New York, NY, Sept. 03, 2018 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “Enterprise Content Management Market by Deployment Pattern (Cloud, On-Premises, and Hybrid), by Component (Solution and Service), and by End-Use Industry (IT & Telecom, BFSI, Government Sector, Retail, Manufacturing, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2017 – 2024”. According to the report, the global enterprise content management market accounted for USD 30.9 billion in 2017 and is expected to reach USD 94.6 billion globally by 2024, with a CAGR of around 17.4% between 2018 and 2024.
Enterprise content management (ECM) is a system that contains tools, used for collecting, managing, storing, preserving, and delivering critical information about an organization. Due to technological advancements in various industrial sectors and their presence in varied regions, enterprise content management has become a vital part of business growth.
Browse through 63 Tables & 27 Figures spread over 118 Pages and in-depth TOC on “Global Enterprise Content Management Market Size 2017: Industry Share, Trends, Growth, Analysis, and Forecast, 2024”.
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ICT industry has grown at a phenomenal rate during the last five years. In 2015, global ICT sector generated revenue of about USD 4,400 billion as that of USD 3,433 billion in 2010. Increasing the number of offshore development centers in developing countries is the major driver for this growth. Further, in 2014, the Indian IT industry generated a revenue of about USD 120 billion as compared to USD 60 billion in 2008. It is projected that the IT sector in India will reach USD 250 billion by 2020. Thus, the IT sector in Asia Pacific region is anticipated to be a crucial driver for the enterprise content management market.
The manufacturing industry is expected to fuel the growth of the enterprise content management market during the forecast period. Investments to automate manufacturing processes are expected to drive the enterprise content management market. In 2016, global industrial robots sales increased by almost 16% as compared to 2015. Due to the complex manufacturing processes, it is essential for an organization to get regular updates. ECM systems help the organization in determining the progress of the overall manufacturing process from procurement of raw materials for the delivery of finished goods. These systems provide information about the suppliers/vendors, logistics, and customers. Thus, increasing use of technology in the manufacturing sector is anticipated to propel enterprise content management market.
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As per the component segment, global enterprise content management market is divided into software and service. Software segment is expected to dominate the enterprise content management market during the forecast time span. Furthermore, enterprise content management market is bifurcated on the basis of end-user industry into IT & telecom, BFSI, government sector, retail, manufacturing, and others. The retail segment is anticipated to hold a substantial share during the estimated period.
Since North America is the most technologically developed region, it is expected to hold a notable share in the global enterprise content management market. Recognized IT & telecom firms are headquartered in North America. In 2017, the computer systems market in the U.S. witnessed a growth of about 18% as compared to the previous year. Further, the presence of prominent players in the enterprise content management market such as IBM Corporation, Microsoft Corporation, and Oracle Corporation are projected to drive the regional market.
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Rising demand for ECM systems among various financial institutes and retailers in Europe is expected to drive the demand for the solution. Retail sales in the UK were USD 526,009 million in 2017 as compared to USD 502,459 million in 2016. Online sales in Europe are projected to grow by almost 10% in 2018 as compared to the previous year. The projection is anticipated to rise over the next 5 years. Further, financial service investment projects in Europe grew by 6% in 2016 as compared to 2015. Thus, Europe will fuel the growth of the enterprise content management market over the estimated timeframe.
The Asia Pacific is projected to grow at a substantial rate during the forecast period. India and China are expected to have great potential for enterprise content management market. The manufacturing sector in the region is anticipated to play a crucial role. In India, the manufacturing sector has grown at a rate of 4.34% from 2012 to 2018. Government is also taking initiatives to encourage investments in the manufacturing sector. In past seventeen years, the cumulative Foreign Direct Investment (FDI) in India’s manufacturing sector had reached about USD 73.7 billion. This number is projected to rise during the forecast period. Thus, the enterprise content management market in the Asia Pacific is anticipated to propel during the forecast timeframe.
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Latin America is estimated to contribute considerably to the growth of the enterprise content management market. Adoption of online banking services will drive the demand for enterprise content management market in the region. In 2015, about 44% of the bankers in Brazil were using net banking services. Argentina had about 6.5 million online banking customers in 2017. This number is anticipated to rise during the projected timeframe owing to the technological advancements. Thus, Brazil and Argentina are the key contributors to the growth of regional enterprise content management market.
Some of the major competitors in the enterprise content management market are Oracle Corporation, IBM Corporation, Microsoft Corporation, OpenText Corporation, Xerox Corporation, Hyland Software, Inc., Everteam, Alfresco Software, Inc., M-Files Corporation, and Fabasoft, among others.
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The report segments the global enterprise content management market as follows:
Global Enterprise Content Management Market: Deployment Pattern Segment Analysis
- Cloud
- On-Premises
- Hybrid
Global Enterprise Content Management Market: Component Segment Analysis
- Solution
- Services
Global Enterprise Content Management Market: End-Use Industry Segment Analysis
- IT & Telecom
- BFSI
- Government sector
- Retail
- Manufacturing
- Others
Global Enterprise Content Management Market: Regional Segment Analysis
- North America
- The U.S.
- Europe
- UK
- France
- Germany
- Asia Pacific
- China
- Japan
- India
- Latin America
- Brazil
- The Middle East and Africa
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