Global Enterprise Content Management Market is expected to reach US$ 32.30 Bn by 2027, registering a CAGR of 10.8% during the forecast period 2019-2027.
Increasing content mobilization, content platform consolidation, content migration on cloud due to less initial investments, regulatory pressures and rising multi-organization ecosystem are some of the major factors boosting the demand of enterprise content management market during the forecast period. The increasing adoption of digital working culture in organizations coupled with a content explosion in enterprises has led to the increased demand for ECM solutions and services worldwide. ECM solutions are quite popular in developed regions such as North America and Europe and their demand in developing regions such as the Asia Pacific is growing at an impressive rate.
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Continuous investments in ECM solutions by companies across major industry verticals such as BFSI, government, and retail have fueled the enterprise content management market growth, especially among developing economies such as China and India. Rest of the developing regions like South America and Middle East & Africa are also expected to grow significantly throughout the forecast period. BFSI, retail, and government sectors are the major industry verticals poised to drive the enterprise content management market during the forecast period.
The market players present in the enterprise content management market are mainly focusing on product enhancements by implementing advanced technologies. Few of the recent developments in the enterprise content management market are listed below:
2019: M-Files Corporation partnered with Ricoh Australia to provide intelligent document management and workflow solutions to Australian customers. The company can offer solutions for managing enterprise content and information with its flexible cloud capabilities; hence, Ricoh Australia partnered with the company to expand its customer base in the Australian market.
2018: IBM Corporation and Box, Inc. have collaborated for three years to offer an easy way to securely access, store, and share business data as well as apply analytics, and artificial intelligence to that data. In June 2018, IBM and Box expanded their partnership. IBM Corporation and Box, Inc. continue to expand their strategic partnership by combining IBM Cloud with Box’s content management solutions.
2017: Box, Inc. Company, an ECM system provider, partnered with Microsoft Corporation through a new offering named Box Using Azure that integrates Box’s cloud content management platform with Microsoft’s Azure cloud platform. The partnership delivers new digital content experience and simplify business processes for employees, partners, and customers.
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