Enterprise Content Management Market Trends

Growth Drivers

• Vast Volumes of Data Produced by the Internet of Things (IoT) - As more devices are connected to the internet and share data, content management systems will be needed to handle, store, and organize the data. Statistical data shows that IoT devices will generate exponentially more data with increased adoption. The number will reach 74 ZB by 2025, which is 420% more than the output of 17 ZB in 2019. Additionally, these systems will need to be able to identify and classify different types of data, to ensure that only authorized users can access and use it.
• Increasing Use of Cloud Computing Services in Businesses - As many as 55% of the organizations surveyed in 2022 indicated that they were planning on moving their workload to the cloud. Approximately 16% of global IT revenues will come from enterprise cloud spending by 2024. Cloud computing services provide businesses with an easy way to manage and store their data. Additionally, cloud computing services provide businesses with scalability, cost savings, and flexibility, making them an attractive solution for content management.
• Rise in Telecom Services and Usage - In India, according to the report, the number of telephone connections per 100 inhabitants increased from 78 in 2015 to 92 in 2018. With increasing demand for telecom services and usage, the need for an efficient enterprise CMS to handle the data is increasing. As telecommunication companies generate large amounts of data, CMS is increasingly used to manage, store, and access it.
• Rapid Growth in The Media and Entertainment Industry - According to industry studies, India's Media and Entertainment Industry is expected to reach USD 54 billion by the year 2026. The media and entertainment industry is experiencing a rapid growth, driven by increasing demand for content and as a result, the need for efficient content management solutions is also growing. Enterprises are investing heavily in content management solutions to ensure efficient content storage, retrieval and collaboration among teams.
• An Ever-Growing Banking Services - The public sector banks in India accounted for 55% of loans and 60% of deposits as of September 2022. Private banks have increased their lending share from 17% to 36%. The proportion of deposits they hold has increased from 18% in March 2010 to 32% in September 2022. The banking sector is continuously innovating, adapting to changing customer preferences, evolving regulations, and technological advancements. As a result, banks are increasingly turning to enterprise content management solutions to help them manage and securely store the ever-growing amount of data they need to process.

Challenges

• High cost of implementation and maintenance - The cost of implementing and maintaining an Enterprise Content Management system can be prohibitively expensive for small businesses, which limits the potential customer base for the enterprise content management market. Additionally, the cost of ongoing maintenance, such as data storage and personnel costs, can add up quickly and become a major expense.
• Lack of awareness, and the lack of technical expertise
• Inadequate understanding of the benefits offered by enterprise content management solutions