The global cloud enterprise content management market was valued at $7.5 Billion in 2016 and is forecast to grow at a robust CAGR of 26.8% between 2017 and 2024, culminating to global revenue of $49.1 Billion by 2024.
Industry at a Glance
The rigorously increasing awareness pertaining to cloud-based enterprise content management benefits coupled with reduced operational and capital expenditure are among the prominent factors driving the global cloud enterprise content management market growth. The industry is increasingly witnessing the need for business agility along with faster deployment and scalability.
Reduced costs of ownership paired with elevating adoption across varied industry domains including BFSI, government, healthcare, education, retail, and manufacturing is anticipated to propel demand significantly over the next few years. However, security concerns and data protection emerge as obstacles hindering market growth. Additionally, complexities involved in application portability is another factor negatively impacting market growth.
Growth in digital content across organizations worldwide and smooth access from isolated end-points paired with the rising need for regulatory compliances are among other factors driving the global cloud enterprise content management market growth over the forecast period.
“Optimal Price Point (OPP) for Cloud Enterprise Content Management”
Estimated average cloud enterprise content management cost – $ xx globally. However, with improving access and availability of options, OPP and range of acceptable Prices (RAP) are going to change. We at Ameri Research continuously track these prices with our proprietary pricing model.
The industry is characterized by a large pool of well-established players facilitating the flow of advanced solutions for customers. The industry is also witnessing an increasing number of new companies entering the market which has instigated the already established players to reduce their product prices in an attempt to prevail in the market.
By solution, the market is segmented into content management, workflow management, document management, and digital asset management. Workflow management accounted for the majority market share in 2016 and is also estimated to witness considerable growth over the forecast period on account of snowballing demand for tools that support content workflow management, particularly for website data management.
Based on deployment, the market is categorized into public, private and hybrid deployment model. Public and private deployment model collectively accounted for the majority market share in 2016. This is accredited to the benefits offered by these solutions including superior performance, easy customization, less maintenance, and ease of deployment.
Based on end-use, the market is classified into BFSI, government, healthcare, manufacturing, energy & power, and education. Among these, BFSI accounted for the majority market share in 2016 and is also anticipated to flourish over the next seven years owing to increasing adoption of online customer relationship resulting in the augmented need for highly efficient tools for data management.
Based on region, the market is classified into North America, Europe, Asia Pacific, Latin America and Middle East & Africa. North America accounted for the majority market share in 2016 and is anticipated to witness significant growth over the forecast period. Asia Pacific emerged as the fastest growing regional market owing to escalating need to manage consistent data, rapid control and visibility mechanisms that have led to an extensive demand among enterprises for cloud enterprise content management solutions in the region.
Growth Drivers & Restraints
Prominent growth drivers residing in the global cloud enterprise content management market include the need for regulatory compliance, rapid growth in digital content across enterprises, the proliferation of online marketing, and the need for regulatory compliances. However, factors such as a rise in security and privacy concerns coupled with complexities involved in application portability serve as obstacles hindering market growth.
Merger & Acquisition Outlook
The industry is characterized by intense competition with leading industry participants adopting mergers and acquisitions as a key growth strategy. With snowballing number of new entrants being noticed in the regional market, major industry participants emphasize on acquiring these players in order to penetrate into the market.
Top Players & Company Share
Leading industry players include Alfresco Software Inc., Box Inc., DocuWare GmbH, Everteam, HP Autonomy, Hyland Software Inc., International Business Machines Corporation, Lexmark International Inc., M-Files Corporation, Microsoft Corporation, Newgen Software Inc., Opentext Corporation, Oracle Corporation, SpringCM, and Xerox Corporation.
Cloud Enterprise Content Management Market, by Solution (Revenue, USD Billion)
- Content Management
- Workflow Management
- Document Management
- Digital Asset Management
Cloud Enterprise Content Management Market, by Deployment (Revenue, USD Billion)
Cloud Enterprise Content Management Market, by End-Use (Revenue, USD Billion)
- Energy & Power
Cloud Enterprise Content Management Market, by Region (Revenue, USD Billion)
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
- Saudi Arabia