MarkNtel Advisors recently issued a research report highlighting that the Global Enterprise Content Management (ECM) Market is probable to grow at a CAGR of around 15.8% during the forecast period, i.e., 2023-28. The proclaimed IT spending by the businesses to integrate ECM to moderate risk and improve productivity & efficiency coupled with offering tremendous customer services are the major factors propelling the market growth.
Moreover, the report further states that the increasing incorporation and utilization of ECM software such as Dashpivot, Box, OnBase, and Laserfiche in several verticals such as healthcare, BFSI, manufacturing, telecom, etc. are likely to boost the growth of the market in the forecast period 2023-28. Additionally, the rising implementation of technologically innovative ECM solutions in developing countries such as India & China has enabled employees to work distantly thus profiting businesses in terms of cost efficiency.
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Prominent market players aiding significantly in boosting the Global Enterprise Content Management (ECM) Market Segmentation include IBM, Microsoft, Oracle, SAP, Adobe, Atlassian, Hyland Software, Open Text, Alfresco, Box, Newgen Software, etc. These companies are constantly implementing innovative marketing strategies to help them gain an edge in the industry further leading to the overall growth of the market.
Breaking Down & Analyzing the Global Enterprise Content Management (ECM) Market Segmentation
Small & Medium Enterprises are likely to have an edge during the forecast period of 2023-28. The incessant deployment of ECM in small and medium enterprises due to its several advantages regarding accessibility and flexibility is majorly attributed to the growth of the market. Moreover, the user-friendliness of ECM due to its scalability, reliability, agility, and ability to offer cost-effective solutions to small and medium enterprises since they have a tight budget also contributes significantly to the market growth of the segment. Also, the majority of the market share in the Global Enterprise Content Management Market was retained by Large Enterprises owing to the humungous generation of data from numerous networks.
North America to attain the highest market share and lead the Global Enterprise Content Management Market in the coming years. The accredited utilization of ECM solutions by the governments of different countries throughout the region to protect the enormous data produced by the government, BFSI, and healthcare sectors is leading to the region’s growth in the Global Enterprise Content Management Market.
On the other hand, Asia-Pacific appeared as the region exhibiting the fastest growth given the augmented implementation of enterprise content management solutions in countries such as China, Japan, and India. The growing SMEs in the region have urged for cost-efficient methods thus leading to a wide-ranging adoption of ECM.
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