The global cloud based enterprise content management market is expected to be driven organizations’ willingness to choose enterprise content management based on cloud technology over other kind of on premises software solutions.
According to many organizations moving and implementing hybrid cloud ECM, the technology offers 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 cloud has become an attractive option for any company whose workforce is distributed and need of information required is established on a server with physical access from various locations. 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 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 a massive growth measured in terms of robustness, scalability and investments from end-users in emerging ECM solutions based on cloud technology.
Market trend shows that there is an increase in the 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, abundance of unstructured data and contents, quick sharing of sensitive data, increasing efficiency of database applications and 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 organization, improved mobile access and increased collaboration with customers outside firewall is 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 stamp.
Based on its multiple growth drivers, the market is rapidly changing to address the growing dearth of information across various platforms over cloud. A growing number of diverse end point devices can access the contents from ECM. It has instilled urgency to come up with new solutions that helps 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 shows that principle based legislation, data loss protection, digital rights are the best practices to be adopted in case of cloud based ECM usage.
North America and Europe are the leading regions and are characterized by a mature technology landscape. 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 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.
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