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The global enterprise content management market accounted to US$ 12.94 Bn in 2018 and is expected to grow at a CAGR of 10.8% during the forecast period 2019 - 2027, to account for US$ 32.30 Bn by 2027.
The generation of a massive amount of digital content from different data sources is one of the key factors driving the adoption of ECM solutions in enterprises worldwide. The proliferation of smart & connected devices, easy availability of the internet, and the advent of smart workplaces are some of the primary reasons for the exponential increase in digital content. In the past decade, connected devices have increased at an exponential rate in both enterprises and consumer segments. The digitization revolution worldwide is facilitating the adoption of content management solutions such as ECM among enterprises to efficiently store and use the information generated in an enterprise. With the continuous advancements in computing and storage technology, computing power has increased multi-fold during the last decade.
This has created new opportunities for managing and computing big sets of data, and when coupled with revolutionary technologies such as artificial intelligence, useful business and customer insights can be extracted from this data. Hence, the increasing amount of digital content across industries is expected to boost the demand for robust and reliable ECM solutions and thus drive the growth of the enterprise content management market during the forecast period.
Some of the leading players in global market are Alfresco Software, Inc., DELL EMC, Hyland Software, Inc., IBM Corporation, M-Files Corporation, Microsoft Corporation, Newgen Software Technologies Ltd., OpenText Corporation, Oracle Corporation, Xerox Corporation