augments the global market size.

RESTRAINING FACTORS

Increasing Risk of Document Privacy Concerns and Cyber-Attacks to Hamper the Market Growth

Modern technology-based content management systems have raised concerns about information privacy and security. These concerns include security & data breach, identity theft, cyber-attacks, and others. The rising incidence of cyber-attacks and identity theft across businesses have hampered market growth.

Particularly, in large-scale organizations, almost every piece of information, including the company's authorized documents and sensitive personal information, is often stored on cloud and databases. This storage potentially provides cybercriminals with opportunities to sabotage valuable company data.

Moreover, crucial document management security concerns and high investment are also projected to hamper the market growth.

SEGMENTATION

By Solution Analysis

Adoption of Digital Asset Management for Handling Media Assets to Boost Segment Growth

Based on solution, the market is categorized into document management, web content management, digital asset management, eDiscovery, and others.

Digital asset management is expected to be the fastest growing segment in the forecast period. The adoption of digital asset management is increasing among organizations in the regions as large amount of multimedia asset is generated due to online gaming, streaming and shopping. However, digital asset management will gain more traction in the coming years.

The eDiscovery segment dominated the market in 2022, driven by substantial investments made by companies in eDiscovery solutions. According to RAND Corporation, majority of Fortune 500 companies spend an estimated USD 5 Million to USD 10 Million on eDiscovery annually. This considerable investment has led to a significant surge in the demand for eDiscovery solutions.

By Deployment Analysis

Increasing Demand for Cloud-based Solution Among Enterprises to Enhance the Market Growth

By deployment, the market is segmented into on-premise and cloud.

The cloud segment dominated the market in 2022 and is expected to grow with a high CAGR during the forecast period. Rising cloud-based solutions adoption and surge in the deployment of the cloud services by the small and medium scale organizations across the globe have propelled the market growth. As per a survey conducted by Microsoft in January 2022, 86% of respondents stated their intentions to increase investments in multicloud and hybrid cloud solutions. This data shows that cloud-based solutions would gain traction in the coming years. Consequently, the demand for cloud based enterprise content management solution is on the rise, further enhancing market growth.

By Enterprise Type Analysis

Surge in Demand for Enterprise Content Solutions among SMEs to Enhance the Market Expansion

By enterprise type, the market is segmented into SMEs and large enterprises.

The SMEs segment are predicted to experience high growth in the coming years, driven by their increasing adoption of enterprise content management solutions. SMEs are adopting ECM for ensuring security as well as measurable reduction in storage and archive cost by moving materials to electronic formats. However, the solution enhances the decision making process for SMEs.

The large enterprises segment captures the maximum market share in 2022. Large enterprises are investing in the advanced digital technology solutions to transforms their businesses from paper-based to digital one.  

By Industry Analysis

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Telecom & IT Segment Led in 2022 Due to Increasing Number of Investments in Digital Documentation

By industry analysis, the market is classified into banking financial services and insurance (BFSI), government, telecom & IT, retail & consumer goods, healthcare & life sciences, transportation & logistics, and others. 

The telecom & IT sector segment generated maximum revenue in 2022, as IT & Telecom companies are investing in the digital documentation platforms in order to meet the growing demand for paperless processes. The implementation of such systems helps to reduce back-office expenses and achievealso streamlined and automated compliance with regulatory authorities.

The healthcare & life sciences segment is estimated to showcase a high CAGR during the forecast period. The adoption of ECM in the healthcare industry has proven to be cost-effective, as it helps in reducing the cost of invoice processing. Using ECM the cost of invoice processing is reduced from USD 16.33 per invoice to USD 5.65 per electronic invoice. Moreover, the solution helps to reduce remittance cost by 59% among healthcare organizations. Thereby increasing the demand for solution in healthcare sector.

Therefore, the adoption of content management solutions is increasing among industries.

REGIONAL INSIGHTS

Geographically, the market is studied across five major regions, namely North America, South America, Europe, the Middle East & Africa, and Asia Pacific.

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North America held a major market share in 2022. This is primarily attributed to the rising adoption of digital transformation products and services by leading players and government initiatives. Key players in the market are taking proactive initiatives to expand their offerings across regions and globally by integrating emerging technologies. Players from the North American countries are engaged in partnerships, mergers, and acquisitions with other players to strengthen their business and enhance customer base.

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The Asia Pacific region is expected to grow with highest CAGR owing to the rising spending in digitalization across the region. With dynamic ecosystem in countries such as Japan, India, Australia, and others, SMEs are expected to drive adoption of content management tools. However, large companies in sectors such as IT and telecoms, BFSI, manufacturing, education, and others are expected to generate the highest revenues in the market.

Europe is witnessing considerable growth due to the increasing adoption of cloud-based services, particularly for converging physical documents into the digital one using software and services.

Middle East & Africa and South America regions are also expected to witness steady growth in the forecast period. Rapid adoption of cloud computing, followed by a major shift toward software-as-a-service models instead of older on-premises models are the factors that are contributing to growth in both regions.

KEY INDUSTRY PLAYERS

Key Providers are Adopting Various Growth Strategies to Enhance Their Market Share

Key players in the market are entering into strategic partnerships and acquisitions with other players to enhance their product offerings. The strategic approach is primarily aimed at integrating services with advanced technologies. Furthermore, through business strategies, the companies are expanding their business and gaining expertise by reaching a mass customer base. For instance:

• March 2023 – IBM entered into partnership with Adobe Corporation for assisting marketing and creative organizations to optimize their content supply chain.

 List of the Key Players Profiled:

• Hyland Software (U.S.)


• Box, Inc. (U.S.)


• DocuWare Corporation (Germany)


• IBM Corporation (U.S.)


• Laserfiche (U.S.)


• M-Files (U.S.)


• Kyocera Document Solutions, Inc. (Japan)


• Microsoft Corporation (U.S.)


• OpenText Corporation (Canada)


• Xerox Corporation (U.S.)

KEY INDUSTRY DEVELOPMENTS:

• July 2023: A new Microsoft 365 Copilot plugin for Microsoft’s next-generation AI workplace tool was introduced by Box, Inc.,. The new plugin helps clients in leveraging Microsoft 365 Copilot to enhance the utility and value of Box files within their organization.


• June 2023 - DocuWare acquired DocuScan, an IT service provider in the field of digitization, to combine the knowledge and expertise of DocuWare.


• June 2023: Hyland released the latest series of product enhancements and solutions with various process-focused features including the Alfresco platform. These advancements allow organizations to access critical information more rapidly.


• April 2023 – OpenText introduced a new version of Cloud Edition customer experience management platform as a part of its Titanium roadmap. Cloud Edition 23.2 incorporates OpenText Extended ECM and OpenText Documentum with Micro Focus IDOL, allowing businesses to discover content connection.


• February 2023 - M-files acquired a No-Code Document Automation Company, Ment, for delivering best-in-class document management and automation capabilities.

REPORT COVERAGE

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The market report provides a detailed analysis and focuses on key aspects such as leading companies, product/service types, and leading product applications. Besides, the report offers insights into the market trends and highlights key industry developments. In addition to the factors above, the report encompasses several factors that contributed to the growth of the market in recent years.

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