Enterprise Content Management Market to Be Worth $37.7 Billion by 2026

Market research firm MarketsandMarkets valued the current worldwide enterprise content management market, including solutions for document and records management and e-discovery, at $23.6 billion. It projects the market will reach $37.7 billion by 2026, growing at a compound annual rate of 9.8 percent.

Key factors expected to drive the growth are the rising demand to meet regulatory standards and audit management with improved visibility and control to strengthen corporate information governance, enhance security, optimize business processes with automated workflows, and streamline business processes by eliminating repetitive manual tasks.

The firm expects small and midsized businesses to grow at the highest CAGR during the forecast period. These firms have low marketing budgets and often lack the resources and capabilities for effective marketing orchestration.

Among users, the research firm sees IT as one of the biggest adopters of content management solutions due to the enormous volume of content and documents. IT service providers handle the critical data from various industries, such as financial services, healthcare, education, and government, indiustries that are tasked with following tight security standards and regulations for data privacy and data residency laws.

ECM solutions across the IT vertical ensure effective project management, user interface design, individual development, testing, quality assurance, and end-user training, it said.