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The global enterprise content management market size is expected to hit USD 29.64 billion by 2028. The growing delivery of hybrid ECM solutions by prominent companies to tackle the challenges faced by users will incite healthy growth of the market, mentioned in the report, titled “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 (Cloud, On-Premises), By Enterprise Size (SMEs, Large Enterprises), By Industry Vertical (BFSI, Government, IT & Telecom, Consumer Goods and Retail, Healthcare and Life Sciences, Transportation and Logistics, and Others) and Regional Forecast, 2021-2028.” The market size stood at USD 10.33 billion in 2020 and is expected to exhibit a CAGR of 14.3% between 2021 and 2028.
Merger of Nuxeo and Hyland to Augment Massive Growth
Nuxeo, a content services platform and digital asset management (DAM) provider, has been acquired by Hyland, a prominent content services company. Hyland now owns the whole Nuxeo business, including products and technology, resulting from the successful purchase. Following Hyland's acquisition of Alfresco late last year, the inclusion of Nuxeo solidifies the company's commitment to cloud-native platforms and open-source communities while also extending its worldwide presence with new team members, customers, and partners. The acquisition of Nuxeo can spur lucrative opportunities for this market. Nuxeo's enterprise-class DAM complements and expands Hyland's unrivaled range of content services platform products with strong new features. Hyland clients will be able to use Nuxeo Insight, an AI and machine learning solution, to automatically enrich even the largest content libraries with business-specific information, trigger processes, and offer useful insights to their informatics teams.
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Rising Popularity of AI and ML to Incite Development
Internet of things (IoT) and cloud computing are examples of technological breakthroughs. According to Statista, the quantity of data generated in 2020 was 64.2 zettabytes, and this figure is expected to rise to more than 180 zettabytes by 2025. Enterprises use artificial intelligence-based analytics and solutions to manage such a vast volume of unstructured data. It automates, minimizes risk, and increases the value of the material. It also enhances data governance. As a result, ECM solutions are anticipated to become more popular in the near future. Therefore, accelerating the enterprise content management market growth. By evaluating document content and others, AI integrated ECM systems use robotic process automation to help extract and tag documents, identify documents based on content and extract essential information. Advanced data indexing and capture are made easier with AI-based ECM systems. For example, AI-based image recognition aids in auto-tagging photos during upload and the automatic extraction of text from them.
Hyland Software to Hold the Lion’s Share
To increase the capacities of ECM solutions, the manufacturers are investing in new techniques. In order to extend their enterprise content management market share, the big corporations engage in purchases, mergers, agreements, and alliances. For instance, Hyland Software, Inc. released innovative solutions and product upgrades in March 2021 to improve customer experience and accelerate digital transformation. Perceptive Content Foundation Enhancement Pack (EP) 3, Content Composer Foundation EP 3, and Brainware Foundation EP2 are among the product enhancements. Priority Work Management and Alfresco Content Services 7.0 are two of Hyland's latest products.
The Report Lists the Key Companies in the Market:
Further Report Findings:
The Market is Segmented into:
Value (USD Billion)
By Solution, Deployment, Enterprise Size, Industry Vertical, Region
By Deployment Model
By Enterprise Size
By Industry Vertical