A recently published report by MarketsandMarkets™ forecasts strong growth for Enterprise Content Management vendors in all regions, indicating a shift from disparate point solutions to robust, scalable offerings.
At this very moment, countless businesses are inquiring about how Enterprise Content Management (ECM) can help bring them into the future. They have heard whispers of faster processing times and fewer errors, streamlined exception handling, and the increased capital that comes with a system designed to generate ROI around the clock. Companies are phasing out point solutions that have provided short-term relief for some of their most pressing issues and, instead, opting to look into the ECM market, which can deliver on promises of scalability, interdepartmental synergy, and cost savings.
Understanding the ECM Market
The ECM market is defined by the businesses it serves. Although ECM technology is robust, flexible, and scalable, the sector grows in response to the needs of its existing and future customers. When businesses fail to manage their enterprise content, it can create significant logistical challenges. For example, individuals working in procure-to-pay are often tasked with working with other employees outside of their direct team. If information is unable to pass from one department to the next, business grinds to a halt.
Initially, solutions vendors are expected to cater to large enterprises to help them manage large quantities of data from multiple departments or channels and measure data to drive decision making. That said, it is actually enterprises that are expected to really push the ECM market to the next tranche. For enterprises, the benefits of ECM include unrestricted access to data, significant cost savings, streamlined compliance, and operational elasticity.
The Why Behind ECM Market Growth
According to a new market research report published by MarketsandMarkets™, the ECM market is slated to grow from $40.1 billion in 2020 to an estimated $66.9 billion in 2025. The Compound Annual Growth Rate (CAGR) for the forecast period is 10.8 percent.
The report, titled “Enterprise Content Management Market by Component, Deployment Mode, Organization Size, Business Function (HR Operations, Procurement and Supply Chain Management), Vertical (BFSI, Transportation and Logistics), and Region – Global Forecast to 2025,” goes on to identify a series of drivers for the projected growth in the sector, namely:
- Inability to keep up with high-volume transactional content
- Growing expectations for companies to facilitate streamlined content processing for all information entering or leaving the company
- The increasing need for improvements in tasks involving organization, categorization, content structure, workflow routing, accessibility, and more
The Automation Market Is Thriving in North America
North America is considered the leader in ECM development and market growth. Over the next several years, this trend is expected to continue as new investments fund new projects to push the envelope. Reliable, long-time ECM providers like IntelliChief will begin to experience pressure from newer competitors in the space, such as Microsoft, IBM, and Oracle. However, IntelliChief has the unique distinction of being an ECM solution through and through, ensuring best-in-class service and support that can’t be matched by larger corporations just starting to get their foothold.
Are you interested in learning more about the ECM and Automation implementation process? Contact IntelliChief today to learn more about our award-winning, time-tested solutions that have helped hundreds of customers work smarter, not harder.