LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the global enterprise information management (EIM) market to grow at a CAGR of around 18% during the period 2018-2022, according to their latest report.
This market research report segments the global enterprise information management market into the following end-users (BFSI, manufacturing, healthcare, and retail) and key regions (the Americas, APAC, and EMEA).
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In this report, Technavio analysts highlight the intensive growth of unstructured data across verticals worldwide as a key factor contributing to the growth of the global enterprise information management market:
Intensive growth of unstructured data across verticals worldwide
Data generation has been flourishing across the world. In this age of big data, organizations are generating multiple petabytes of data, which is stored across diverse systems, databases, files, and repositories. A massive amount of information is generated from online communication and collaboration. Most of this unstructured data is generated from texts, images, audio, PDFs, PPTs, videos, social media posts and data, sensor information, surveillance data, online communication content, web content, blog content, and other digital media. The accelerated rate of data generation across verticals and effective management of massive volumes of information are important drivers for the adoption of enterprise information management systems.
The digitalization of processes and procedures is leading to an abundance of differentiated unstructured datasets across the globe. Information is very crucial in the present world. Enterprises can produce rich, varied, and complex content and information due to the utilization of cutting-edge machines and gadgets across business verticals. The growth of dynamic and digital content in industries is a critical driver for the adoption of EIM solutions. The ECM was developed initially to manage unstructured data, the complexity and rate of generated data are making ECM obsolete and driving the need for advanced enterprise information management solutions.
According to a senior analyst at Technavio for enterprise application, “EIM is an all-inclusive platform combining the core principles and technologies of ECM, business process management, and customer experience and engagement management. The BFSI industry has been generating significant volumes of information mainly because of process automation and computerization. It is also because its customers are using the digital medium for core financial transactions.”
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Global enterprise information management market segmentation
In 2017, the BFSI segment represented approximately 27% of the EIM market share. The complete digitalization of all core processes and the augmented generation of data across verticals are the key reasons for the dominant nature of this segment in the EIM market. The generation of structured and unstructured data is increasing substantially due to the adoption of the digital medium for interactions and transactions by end-users. It can also be attributed to the digital redesigning of processes and procedures.
In 2017, the Americas accounted for around 46% of the global market. The macroeconomic factors such as the maturity and growth of the industrial and private sectors drive the EIM market in the region. Furthermore, the region has a high concentration of top industries and EIM vendors. The Americas was an early adopter of modern technologies. The region is observing a significant increase in data generation due to the advent of modern technologies, sensors, and IoT.
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