Enterprise Content Management Market Growing at a CAGR 10.8% | Key Player IBM, Oracle, Microsoft, SAP, OpenText
MarketsandMarkets forecasts the global Enterprise Content Management (ECM) Market size to grow from USD 40.1 Billion in 2020 to USD 66.9 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 10.8% during the forecast period. The major growth factors of the ECM market include the increased need of companies to organize, categorize, and structure all of the content in a meaningful, easily explorable manner and rising demand of companies to deliver personalized content to the right audience through the right channels.
Based on organization size, the large enterprises segment to hold a larger market size during the forecast period
Based on organization size, the ECM market is segmented into large enterprises and Small and Medium-sized Enterprises (SMEs). The large enterprises segment is expected to have a larger market size during the forecast period, due to the adoption of ECM solutions in large enterprises, owing to the huge inflow of data from multiple channels and the need to generate actionable insights from the customer data. However, the SMEs segment is expected to grow at a higher CAGR during the forecast period. SMEs are growing at a rapid rate and are keen to implement ECM solutions due to various benefits such as easy access to data, cost savings, compliance, and flexibility.
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Based on business function, the procurement and supply chain management segment to grow at the highest CAGR during the forecast period
Enterprises find it difficult to manage and identify spend across the different categories, which essentially requires domain expertise. Procurement and supply chain management is generally handled by a specific team within the organization that must manage the swift flow of quality raw materials at low cost to gain customer satisfaction. This entails collaboration with purchase, supply chain, and other teams contributing toward the end product. With the ECM system, companies can enhance cross-functional collaboration to improve efficiency and quality of materials.
The major ECM vendors include IBM (US), Oracle (US), Microsoft (US), SAP (Germany), OpenText (Canada), Xerox (US), Atlassian (Australia), Newgen Software (India), Veeva (US), Fabasoft (Austria), Ascend Software (US), Alfresco (US), Laserfiche (US), M-Files (US), Hyland (US), Everteam (US), Nuxeo (US), Systemware (US), DOMA Technologies (US), SER Group (Germany), GRM Information Management (US), Box (US), Adobe (US).These players have adopted various growth strategies, such as partnerships, agreements, and collaborations; and new product launches, to further expand their presence in the global ECM market. Partnerships, new product launches, acquisitions, and product enhancements have been the dominating strategies adopted by the major players from 2018 to 2020, which has helped them innovate their offerings and broaden their customer base.
Microsoft (US) is a one of the leading suppliers of ECM solutions. Microsoft operates in three segments that include productivity and business processes, intelligent cloud, and more personal computing. The company caters to a wide range of verticals, including finance and insurance, manufacturing and retail, media and entertainment, public sector, healthcare, and IT and telecommunications. In the ECM market, Microsoft offers Microsoft SharePoint and OneDrive. SharePoint and OneDrive exhibit capabilities that empower individuals, teams, and organizations to intelligently and securely discover, share, and collaborate to interact with and manage growing volumes of content. SharePoint can be deployed in four fundamental models: SharePoint on-premises, SharePoint Hybrid, SharePoint Online and OneDrive, and SharePoint in Azure/IaaS. Microsoft benefits from a huge ecosystem of partners that provide complementary products that integrate tightly with SharePoint and extend its content management capabilities.
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Alfresco (US) is a cloud-native, open source vendor with a well-established content services offering that is part of its Digital Business Platform, which includes other core services comprising process management, governance, search and insights (analytics), intelligence services (AI and ML), low-code modeling, a rapid app development framework, open standards, and a broad range of Application Programming Interfaces (APIs). Alfresco ECM platform provides open, flexible, and highly scalable capabilities along with easy integration capabilities with other business applications. Alfresco is used by more than 1,300 industry-leading organizations, including Cisco, Pitney Bowes, the Canadian Museum for Human Rights, US Navy Department, the Joint Chiefs of Staff and NASA.
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