The Enterprise Content Management (ECM) market is forecasted to grow from $6.78 billion in 2014 to $12.32 billion by 2019, according to a newly released report from MarketsandMarkets.
This market will grow at a Compound Annual Growth Rate (CAGR) of 12.7 percent during that same period, the report says.
Recent years have seen developments in Enterprise Content Management, and companies have leveraged new technology to improve management of Information Technology infrastructure and efficiency in decision making.
ECM solutions bring cost-effective and performance-enhancing ideas through efficient management of enterprise content, enhanced collaborative tools, and effective analytics for enterprises across various channels across the globe.
The demand for these solutions is expected to continue increasing as businesses will use them to boost their operational efficiencies.
Another report, this one from Frost & Sullivan (News - Alert), shows the growing importance of the ECM market as well.
Noting ECM to be the answer to clinical data boom, the research firm says that cost-saving solutions increase adoption rates and support electronic medical records and healthcare information systems’ compliance across the globe.
The market-earned revenue for global ECM market was $318.2 million in 2013 and will more than double to reach $715.4 million in 2019, Frost & Sullivan says.
Both Europe and the United States will experience a steady demand for ECM solutions. The Asia-Pacific market will also grow, and this growth will be more significant in Australia and mainland Asia.
Innovation in technology has made all ECM solution providers shift their focus from the traditional on-premise models to externally hosted solutions.
This shift has not only improved the efficiency but also reduced the total cost of operations for hospitals and healthcare providers.
“This will bring considerable benefits, particularly to end users who are finding it difficult to concurrently manage ECM solutions in-house and optimize the costs associated with it,” said Frost & Sullivan Healthcare research analyst Shruthi Parakkal.
Edited by Rory J. Thompson