New York, United States , June 05, 2024 (GLOBE NEWSWIRE) -- The Global Enterprise Content Management Market Size Expected to Grow from USD 46.32 Billion in 2023 to USD 122.58 Billion by 2033, at a CAGR of 10.22% during the forecast period 2023-2033.
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Enterprise content management (ECM) is a set of documented procedures, strategies, and technologies that enable a company to collect, organise, store, and distribute critical information to its employees, business stakeholders, and customers. For instance, on May 14, 2024 According to GRM Information Management, organisations are increasingly focusing on which artificial intelligence (AI) technologies to deploy rather than which operational areas AI can be implemented in for the most impact and return on investment. GRM Information Management is the global leader for AI-enabled document processing and enterprise content management (ECM). Companies can leverage the GRM platform and its AI capabilities to create a central information hub for document and content processing, resulting in a valuable corporate knowledge base. These solutions are created from the ground up, allowing for high-level data security and the deployment of unique security features. The solutions can be integrated with other systems to ensure content consistency, make marketing campaigns easier, increase customer onboarding and product information, streamline publication, and so on. As a result, a greater emphasis will be placed on embracing customised approaches. However, modern content management systems, which rely on technology, have raised concerns about data privacy and security. These issues include security and data breaches, identity theft, cyber-attacks, and more. The rising prevalence of cyberattacks and identity theft among businesses has hampered industry growth.
Browse key industry insights spread across 200 pages with 110 Market data tables and figures & charts from the report on the "Global Enterprise Content Management Market Size, Share, and COVID-19 Impact Analysis, By Type (Document Management System (DMS), Web Content Management (WCM), Document-Centric Collaboration (DCC), Records Management, Document Imaging, Business Process Management (BPM), Others), By Business Function (Sales & Marketing, Human Resources), By End User (Telecom and IT, Banking Financial Services and Insurance (BFSI), Retail, Education, Manufacturing, Media and Entertainment, Government, Healthcare, Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033."
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The records management segment is expected to hold the largest share of the global enterprise content management market during the anticipation timeframe.
Based on the type, the global enterprise content management market is categorized into document management system (DMS), web content management (WCM), document-centric collaboration (DCC), records management, document imaging, business process management (BPM), and others. Among these, the records management segment is expected to hold the largest share of the global enterprise content management market during the anticipation timeframe. The records management components of ECM software provide the tools and capability required to systematically organise, retain, and dispose of records in line with regulatory norms. This is particularly critical in industries like finance, healthcare, and law, where compliance violations can have substantial legal and financial consequences.
The human resources segment is expected to grow at the fastest CAGR during the anticipation timeframe.
Based on the business function, the global enterprise content management market is categorized into sales & marketing, and human resources. Among these, the human resources segment is expected to grow at the fastest CAGR during the anticipation timeframe. HR departments must track the life cycle of documents while also managing all employee-related papers such as resumes, applications, contracts, employee performance assessments, and training materials. ECM systems enable reliable storage for all HR-related records. This simplifies document management processes by putting key papers at the HR professional's fingertips, allowing them to swiftly and accurately search for, access, and retrieve employee-related information.
The retail segment is expected to hold a significant share of the global enterprise content management market during the anticipation timeframe.
Based on the end user, the global enterprise content management market is categorized into telecom and it, banking financial services and insurance (BFSI), retail, education, manufacturing, media and entertainment, government, healthcare, and others. Among these, the retail segment is expected to hold a significant share of the global enterprise content management market during the anticipation timeframe. ECM streamlines content creation, approval processes, and distribution workflows, ensuring that product information is consistent and accurate across multiple platforms including as websites, mobile apps, and physical stores. It enhances communication between the merchandising, marketing, and sales departments, resulting in speedier decision-making and time-to-market for new products.
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North America is projected to hold the largest share of the global enterprise content management market over the anticipation timeframe.
North America is projected to hold the largest share of the global enterprise content management market over the anticipation timeframe. To accommodate the growing need for advanced content management technology, organisations such as Newgen Software and Knowledge Lake have introduced innovative ECM solutions. Furthermore, the trend to remote work and the emphasis on data security and compliance, particularly with regulations like GDPR and HIPAA, are boosting market expansion as firms try to overcome these challenges.
Europe is expected to grow at the fastest CAGR growth of the global enterprise content management market during the anticipation timeframe. The continued efforts of stakeholders in the enterprise content management industry to integrate management systems are expected to pave the way for new prospects in the enterprise content management market soon. These factors have contributed to the expansion of the enterprise content management sector in Europe.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Enterprise Content Management Market Includes M-Files Corp., Epicor Software Corp., Alfresco Software Inc., DocuWare GmbH, Datamatics Global Services Limited, Hewlett Packard Enterprise Company, Microsoft Corporation, OpenText Corporation, Hyland Software Inc., IBM Corporation, Xerox Corporation, Oracle Corporation, Capgemini SE, Newgen Software Technologies Limited, and others.
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Recent Developments
- On May 2024, Fusion, an award-winning Business Process Management (BPM) and Enterprise Content Management (ECM) software, is expanding into the North American market after a successful launch in South America and other foreign countries. This work is supported by a strategic partnership with S4A IT Solutions, a well-known Calgary-based boutique IT solutions and delivery consulting organisation.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the global enterprise content management market based on the below-mentioned segments:
Global Enterprise Content Management Market, By Type
- Document Management System (DMS)
- Web Content Management (WCM)
- Document-Centric Collaboration (DCC)
- Records Management
- Document Imaging
- Business Process Management (BPM)
- Others
Global Enterprise Content Management Market, By Business Function
- Sales & Marketing
- Human Resources
Global Enterprise Content Management Market, By End User
- Telecom and IT
- Banking Financial Services and Insurance (BFSI)
- Retail
- Education
- Manufacturing, Media and Entertainment
- Government
- Healthcare
- Others
Global Enterprise Content Management Market, By Regional
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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