A recent report from MarketsandMarkets predicts that the Enterprise Content Management market will grow 19.5% over the next 5 years. It is expected that the growth will expand ECM’s current market size of $25 Billion to $60 Billion in 2020. Here is a current look at the ECM market.
What is Enterprise Content Management (ECM)
Enterprise Content Management is a structured plan to organize, retain, and manage copious amounts of internal data, deriving from processes, procedures, etc. ECM is the process of defining, integrating, storing, retrieving, and tracking enterprise documents while enhancing document accessibility and security.
Enterprise Content Management Segments
The Enterprise Content Management Market can be broken down into several sub-segments. Some of these segments include:
- Document management
- Document imaging
- Records management
- Digital asset management
- Document output management
- Electronic document discovery
ECM Market Driving Forces
There are several factors driving the ECM market, including:
- The need for content management solutions
- The need for streamlining processes
- A trend in reducing cost of ownership via content management
Companies are beginning to create procedures and policies to ensure confidentiality, integrity, and consistency while enforcing electronic governance best practices.
Major ECM Consumers
- Financial service providers
- Banks & credit unions
- Life sciences
- Energy & utilities