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Enterprise Content Management Market to Soar at a CAGR of 14.3% by 2028; Collaboration of OpenText Corporation and Google Cloud to Aid Market Expansion

July 21, 2021 | Information & Technology

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.


To get a detailed report summary and research scope of this market, click here:


https://www.fortunebusinessinsights.com/industry-reports/enterprise-content-management-ecm-market-101660


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.


Key Development:



  • September 2019: OpenText Corporation signed a collaboration with Google cloud. This merger will offer google cloud’s multi-cloud and hybrid cloud to manage and deploy OpenText enterprise information management applications, including content servers, comprehensive enterprise content management.


The Report Lists the Key Companies in the Market:



  • Xerox Corporation (Connecticut, U.S.)

  • OpenText Corporation (Ontario, Canada)

  • Epicor Software Corp. (Texas, U.S.)

  • Adobe Inc. (California, U.S.)

  • Laserfiche (California, U.S.)

  • Datamatics Global Services Limited (Mumbai, India)

  • M-files Corporation (Texas, U.S.)

  • Kyocera Corporation (Kyoto, Japan)

  • Docuware Corporation (Germering, Germany)

  • Ascend Software (California, U.S.)


Further Report Findings:



  • Regional Insights: The market in North America stood at USD 3.98 billion in 2020. North America is likely to have a strong presence in the ECM industry in the forthcoming years. To safeguard and manage the volume of data, industry sectors such as BFSI and governments are heavily investing in such solutions. As an example, ECM is preferred by the U.S. Treasury Department as a treasury content/collaboration platform.

  • Leading Segment: Cloud-based solutions are expected to hold a significant share during the forecast period. Cloud deployment is gaining popularity due to its low cost and ease of access to documents from remote places. Mobilization, Bring Your Own Devices (BYOD) policies, and remote work increase the demand for cloud deployment, thereby surging the ECM market size.


The Market is Segmented into:






















































  ATTRIBUTE



  DETAILS



Study Period



  2017-2028



Base Year



  2020



Forecast Period



  2021-2028



Historical Period



  2017-2019



Unit



  Value (USD Billion)



Segmentation



  By Solution, Deployment, Enterprise Size, Industry Vertical,   Region



By Solution




  • Document Management

  • Web Content Management

  • Digital Asset Management

  • eDiscovery

  • Others (Record Management, Case Management, etc.)



By Deployment Model




  • Cloud

  • On-Premises



By Enterprise Size




  • Large Enterprises

  • Small and Medium Enterprises



By Industry Vertical




  • BFSI

  • Government

  • Telecom and IT

  • Retail and Consumer Goods

  • Healthcare and Life Sciences

  • Transportations and Logistics

  • Others (Manufacturing, Energy & Utilities, etc.)



By Region




  • North America (Solution, Deployment, Enterprise Size, Industry Vertical, Country)

    • U.S.

    • Canada



  • Europe (Solution, Deployment, Enterprise Size, Industry Vertical, Country)

    • U.K.

    • Germany

    • France

    • Rest of Europe





  • Asia Pacific (Solution, Deployment, Enterprise Size, Industry Vertical, Country)





    • Japan

    • China

    • India

    • Southeast Asia

    • Rest of Asia Pacific





  • The Middle East & Africa (Solution, Deployment, Enterprise Size, Industry Vertical, Country)

    • South Africa

    • GCC

    • Rest of the Middle East & Africa





  • Latin America (Solution, Deployment, Enterprise Size, Industry Vertical, Country)

    • Brazil

    • Mexico

    • Rest of Latin




Enterprise Content Management (ECM) Market
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  • 2017-2019
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