According to a new report published by Allied Market Research, titled, “Enterprise Content Management System Market," The enterprise content management system market was valued at $21.5 billion in 2020, and is estimated to reach $53.2 billion by 2030, growing at a CAGR of 9.8% from 2021 to 2030.
Enterprise content management is a systematic approach of managing content throughout its lifecycle. It enables unstructured information, including word documents, PDFs, emails, and scanned images to be securely stored and made accessible to authorized users. It is implemented to do business more efficiently and utilized in commercial supply chains, contract management, HR processes, and government administration. Organizations can simplify and streamline work by eliminating the dependence on paper documents and organizing unstructured information according to business needs.
Key factors that are expected to drive the growth of the enterprise content management system market size include rise in demand for enterprise content management practices to meet regulatory compliance standards & audit management with improved visibility to control & strengthen corporate information , enhance security and optimize business processes with automated workflows, and streamline business processes by eliminating repetitive manual tasks. These factors are driving the demand for enterprise content management system market.
On the basis of solution, the record management segment is expected to grow at a fastest rate during the forecast period. This is attributed to the fact that companies use the records management to manage informational assets through the use of advanced applications. It is one of the major application areas that requires high security.
Region wise, North America dominated the global enterprise content management system market in 2020, and is expected to maintain this trend during the forecast period. This is attributed to end-use industries in this region, which focus on availing advanced industry-specific content management solutions and services to sustain the competitive environment. However, Asia-Pacific is expected to grow at the fastest CAGR during the enterprise content management system market forecast period as the leading players focus toward expansion in Asia-Pacific to increase their business as the region is expected to witness significant growth in the deployment of data management solutions for end-use sectors.
The enterprise content management system industry has been positively impacted by the COVID-19 outbreak. This is attributed to the fact that consumer trends toward enterprise content management are changing and key players in the market adopt technologies, such as artificial intelligence-based solutions for digitizing there content for real-time interaction with consumers.
Key findings of the study
- By industry vertical, the BFSI segment led the enterprise CMS market in terms of revenue in 2020.
- By solution, the record management segment accounted for the highest enterprise CMS market share in 2020.
- By region, North America generated the highest revenue in 2020.
The key players profiled in the enterprise content management system market analysis are Adobe, Capgemini, Fabasoft, Hyland Software, Inc., Lexmark International, Inc., Microsoft Corporation, M-Files, Inc., Oracle, Open Text Corporation, and XEROX Corporation. These players have adopted various strategies to increase their market penetration and strengthen their position in the enterprise content management system market share.