A new market research report has been released, revealing a very positive forecast for the enterprise content management (ECM) market moving forward.
According to the study, published by MarketsandMarkets, the ECM market size is expected to grow from US$31.66 Billion in 2017 to US$67.14 Billion by 2022, at a Compound Annual Growth Rate (CAGR) of 16.2 percent.
MarketsandMarkets affirms the main driving factor of the ECM market is the increasing complexities of managing exponential data growth and high need of securing confidential data in various verticals.
The company also expects an increase in the adoption of cloud ECM solutions and services among small and medium enterprises (SMEs), which will help the ECM market to gain traction during the forecast period.
Within the market, digital asset management (DAM) is estimated to contribute highest CAGR for the ECM market, with 17.8 percent.
Digital assets of images, graphics, logos, animations, audio/video clips, presentations, web pages, documents, and other digital file formats, which MarketsandMarkets are important for managing the enterprise asset lifecycle.
The on-premises segment (solutions delivered for a one-time licence fee along with a service agreement) is expected to hold a major portion of the market during the forecast period.
MarketsandMarkets says this kind of solution requires huge infrastructure and a personal data center, meaning only those organizations (generally SMEs) that can afford the cost usually deploy this solution.
Furthermore, it has several advantages, including system and data control, and dedicated maintenance and support staff.
When it comes to the market by region, North America is expected to hold the largest market size during the forecast period and dominate the ECM market as this region is extremely responsive towards the adoption of the latest technological advancements.
However, Asia Pacific (APAC) is estimated to be the big mover, growing at the highest rate in terms of CAGR and is expected to become a new hotspot for ECM vendors as a revenue generating region.
According to MarketsandMarkets, the big players that offer ECM solutions and services across the globe are Microsoft Corporation (US), IBM Corporation (US), Hyland Software, Inc. (US), OpenText Corporation (Canada), Oracle Corporation (US), Alfresco Software, Inc. (UK), Everteam (France), Fabasoft (Austria), M-Files Corporation (US), Laserfiche (US), Xerox Corporation (US), and Newgen Software Technologies Ltd. (India).