Enterprise Content Management Market size is expected to grow from USD 31.7 billion in 2017 to USD 67.1 billion by 2022, at a Compound Annual Growth Rate (CAGR) of 16.2%. ECM is the systematic collection and organization of information that is to be used by a designated audience such as business executives and customers. The exponential data growth, increasing need to manage data in enterprises and increased traction for risk mitigation in content management are driving the ECM market.

The solutions provided by ECM software are: Content Workflow, Document Management, Imaging and Capturing, Web content Management, Records Management, Digital Asset Management, Mobile Content Management, Case Management and eDiscovery

Microsoft Corporation (US), IBM Corporation (US), Hyland Software, Inc. (US), OpenText Corporation (Canada), Oracle Corporation (US), Alfresco Software, Inc. (UK), Everteam (France), Fabasoft (Austria), M-Files Corporation (US), Laserfiche (US), Xerox Corporation (US), and Newgen Software Technologies Ltd. (India) are some of the leading vendors in ECM market.

The digital asset management segment is expected to grow at the highest growth rate during the forecast period. Digital asset management creates a centralized storage for digital files and programs for archiving, retrieving, and searching for digital content. Digital asset management systems are a combination of software and professional services that provide a centralized repository for archiving, integrating, managing, and accessing digital assets, both documents and their related metadata. Digital assets consist of images, graphics, logos, animations, audio/video clips, presentations, web pages, documents, and other digital file formats. Digital asset management is important for managing the enterprise asset lifecycle. Digital content and metadata files are stored in separate databases; digital content is stored in the asset repositories, while metadata files, such as article keywords, contact names, photo captions, file names, low-resolution thumbnail images, and advertiser names, are stored in the media catalog database. Digital rights management solutions help catalog, search, modify, and retrieve assets for their permitted use.

Opportunity: Deployment of content maturity model To manage content in enterprises and the quality of flow of data within organizations, enterprises are focusing toward effective ECM solutions. These solutions help in a variety of functions, ranging from how the staff collects data to the technology—to manage the content data and follow a content governance-focused approach. The content maturity model is a framework that takes into account the management of people, policies, and technologies in an enterprise, which is instrumental in establishing a strategic framework to achieve the business goals. Enterprise architects, information managers, and leaders of ECM initiatives can use the content model to analyze and assess the current position of their organization, and what level of maturity it must reach to achieve its business goals. A content maturity model is instrumental in achieving business process alignment, stakeholder alignment, content infrastructure management, and governance of varied contents. A full-fledged content maturity model minimizes the risk of failure by leveraging the content maturity model strategies in different levels of transformation an organization strives to achieve. This results in a dynamic approach to content management that grows with the organization and provides the best chance to align enterprise-wide content management strategic initiatives. Challenge: Rise in security issues associated with cloud and mobile technologies Content management solutions have greatly benefited from the collaboration of various platforms, such as cloud and mobile. Nowadays, SMEs are adopting cloud ECM solutions, as they are cost effective and can be opted on the basis of the pay-as-you-use model. However, owing to the sensitivity and security, associated with the enterprise content, controlling the flow of content and digital access rights is a major concern, with the possibility of data leakage of critical business information. Data privacy and security is a bottleneck that needs to be addressed effectively. The other security issues, such as hijacking of accounts, insider threats, malware injections, insecure Application Programming Interfaces (APIs), shared vulnerabilities, and data loss are more prevalent in cloud-based ECM solutions. Enterprises have large data repository containing important business data; any kind of cyber-attack on such repository can be a major loss to the business. These security issues related to data access by unauthorized users could threaten the enterprise data security and competitive business position, as well.

Some of the recent developments are: In March 2017, Alfresco announced new Digital Business Platform that combines process, content, and governance services, along with a new Application Development Framework for rapid development of engaging user interfaces (UIs). In April 2017, Everteam releases the latest version of its intelligent business process management solution, everteam.ibpms 8.1, which can automatically secure their business processes using latest web technologies. In June 2017, Everteam and Jeraisy Group upgraded their professional relationship to a “Platinum Partnership” through which Jeraisy Group became an authorized seller of Everteam products and solutions In February, 2017, Fabasoft launched new Fabasoft Cloud features which bring unlimited digital records management in an organization to a new level, in the enterprise and superior editions, forms can be defined individually, and processes can be executed by two or persons in parallel In April 2017, Iron Mountain partnered with Hyland OnBase to provide a solution that focuses on taking documents captured by Iron Mountain and making them available inside OnBase for workflows and business processes. In June 2017, IBM announced the launch of hybrid-cloud, all-flash family of storage solutions for mainframe users. This solution will help to automate the movement of data to and fro from the cloud In February 2017, M-Files acquired StreamDesign, a consulting and information management service provider. This acquisition has helped M-Files to expand its business footprint in France. Moreover, the company has expanded its service portfolio to serve its customer in a better way.