Portland, OR -- (SBWIRE) -- 09/04/2017 -- According to a new report by Allied Market Research, titled, Enterprise content management system Market by Component, Organization Size, End-use Industry, and Application: Global Opportunity Analysis and Industry Forecast, 2016-2023, the global enterprise content management system market was valued at $28,165 million in 2016, and is projected to reach at $94,094 million by 2023, growing at a CAGR of 19.2% from 2017 to 2023. BFSI and IT & telecom segments possess the maximum growth potential, and are expected to create lucrative opportunities for industry players.
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Currently, enterprise content management systems are witnessing increased adoption in the developed and the developing regions, owing to technological innovations in product offerings, rise in need to improve performance & operational efficiency, surge in demand for analytical solutions, and increase in application areas among end users. Furthermore, factors such as growth associated with IoT, increase in use of digital content management, and rise in demand for enterprise information management are expected to provide numerous growth opportunities. However, dearth of trained professionals is expected to restrict the growth of the market during the forecast period.
The cloud segment dominated the enterprise content management system market in 2016, with around 73% revenue share. This is attributed to the improved IT infrastructure and increased cloud-related expenditures.
The BFSI segment dominated the global enterprise content management system market, with around 22% share in 2016, followed by BFSI segment. Furthermore, IT & telecom sector segment is estimated to grow at the highest CAGR of 21.7%, owing to widespread adoption of advanced solutions and increased IT spending.
North America was the highest revenue contributor in 2016, accounting for around 42% share. Asia-Pacific is projected to grow at the highest CAGR of 23.1% during the forecast period.
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The report features the competitive scenario of the enterprise content management system market and provides comprehensive analysis of the significant growth strategies adopted by major players. The key players operating in the market include Microsoft Corporation, Oracle Corporation, Hyland Software, Inc., Xerox Corporation, OpenText Corporation, Alfresco Software, Inc., Lexmark International, Inc., M-Files Inc., Adobe Systems Incorporated, and Fabasoft.
Key Findings of thE Enterprise Content Management System Market:
- The cloud segment dominated the global enterprise content management system market in 2016.
- The large enterprises segment dominated the market in 2016.
- The BFSI and IT & telecom segments are estimated to provide significant growth opportunities to the key market players.
- The North American market is expected to be dominant, in terms of market size. However, Asia-Pacific and LAMEA are estimated to possess the highest CAGR during the forecast period.