Enterprise Content Management (ECM) Market Growth
According to a market research report, published by MarketsandMarkets, the Enterprise Content Management Market size is expected to grow from USD 24.62 Billion in 2015 to USD 59.87 Billion by 2020, an estimated Compound Annual Growth Rate (CAGR) of 19.5%. Yes, that’s right, we are talking about “billions”!
Enterprise Content Management (ECM)
Gartner describes Enterprise Content Management (ECM) as a process which enables organizations to create, store, distribute, achieve, edit, secure, analyze, and manage content and documents through the most efficient and effective way.
If a picture is worth a thousand words, then a video is worth a million! Here is a brief visual demonstration about how ECM works:
ECM plays a vital role in helping organizations extract suitable content to construct the necessary business models in order to improve the decision-making process through strategical implementation. Here are the four main criteria enterprises should take into consideration when they evaluate the alternatives for different enterprise content management solutions:
The ECM Market
Today, most enterprises are dealing with managing heavy flow of content at a fast pace on a day-to-day basis. Creating, editing, storing, and distributing content with proper approval are not easy tasks to achieve, unless an organization has adopted the best ECM solution based on its unique needs. Therefore, enterprise content management solutions have been gaining traction in recent years.
The two major forces driving this market are:
- The growing need for content management across multiple platforms due to the substantial growth of e-commerce and social media.
The necessary reduction of costs associated with content management for the sake of efficiency.
The major industries that use enterprise content management solutions the most are banking, financial services, insurance, retail, transportation & logistics, government & defence, life sciences & healthcare and energy & utility organizations.
North America is expected to hold the largest market share, followed by Europe during the forecast period from 2010 to 2020, while other emerging countries such as Brazil, Russia, China, India, and South Africa (BRICS) are also expected to experience a growth in the implementation of enterprise content management solutions based on the MarketsandMarkets research report.
ECM Key Trends and Issues in 2016
File share & sync app integration
File share and sync apps will be more integrated into ECM solutions, rather than replacing ECM.
At the end of the day, the goal of an effective content management solution is to provide a more user friendly and collaborative workplace with easy file sharing capabilities regardless of time, location, and device while still complying with the security and compliance regulations established within the organization.
ECM in Cloud & Mobile
While many organizations still leverage their investments with their existing legacy systems by moving entirely to the cloud, hybrid cloud ECM deployments are steadily gaining traction in the enterprise.
What are the advantages of moving to a cloud based ECM solution? Cloud based ECM solutions are a cost effective alternative and provide better information management, flexible capacity management, responsiveness and measurability. ECM organizations in the cloud are becoming a more popular trend to follow especially those which are distributed across multiple locations and time zones and/or are highly mobile, as information can be available anytime, anywhere.
In today’s context, we are no longer limited to traditional content such as excel sheets, PDFs, SOPs, and so on. In this new era, we are able to collect data on any topic from geolocation to customer purchasing patterns, thanks to the substantial rise of social media and smart device usage. Moreover, IDC (International Data Corporation) is projecting a 50-times growth in digital content from 2010 to 2020. Therefore, ECM solutions should be able to store the churned out digital content by classifying and simplifying.
Expanding enterprises requires the consumerization of IT even more than before as millennials are not willing to draw a line between corporate and personal technology. Therefore, the next versions of ECM solutions will need to be able to drive productivity and enable employees to collaborate and share content smoothly with both personal and corporate technology devices in a secure manner.
Before You Go…
In conclusion, the enterprise content management market has been steadily evolving for the past few years and it doesn’t seem that the market will end any time soon. Therefore organizations need to keep up with the trends in 2016 sooner rather than later. But before blindly jumping into the implementation of the hottest trends, it is always wise to gain some insight about the industry in terms of the latest news & events that shaped the big picture we have today. To do so, you do not have to read through all the content out there. Here is your chance to catch up with what happened in 2015 in the CMS industry and gain insight from expert analyst predictions for 2016.
Check out our December Show: What Happened in 2015 and What is Next in 2016
On January 28th we welcomed a very special guest & co-host back to the show, Alan Pelz-Sharpe (VP & Managing Director VOCalis with Digital Clarity Group). Here are a few sneak peaks from Alan's predictions for 2016:
* Microsoft will buy a Web Content Management company in 2016.
* HubSpot should be a new player on the Gartner Magic Quadrant this year.
* High possibly of Sitecore and SharePoint merging in 2016.
* E-commerce will be HUGE!
* The Content Management Market will be very lucrative for the big players.
In the vendor spotlight segment, Amy Martyn from Falcon-Software, reviewed Telerik Sitefinity and the changes made since the acquisition by Progress Software.