Posted By Uma Rajagopal
Posted on November 3, 2021
According to an upcoming study by Fairfield Market Research, the global enterprise content management market is expected to revolutionise the work culture between the forecast years of 2022 and 2026. The growing demand to comply with the regulatory guidelines and compliance standards is expected to bode well for the global market. An ECM solution offers a systemic solution to manage the content generated throughout the company’s lifecycle. As the awareness about data storage and safety translates to reality, enterprises are investing in state-of-the-art solutions. Streamlining business processes and eliminating the dependence on paper is expected to strengthen the case for the growth of the global enterprise content management market.
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Adoption of Enterprise Content Management Solutions with Artificial Intelligence Expertise to Show Higher Demand
AI-powered enterprise content management system is better able to read, analyse, and categorise content produced by an enterprise throughout its lifecycle. Equipped with sophisticated technologies such as machine learning, image recognition, natural language processing (NLP), voice recognition and transcription, and natural language understanding (NLU) are expected to make an indelible impression in this context during the assessment period. As workforces remain remote, the scores of emails and written documents are expected to create a lion’s share of unstructured data, which will demand enterprise content management solutions that operate on extremely intelligent artificial intelligence systems.
Hybrid Work Culture Defined by Millennials to Win Global Enterprise Content Management Market Opportunities
The ability to work on any device such as smartphones, tablets, personal laptops, and office laptops has given the global enterprise management market a big impetus. The bring-your-own-device culture amongst the growing millennial workforce that intends to work remotely in the post-pandemic world too will demand a safe and secure content management system. Enterprise document management, enterprise document imaging and capture, enterprise records management, content workflow management, enterprise records management, enterprise webs content management, digital asset management will see a mammoth demand in the foreseeable future as security of data becomes an absolute non-negotiable.
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Document Management to Lead as their Nature Remains Indispensable
Document management solution remains indispensable to every organization. From storing invoices to research papers, it is exceptionally essential to track every transaction and activity to ensure audits are smooth. Accessibility of document management over the cloud is expected to encourage this segment in the coming years as it eliminates the on-premise cost. It allows central access and an exceptionally intelligent organization with categorization, tagging, and rating, enabling quick finds.
North America to Lead the Global Enterprise Content Management Market
Currently, North America leads the global enterprise content management market by a distance. Early adoption of digitized storage of transactions has given the regional market a leap ahead of others. The presence of players investing in innovation to make the ECM solutions superior has also given the market an edge. Additionally, the region remains home to leading players such as IBM Corp. and Hyland who are historically known to develop IT solutions for the biggest multinationals and federal agencies.
Meanwhile, Asia Pacific is also expected to give the market a lucrative opportunity as several government-run organizations still rely on paper for varied reasons. A gradual but slow transformation from legacy systems to cloud with a nudge towards digitization is likely to give the Asia Pacific enterprise content management market a chance to make a difference.
Some of the key players operating in the global enterprise content management are M-Files Corporation, IBM, Microsoft Corporation, and Hewlett Packard Enterprise (HPE) Company.
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