Cloud Enterprise Content Management expected to exceed $34 billion by 2022
The "Cloud Enterprise Content Management Market by Solution (Document Management, Case Management, Workflow Management, Record Management, and E-Discovery), Service, Deployment Model, Organisation Size, Vertical, and Region - Global Forecast to 2022" report has been added to Research and Markets' offering.
Predictions for a huge growth in market size from $9.77 billion USD in 2017 to $34.42 billion by 2022. A staggering annual growth rate of 28.6% will be driven by the growth in digital content across organisations, easier access from remote locations, protection of information and legislation from new regulations such as GDPR as well as the take up from adoption cloud computing across enterprises
ECM market report has been broadly categorised on numerous elements including; document management, content management, workflow management and others. Based on services into professional services and managed services in addition to basing on the deployment models into public, private and hybrid sectors, with the Small and Medium Enterprises (SMEs) and large corporations. Focusing on the verticals of BFSI, education, energy and power, government and public sector, healthcare and life sciences, manufacturing, media and entertainment, retail and consumer goods, telecommunications and ITES, and others; and on the basis of regions into North America, Europe, Asia Pacific (APAC), Middle East and Africa (MEA), and Latin America.
The ECM solution is projected to hold the largest market size as well as continue dominance during the forecast period. There has been a great increase in the number of documents developed in an enterprise daily, this has led to the need to manage and store generated data. The solution ensures streamlining of business information. Developing better availability at the right time and from the right source will improve productivity of a system.
The reason for the increased implementation of public cloud is its ease to access and rapid deployment. The public cloud model offers benefits including; scalability, reliability, flexibility and remote location access.
However, the major concerns are to the security of data. Many enterprises are shifting to private and hybrid solutions. With SMEs moving to implementing cloud ECM and rapidly growing at the highest CAGR during this forecasted period. ECM has the potential to become a critical part of the business processes in SMEs, due to the ease and flexibility and will continually grow in the coming years.