According to the new market 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%.
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Increasing complexities of managing exponential data growth and high need of securing confidential data in various verticals have led to the adoption of ECM solution. With the expected increase in the adoption of cloud ECM solutions and services among Small and Medium Enterprises (SMEs), the ECM market is likely to gain traction 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.
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On-premises deployment type is expected to hold a major market size during the forecast period.
On-premises segment holds the major portion of the ECM deployment type. On-premises solutions are delivered for a one-time license fee along with a service agreement. As on-premises deployment requires huge infrastructure and a personal data center, only those organizations that can afford the cost usually deploy this solution. Therefore, SMEs often face the dilemma of choosing between cloud and on-premises solutions. Furthermore, it has several advantages, including system and data control, and dedicated maintenance and support staff.
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.
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