CHICAGO, May 22, 2020 /PRNewswire/ -- According to the new market research report "Enterprise Content Management Market by Component, Deployment Mode, Organization Size, Business Function (HR Operations, Procurement and Supply Chain Management), Vertical (BFSI, Transportation and Logistics), and Region - Global Forecast to 2025", published by MarketsandMarkets™, the Enterprise Content Management 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.
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.
Among regions, North America to hold the largest market size during the forecast period
North America is expected to hold the highest market share during the forecast period. This can be attributed to the increasing investments in the development of various technologies and applications of ECM driving the growth of vendors in the region. North America houses multiple ECM vendors, such as Microsoft, IBM, Oracle, Xerox, OpenText, Veeva, M-Files, and niche players in the ECM Market such as Ascend, Laserfiche, Alfresco, Hyland Software, Nuxeo. However, strict regulations and compliances related to cybersecurity are anticipated to become a major restraint in the growth of the market.
The report includes the study of the key players offering ECM solutions and services. The major vendors in Enterprise Content Management Market includes 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).It also includes an in-depth competitive analysis of the key players in the ECM Market, along with their company profiles, business overviews, product offerings, recent developments, and market strategies.
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