Growing technology and expansion of businesses across various verticals, such as Banking, Financial Services, and Insurance (BFSI), healthcare and life sciences, government, Information Technology (IT) and telecom, consumer goods and retail, energy and utilities, transportation and logistics, and manufacturing are expected to be the major contributors to the ECM market.
The consumer goods and retail, and transportation and logistics verticals are likely to generate potential opportunities in the ECM market during the forecast period. ECM solutions aim to make the management of corporate information easier through simplifying storage, security, version control, process routing, and retention. Another factor which is increasing the adoption of ECM is compliance and risk management. In this report, MarketsandMarkets forecasts the global ECM market size to grow from USD 31.66 Billion in 2017 to USD 67.14 Billion by 2022, at a Compound Annual Growth Rate (CAGR) of 16.2%.;
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The renowned vendors in the ECM market include Microsoft Corporation (US), IBM Corporation (US), Hyland Software, Inc. (US), Opentext Corporation (Canada, US), Oracle Corporation (US). These players have adopted various strategies, such as partnerships, collaborations, agreements, mergers and acquisitions, and new product developments, to expand their footprint in the ECM market.
IBM Corporation and Microsoft Corporation are the two key players that adopted these strategies to grow in the market. IBM Corporation adopted the strategies of partnerships, collaborations, alliances, and new product launches. The company formed a partnership with Hortonwork, which focused on driving innovation in open source communities such as Apache Hadoop. This partnership will provide an integrated and open data science and machine learning platform that lets the teams to easily collaborate and operationalize data science. The two companies are jointly trying to develop solutions, taking advantage of all kind of data, with an aim to provide their customer with the best solutions to work on in less time.
Microsoft Corporation is also one of the leading players in the ECM market. Microsoft adopted the strategies of partnerships and collaborations, acquisitions, product upgradation. The company has been very active in establishing partnership with technology leaders such as GE, SAP SE Telefonica, AT&T, DocuSign, and many others, to bring about advanced solutions in ECM to effectively cater to its global client. In 2016, Microsoft formed a partnership with GE, this partnership enabled integration of GE’s Predix platform on Microsoft Azure cloud for industrial business purpose.
The key players are engaging in collaborations and partnerships to provide innovative offerings and increase profitability. Some of the companies that have engaged in partnerships and collaborations in the ECM market are Alfresco Software, Inc. (UK), Everteam (France), Fabasoft (Austria), M-Files Corporation (US), Laserfiche (US), Xerox Corporation (US), Hyland Software, Inc. (US), Newgen Software Technologies Ltd. (India), and OpenText Corporation (US).
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