The “Cloud Enterprise Content Management – Global Market Trajectory & Analytics” report has been added to ResearchAndMarkets.com’s offering.
Global cloud enterprise content management market to reach $97 billion by 2026
Amid the COVID-19 crisis, the global market for Cloud Enterprise Content Management estimated at US$18.7 Billion in the year 2020, is projected to reach a revised size of US$97 Billion by 2026, growing at a CAGR of 30.7% over the analysis period.
Cloud-based enterprise content management (ECM) is poised to gather considerable momentum over the coming years as a result of the growing need to govern and manage burgeoning content volumes. While content generated globally is doubling every three months, around 80% of the content that needs to be leveraged by knowledge workers for revenue-generation and for meeting business goals remains unstructured. The staggering growth of the unstructured data is providing a major impetus to the cloud-based ECM market.
Document Management, one of the segments analyzed in the report, is projected to record a 28.4% CAGR and reach US$23.3 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Workflow Management segment is readjusted to a revised 36.2% CAGR for the next 7-year period.
The US market is estimated at $10.6 billion in 2021, while China is forecast to reach $9.4 billion by 2026
The Cloud Enterprise Content Management market in the U.S. is estimated at US$10.6 Billion in the year 2021. China, the world`s second largest economy, is forecast to reach a projected market size of US$9.4 Billion by the year 2026 trailing a CAGR of 37.5% over the analysis period.
Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 27.9% and 28.8% respectively over the 2020-2027 period. Within Europe, Germany is forecast to grow at approximately 28.2% CAGR. Companies in developing and developed markets alike are stepping up adoption of cloud based ECM to reduce the time spent for document management and boost efficiency and productivity.
The transition to the cloud enables organizations to leverage an always-accessible platform and sophisticated resources to drive innovation and help employees in processing documents in an efficient manner. As cloud-based ECM allows employees to stay connected and collaborate from anywhere, they can complete workloads quickly for faster time-to-market.
Content management segment to reach $17.1 billion by the year 2026
AI is increasingly being utilized in content management systems for processing as well as analysis of content in various forms. AI is employed in enterprise content management systems in several different ways, including content security, enterprise search, robotic process automation, and chatbots. Enriching content management systems with AI helps users in quickly identifying required information using data mining capabilities. AI can also contribute significantly in terms of securing content.
In the global Content Management segment, USA, Canada, Japan, China and Europe will drive the 34.2% CAGR estimated for this segment. These regional account for a combined market size of US$2.3 Billion in the year 2020.
China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$1.1 Billion by the year 2026. Business Wire