The global cloud based enterprise content management market is expected to be driven organizations’ willingness to choose enterprise content management based on cloud technology over other kind of on premises software solutions.
According to many organizations moving and implementing hybrid cloud ECM, the technology offers huge advantage as the company could avoid upfront IT-integration costs, and several management bottlenecks associated with any kind of on–premises and legacy technologies.
ECM in cloud has become an attractive option for any company whose workforce is distributed and need of information required is established on a server with physical access from various locations. Past trend has shown that ECM users are using mostly file sharing applications regardless of online transaction security concerns. This is due to ease of access to information and time management.
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But as technological advancement progressed in enterprise content management solutions, more verticals have started to adopt cloud based ECM architecture and end-users have become more dependent on their day to day business operations.
The market is expected to continue to have a steady growth with increased investment in the ECM architecture arising from emerging economies such as India and Brazil. The market is expected to have a massive growth measured in terms of robustness, scalability and investments from end-users in emerging ECM solutions based on cloud technology.
Market trend shows that there is an increase in the awareness among potential consumers’ application wise. Cloud based ECM is applicable for any organization which aims to modernize its way of storing data and therefore has a larger application scope compared to other forms. ECM on cloud technology is widely used across several domains such as education and academia, banking, financial services, securities and capital markets, insurance, energy, consumer goods, power, defense, healthcare, manufacturing, IT & telecom, media and transportation. Industries with high information security requirements shall be the prime consumers of the technology over the forecast period.
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Digitalization of several business platforms, abundance of unstructured data and contents, quick sharing of sensitive data, increasing efficiency of database applications and positive trend in bring your own device (BYOD) movement in workplaces are the major driving factors for the overall industry.
Better availability across multi-site organization, improved mobile access and increased collaboration with customers outside firewall is expected to further complement industry growth. Another significant benefit of using cloud based ECM is that the system helps improve effective usage monitoring capabilities, thereby securing access and establishing time stamp.
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