ECM is a set of tools used to manage critical business content in an organization. ECM allows the ingestion, archiving, and management of content that can be easily integrated with third-party systems within a content workflow. It manages all types of business content, from simple documentation to interactive real-time video. Immense growth in the flow of information in today’s digitalized world has emphasized the need for the storage and traceability of information. Further, special attention has been placed on the preservation and reuse of data and content to help organizations to speedily retrieve valuable information. Analysts forecast the Global Enterprise Content Management market will grow at a CAGR of 12.06 percent over the period 2013-2018.
Exhibit 1: Segments of Enterprise Content Management
The Report recognizes the following companies as the key players in Global Enterprise Content Management Market: EMC Corp., IBM Corp., Hyland Software Inc., Microsoft Corp., OpenText Corp., Oracle Corp., Alfresco Software Inc., EVER TEAM SA, Hewlett-Packard Co., Laserfiche , M-Files Inc., Newgen Software Technologies Ltd., Perceptive Software , SpringCM Inc., Systemware Inc., Saperion AG, Xerox Corp.
In the past, SMEs had limited options when adopting a system that would ensure optimal business performance. This was because they did not require, or could not afford, all the features of enterprise-class software systems. Their options were limited to freeware, low-end, or open-source solutions that mainly focused on server or network monitoring. In the last few years, many SMEs have become increasingly aware of the significance of complete visibility of their operational performance and its impact on their businesses. This trend has created an opportunity for ECM solution vendors to develop new versions of their products and attract SMEs, thus improving their presence in this market. Also, with growing operations, SMEs need to find a solution for their content, storage, and other features. These needs are encouraging SMEs to shift toward ECM solutions.
The Global Enterprise Content Management market consists of five major segments: Document Management Systems, Web Content Management Systems, Document Centric Collaboration, Records Management, and Document Imaging.
Global Enterprise Content Management Market 2014-2018, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the Americas, and the EMEA and APAC regions; it also covers the Global Enterprise Content Management market landscape and its growth prospects in the coming years. The report also includes a discussion of the key vendors operating in this market.
According to the report, one of the major drivers in the market is the need to increase productivity and efficiency. With the globalization of companies, the customer base has expanded exponentially. This forces enterprises to communicate regularly with their customers. As most communication between enterprises and their customers is in the form of documents such as letters, statements, bills, and marketing materials, a large quantity of documents are created and delivered. ECM solutions enable organizations to share documents in real time, share information, and discuss issues and provide solutions in a much shorter time period than was possible before.
Further, the report states that one of the key challenges in the market is the high implementation and maintenance cost. The price of ECM solutions includes the cost of licensing, system design and customization, implementation, and maintenance. After purchasing the license, organizations also need to hire resources for proper implementation of the ECM solution. Moreover, enterprises need to train their employees to use the application efficiently.