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(Hosting-NewsWire.com, May 13, 2020 ) According to a research report "Enterprise Content Management Market by Component (Solutions and Services), Business Function (Accounts & Finance, Human Resources, Supply Chain Management, Operations, and Marketing), Deployment Type, Organization Size, Vertical - Global Forecast to 2022", published by MarketsandMarkets, The ECM market size is expected to grow from USD 31.66 billion in 2017 to USD 67.14 billion by 2022, at a Compound Annual Growth Rate (CAGR) of 16.2%.The growing need for regulatory content management to enhance operations and increased traction for risk mitigation in content management are have led to the adoption of ECM solution. With the expected increase in the adoption of cloud ECM solutions and associated services among Small and Medium Enterprises (SMEs), the ECM market is likely to gain traction during the forecast period.
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Large enterprises is expected to hold a major market size during the forecast period.
Large enterprises control a number of different enterprise systems that have higher levels of complexities. The market size of ECM is relatively high for large enterprises as compared to SMEs. This is due to the affordability and high economies of scale offered by ECM solutions that allow organizations to leverage the benefits of ECM solutions and services. The ECM market is undergoing significant technological transitions, such as collaboration with social media, real-time solutions, and the usage of mobile devices. All these advancements are favorably welcomed and highly adopted by large enterprises. The market share for ECM across large enterprises is higher and is expected to rise at a constant pace during the forecast period.
Digital Asset Management (DAM) is contributing the highest CAGR for the ECM market.
The DAM solution is estimated to contribute the largest market size with a CAGR of 17.8%. Digital assets consist of images, graphics, logos, animations, audio/video clips, presentations, web pages, documents, and other digital file formats. It is important for managing the enterprise asset lifecycle. DAM solutions help organizations to enhance their productivity and reduce the total cost of ownership through effective utilization and management of digital assets.
The rapid adoption of ECM due to a strong and well-established economy makes North America the largest market in terms of global share.
North America is expected to hold the largest market size during the forecast period and dominate the ECM market, as this region is extremely responsive towards the adoption of the latest technological advancements. From 2017 to 2022, APAC is estimated to grow at the highest rate in terms of CAGR and is expected to become a new hotspot for ECM vendors as a revenue generating region. Furthermore, Europe is expected to be another revenue generating a market, with solutions market as the leading revenue generating segment.
The major vendors that offer ECM solutions and services across the globe are Microsoft Corporation (US), IBM Corporation (US), Hyland Software, Inc. (US), OpenText Corporation (Canada), Oracle Corporation (US), Alfresco Software, Inc. (UK), Everteam (France), Fabasoft (Austria), M-Files Corporation (US), Laserfiche (US), Xerox Corporation (US), and Newgen Software Technologies Ltd. (India).
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