In the MarketsandMarkets taxonomy, we define Enterprise Content Management market as – Enterprise content management can be defined as “a process of accurately defining, sourcing, integrating, storing, and effectively retrieving and reconciling massive amounts of enterprise wide data.” Most of the business personnel involved in making strategic decisions rely on the enterprise data produced inside the organization. However, a majority of their time is taken up in the search, transformation, processing, and extraction of the suitable data to construct the necessary business models and implement them strategically. Making crucial business data easily available and in a structured form can result in increased efficiency and reduced costs of data management. The enterprise content management solutions also help in sourcing data from different databases and data marts. They help in migrating, integrating, eliminating noise, and redundancy in data along with properly archiving it to extract meaningful business insights for business decisions. These solutions can also incorporate an organization’s existing templates, formats, policies or standards, improve data integrity, and enforce best data governance practices. By automating data management and facilitating exchanges among multiple heterogeneous systems used across the data lifecycle, enterprise content management solutions provide users with timely access to the latest data qualified to make crucial business decisions.
The enterprise content management market has been divided into two segments: software and services. The service segment is growing at a very fast rate. The market share of services is expected to be higher than software in 2020. Cloud-based services and the increasing trend towards data management consulting and risk management are helping the services segment to gain a greater market share. The services are mainly segmented into consulting services, training and support services, and maintenance and operations services. Companies such as IBM Corporation, Accenture, Oracle Corporation, Teradata Corporation, Informatica Corporation, and SAP SE are among the major players providing services for the enterprise content management market.
- The enterprise content management market on the basis of user type is estimated to grow from $64,789.7 million in 2015 to $105,195.3 million by 2020.
- The enterprises market is estimated to grow from ~$38.0 billion in 2015 to ~$60.0 billion by 2020, at a CAGR of ~7.0% during the forecast period.
- The enterprise market is expected to grow significantly with the current advancements in technology and the increase in demand in tailored applications.
- The market in APAC is expected to exhibit the highest growth rate for the user type model.
- The SMBs market is expected to grow from ~$22.0 billion in 2015 to ~$40.0 billion by 2020, at a CAGR of ~9.0% during the forecast period.
- Increase in demand for cloud-based data management applications is driving the enterprise content management market in the SMB segment.
One of the main drivers in enterprise content management market is- There is an increased trend in adoption of columnar databases and massive parallel processing architectures. The deployment of columnar databases will store the data entries in a column format which enables consistent data entry format. Columnar databases almost eliminate the need of metadata stored in data pages and frees up the memory; data retrieval and navigation of data entries in columnar databases is also quick. Enterprises are generating massive chunks of data on a daily basis. The data coming from various functional departments such as sales, marketing, production, and planning is crucial in making strategic business decisions. Massive parallel processing can process huge chunks of databases and draw analytical results within a short period of time. Thus, the need for implementing Enterprise content management solutions is increasing.
North America has been open towards adopting data management solutions. Factors such as the indispensable need to maximize value from the centralized enterprise data followed by the ongoing demands to gain meaningful insights and support effective decision-making in an organization are leading to the high adoption of these solutions in North America. Furthermore, this region has been extremely responsive towards adopting the latest technological advancements such as integration of big data and business intelligence tools within enterprise content management solutions. The SMBs and large enterprises mainly consider enterprise content management solutions to improve their client-centric approaches and maintain consistency in enterprise data so they can enhance the efficiency in different organizational processes. Moreover, in 2014, this region also witnessed widespread adoption of cloud-based enterprise content management solutions and services among the large enterprises and SMBs across multiple verticals. The major growth drivers for this region are the large-scale investments in the implementation of enterprise content management solutions and prevalence of a disciplined approach by users towards using data management applications North America, especially the U.S., is expected to implement extensive enterprise content management solutions, particularly for maintaining a centralized repository, minimizing replication, and enhancing the data quality across all multiple industrial verticals. Presently, the enterprise content management market in North America is the largest revenue generator among all regions.