According to research report "Cloud Enterprise Content Management Market by Solution (Document Management, Case Management, Workflow Management, Record Management, and E-Discovery), Service, Deployment Model, Organization Size, Vertical, and Region - Global Forecast to 2022", The cloud Enterprise Content Management (ECM) market size is estimated to grow from USD 9.77 Billion in 2017 to USD 34.42 Billion by 2022, at a Compound Annual Growth Rate (CAGR) of 28.6% during the forecast period.
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The demand for cloud ECM is driven by factors, such as exponential growth in digital content across enterprises, easier access from remote end-points, and protection of enterprise data against disaster. With the increase in the adoption rate of cloud computing among enterprises, the cloud ECM market is expected to gain a major traction during the forecast period.
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The document management solution segment is expected to contribute the largest market share
On the basis of solutions, the document management segment is expected to hold the largest market share. There has been a tremendous increase in the volume of documents generated in an enterprise on a daily basis; thus, this increases the need to manage and store the generated data. The solution ensures streamlining of business information. The right information available at the right time from the right source can significantly improve the productivity of a system.
Managed services are expected to grow at the highest CAGR during the forecast period
With the increasing deployment of cloud computing, the services segment is expected to grow in the future. The managed services segment is expected to grow at the highest CAGR during the forecast period. Managed service providers deliver third-party infrastructure services that help organizations manage billing process for their products and services. Vendors offering these services focus on improving the overall business efficiency, enhancing scalability, and reducing IT costs.
North America is expected to contribute the largest market share, whereas Asia Pacific (APAC) to grow at the fastest CAGR during the forecast period
North America is expected to hold the largest market share and dominate the cloud ECM market from 2017 to 2022. The region has been extremely responsive towards adopting the latest technological advancements such as integration technologies with cloud and mobile technologies within ECM solutions. The major growth drivers for this region are the large-scale investments in the implementation of ECM solutions due to the growth in eCommerce applications and need for better control and visibility mechanisms. The APAC region is in the initial growth phase; however, it is the fastest-growing region in the global cloud ECM market. The rapid adoption of smartphones and other electronic devices in the APAC region leads to digitalization of voluminous paper data into an electronics format, thereby resulting in more adoption of ECM solutions to manage the electronic data.
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The major vendors providing cloud ECM are Alfresco Software, Inc. (California, US), ASG Technologies (Florida, US), Box, Inc. (California, US), Docuware (Germering, Germany), Epicor Software Corporation (Texas, US), Everteam((Paris, France), Fabsoft Software, Inc. (New Jersey, US), Hewlett Packard Enterprise (California, US), Hyland Software, Inc. (Ohio, US), IBM Corporation (New York, US), Laserfiche (California, US), Lexmark International, Inc. (Kentucky, US), MaxxVault LLC (New York, US), M-Files Corporation(Texas, US), Microsoft Corporation (Washington, US), Micro Strategies Inc. (New Jersey, US), Newgen Software Inc.(New Delhi, India), Nuxeo (New York, US), Objective Corporation (New South Wales, Australia), OpenText orporation (Ontario, Canada), Oracle Corporation (California, US), SER Group (Bonn, Germany), and Xerox Corporation (Connecticut, US).
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