Back in 2020, the enterprise content management (ECM) landscape was valued at $47.3 billion. It’s expected to break the $100 billion barrier by 2026.
ECMs help to automate workflows for the facilitation of creating documents, publishing them, and editing them – with the ultimate aim of improving general business processes as well as closer collaboration between team members and departments.
Its effectiveness emanates from its role of managing all of the phases of content that initiate content creation, storage, delivery, versions, archive, and disposal – all following the laws and rules of where the enterprise operates.
The driving force of ECM solutions is to help enterprises do business better and more efficiently – whether it is content from contract management, commercial supply chains, HR processes, or marketing.
With that in mind, let’s take a look at the key market trends in the enterprise content management market.
North America to hold the lead
As a pioneer in the adoption of innovative digital solutions, North America will continue to provide an edge over other regions. Also, a number of recognized firms in IT and telecoms are headquartered in North America, adding to the growth of the market.
The region also has a large supply of ECM providers that are accelerating the market in North America – these include Microsoft, OpenText, Oracle, Hyland, and IBM.
The platforms of the biggest players are providing content management services to the Fortune 100 companies.
In addition, there have been a number of mergers and acquisitions within the market. For example, OpenText’s acquisition of Documentum.
In terms of growth, we’re expecting a significant upward trajectory in the near term due to the rise in need for digital content for online marketing and building customer relationships.
In the US, for example, mobile marketing is forecast to fuel the online marketing industry. The industry accounts for more than 70% of all digital advertising spend.
Document management set for significant growth
Perhaps most of us think this: paper documents are simply a nightmare. They take up space, consume time, and tend to get lost.
As a result, electronic documents and data have come in to replace or supplement paper documents. With the advancement of technology, it has led to more secure and efficient systems to retrieve and store docs.
All of this has contributed to making document management technology one of the fastest-growing systems.
Enterprises can utilize document management in order to better manage the creation, revision, and consumption of online documents. And this is through capabilities such as document profiling, searching, check-in and check-out, revision history, version control, document security, and library services.
Cloud computing has also elevated capabilities by providing easily accessible resources for documents that can also help to be cost-effective.
A competitive landscape
The market for enterprise content management is a market that is very competitive and includes a couple of major players that dominate the market. They are also expanding their customer base to cover more foreign markets.
The biggest names are taking advantage of strategic initiatives to bump up their market share and are acquiring promising start-ups in the enterprise content management area.
As one example, Capgemini bought Adaptive Lab, a digital design studio that helps businesses adjust to new technology and customer behavior shifts.