The cloud Enterprise Content Management (ECM) market is expected to grow from USD 9.77 Billion in 2017 to USD 34.42 Billion by 2022, at a Compound Annual Growth Rate (CAGR) of 28.6%, owing to the existing market offerings and increasing market reach for the cloud ECM providers.
The major players in the cloud ECM market include OpenText Corporation (Ontario, Canada), Newgen Software, Inc. (McLean, Virginia), Xerox Corporation (Connecticut, US), Hyland Software, Inc. (Ohio, US), Microsoft Corporation (Washington, US), M-Files Corporation ( Dallas, US), Oracle Corporation (California, US), IBM Corporation (New York, US), Everteam (Paris, France), Box, Inc. (California, US), Alfresco Software, Inc. (Maidenhead, UK), and Docuware GmbH (Germering, Germany). These players have adopted various growth strategies such as new product launches, partnerships, agreements, mergers and acquisitions, and expansions. Product launches and acquisitions were the two major strategies adopted by these players to achieve a strong foothold in the cloud ECM market.
Opentext is one of the prominent players in the cloud ECM market. The company is one of the major players under cloud ECM and provides an OpenText Extended ECM Platform. This platform helps in building the foundation for an organization’s digital transformation. Under cloud ECM market, the company is providing solutions such as content management, email management solutions, record management, the OpenText Compliance and Productivity Bundle, and process suite. OpenText has adopted various business strategies to enhance its offerings to its customers. For instance, in February 2017, the company acquired Dell EMC’s Enterprise Content Management Division, including Documentum, InfoArchive, and LEAP product families. This acquisition has helped the company to establish itself as a market leader and strengthen its product portfolio in the cloud ECM market.
Oracle Corporation is another top market player catering to the cloud ECM market. The company provides several products under cloud ECM such as Oracle ECM Suite 11g and Oracle WebCenter content. Oracle serves as a diverse set of industry verticals such as aerospace and defense, automotive, engineering and construction, financial services, healthcare, industrial manufacturing, oil and gas, public sector, travel and transportation, and utilities. The company firmly adheres to the business strategy of maintaining strong relationships with its partners in the market by forming strategic alliances and partnerships for enhancing its products. In July 2016, Oracle Corporation entered into a strategic alliance with Fujitsu Limited, which is a leading Japanese ICT company. This alliance would help organizations in Japan to move to Oracle cloud applications and platform.
Cloud Enterprise Content Management Market by Solution (Document Management, Case Management, Workflow Management, Record Management, and E-Discovery), Service, Deployment Model, Organization Size, Vertical, and Region - Global Forecast to 2022
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