LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the global enterprise content management (ECM) market 2018-2022 to grow at a CAGR of around 16% during the forecast period, according to their latest report.
This market research report segments the global ECM market into the following four major end-users (BFSI, retail, healthcare, and manufacturing) and three major regions (the Americas, APAC, and EMEA).
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In this report, Technavio analysts highlight the following market drivers that are contributing to the growth of the global ECM market:
- Data explosion across industries
- Process optimization and operational efficiencies
Data explosion across industries
One of the primary drivers for the ECM market is the rapid rate of data generation across various verticals. Organizations currently generate a huge amount of data from online communication and collaboration alone. Essentially, every industry is a digital industry in this modern world because of which there is an abundance of complex and diversified data. Data is the essence of the modern-day enterprises. For example, the BFSI sector has been generating huge volumes of data, primarily due to process automation and customers adopting digital mediums for their core financial transactions.
According to a senior analyst at Technavio for enterprise application research, “Technological advances in the world, such as mobility and the IoT, are expected to further enhance the generation of unstructured data across industries. Therefore, there is an urgent need for this unstructured and complex data to be processed and analyzed so that the organizations can make the right decisions at the right time. Thus, with the increase in the volumes of data being generated, the adoption of ECM solutions is expected to rise during the forecast period.”
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Global ECM market segmentation
Of the four end-user segments, the BFSI segment held the largest market share in 2017, accounting for 28% of the market. However, the market share for this application is expected to decrease by more than 2% by 2022. The fastest growing end-user is retail, which will account for over 14% of the total market share by 2022.
In 2017, the Americas accounted for more than 47% of the total market share. The dominance of the region was mainly due to the overall maturity and growth of the industrial and private sectors. There is a high concentration of top industries in the region. Also, this region is an early adopter of modern technologies. The region is witnessing the generation of huge volumes of data, owing to the advent of modern technologies and the rising applications of IoT. The Americas was followed by EMEA and APAC respectively.
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