The global cloud-based enterprise content management (ECM) market is expected to be driven by an organization's willingness to choose enterprise content management based on cloud technology over other kinds of on-premise software solutions.
According to many organizations moving and implementing hybrid cloud ECM, the technology offers a huge advantage as the company could avoid upfront IT integration costs and several management bottlenecks associated with any kind of on-premises and legacy technologies.
ECM in the cloud has become an attractive option for any company whose workforce is distributed and needs information required is established on a server with physical access from various locations. The past trend has shown that ECM users are using mostly file-sharing applications regardless of online transaction security concerns. This is due to ease of access to information and time management.
But as technological advancement progressed in enterprise content management solutions, more verticals have started to adopt cloud-based ECM architecture and end-users have become more dependent on their day-to-day business operations.
The cloud-based enterprise content management market is expected to continue to have a steady growth with increased investment in the ECM architecture arising from emerging economies such as India and Brazil. The market is expected to have massive growth measured in terms of robustness, scalability, and investments from end-users in emerging ECM solutions based on cloud technology.
The market trend shows that there is an increase in awareness among potential consumers application-wise. Cloud-based ECM is applicable for any organization which aims to modernize its way of storing data and therefore has a larger application scope compared to other forms. ECM on cloud technology is widely used across several domains such as education and academia, banking, financial services, securities, and capital markets, insurance, energy, consumer goods, power, defense, healthcare, manufacturing, IT & telecom, media, and transportation. Industries with high information security requirements shall be the prime consumers of the technology over the forecast period.
Digitalization of several business platforms, an abundance of unstructured data and contents, quick sharing of sensitive data, increasing efficiency of database applications, and a positive trend in bring your own device (BYOD) movement in workplaces are the major driving factors for the overall industry.
Better availability across multi-site organizations, improved mobile access, and increased collaboration with customers outside the firewall are expected to further complement industry growth. Another significant benefit of using cloud-based ECM is that the system helps improve effective usage monitoring capabilities, thereby securing access and establishing time stamps.
Based on its multiple growth drivers, the market is rapidly changing to address the growing dearth of information across various platforms overcloud. A growing number of diverse endpoint devices can access the contents from ECM. It has instilled urgency to come up with new solutions that help to expand the applicability and usability of cloud-based ECM.
Lack of clarity regarding target end-users, implementation of the system across organizations, and identification of best-case usage are a few restraining factors for the industry. Data privacy is also a major hindrance to the cloud-based ECM industry as malware interference can impact security. End-user trends show that principle-based legislation, data loss protection, and digital rights are the best practices to be adopted in the case of cloud-based ECM usage.
North America and Europe are the leading regions and are characterized by a mature technology landscape. The Asia Pacific on the other hand is expected to register tremendous gains, primarily due to a rapidly developing IT & IT services industries. Digitalization of existing businesses on a small & medium scale is another positively impacting trend for the Asia Pacific region.
Key companies operating in the market include Microsoft, Oracle, IBM, HP, Nuxeo, OpenText, Hyland Software, Alfresco, Xerox, Google, M-Files, Perceptive, SpringCM, and Documentum. Expanding regional presence is a major preference among companies looking to increase their customer base and this has led to companies providing their services across Asian and Latin American markets.
NEED A CUSTOM REPORT?
We can customize every report - free of charge - including purchasing stand-alone sections or country-level reports, as well as offer affordable discounts for start-ups & universities.
Contact us now to get our best pricing.
We are GDPR and CCPA compliant! Your transaction & personal information is safe and secure.
"The quality of research they have done for us has been excellent."
Artificial Intelligence (AI), Virtual Reality (VR), and Augmented Reality (AR) solutions are anticipated to substantially contribute while responding to the COVID-19 pandemic and address continuously evolving challenges. The existing situation owing to the outbreak of the epidemic will inspire pharmaceutical vendors and healthcare establishments to improve their R&D investments in AI, acting as a core technology for enabling various initiatives. The insurance industry is expected to confront the pressure associated with cost-efficiency. Usage of AI can help in reducing operating costs, and at the same time, can increase customer satisfaction during the renewal process, claims, and other services. VR/AR can assist in e-learning, for which the demand will surge owing to the closure of many schools and universities. Further, VR/AR can also prove to be a valuable solution in providing remote assistance as it can support in avoiding unnecessary travel. The report will account for Covid19 as a key market contributor.