Enterprise content management market to reach $35.8 billion
The enterprise content management market is forecasted to reach a net worth of US$35.8 billion in 2032, according to Future Market Insights.
The forecasted figure is an increase from US$14.2 billion in 2021, at a higher CAGR of 8.7% over the forecast years.
The adoption of enterprise content management solutions by all sectors of the economy is a major shift experienced by the digital marketing sphere of the global market.
Over the years, different types of enterprise content management systems have entered the market, making the global market more competitive than before. According to FMI, a major driving factor for the enterprise content management governance systems was the outbreak of the Covid-19 pandemic, as most of the business operations proliferated into remote work environments creating a huge opportunity for the developers of enterprise CMS solutions across the globe.
Also, the growing trend of acquiring customers on a real-time basis through proper creation, publishing, and management of enterprise content over the online website has further boosted the requirement for services for managing enterprise content in the global market. The growing complexity of various tools used in the solutions for the ECM lifecycle and the dearth of sufficient manpower to operate it is anticipated to limit the growth of the enterprise content management market.
Over the forecast years, the growth rate of different types of enterprise content management systems is predicted to experience year-on-year growth of 8.7%, reaching a valuation of about US$ 19.9 Bn by the end of the year 2025.
The software segment is the top-performing component of the enterprise content management market, with an anticipated CAGR of 8.8%. The market value of this segment is predicted to reach nearly US$ 19.34 Bn by the year 2032, going up from US$ 7.6 Bn in 2021.
By the size of end users, large enterprises are the dominant contributing segment of the market for managing enterprise content.The total contribution recorded by this segment is estimated to be US$19.44 billion in the year 2032.
North America is the leading region for enterprise CMS platforms, occupying a market share of almost 30%. The US is the top-performing country in this segment, with a predicted market value to reach US$ 10.5 Bn by the end of this forecast period.
In the Asia Pacific, India has emerged to be the highest-growing region with a record CAGR of 10.4%. Some of the top ECM solutions companies in the region are projected to contribute immensely in the coming years and take the overall valuation up to US$2.5 billion by the year 2032.
The major players operating in the global enterprise content management market are Alfresco Software, Inc., Capgemini S.A., Datamatics Global Services Ltd., EMC Corporation, Hyland Software, Inc., IBM Corporation, Laserfiche, M-files Inc., Newgen Software, Inc., OpenText Corp., Pennywise Solutions Private Limited, SAP SE, System ware, Inc., and Tata Consultancy Services (TCS) Ltd.
Open Text Inc. launched two new content service platforms in April 2021 by combining content management, case management, and integration. These new top enterprise CMS platforms by the name of Open Text Core Content and Open Text Core Case are anticipated to grow the popularity of the company by integrating the ECM lifecycle into various formal and informal business processes.
Laser fiche released a new version of its solution for managing enterprise content in March 2021 by adding a number of extra features. It has introduced the provision for direct sharing of self-hosted systems, making it a more popularECM solution among the end users.