Greater product functionality, usability, and applicability are ensuring clearer market definition, growth opportunities, and increased revenues. Previously, no single vendor offered a complete single source and single platform solution. At present, however, six vendors do so.
The key elements of an ECM solution include both a back-end asset management solution and a front-end presentation program, along with a robust workflow and business process management component.
New analysis from Frost & Sullivan (digitalmedia.frost.com), World Enterprise Content Management Solutions Market, finds that the ECM solutions market earned revenues of $795 million and the ECM ecosystem market earned revenues of $2.1 billion in 2009. The ECM solutions market is estimated to reach over $1.75 billion and the total ECM ecosystem nearly $6 billion by 2016.
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"With the capabilities of ECM solutions stronger than their component parts, the ECM industry, consumers, and companies have begun to recognize the inherent value of implementing full ECM solutions," says Frost & Sullivan Senior Industry Analyst Loren Johnson. "When managing burgeoning digital assets through workflows that span enterprises, ECM solutions provide the scalability, security, and reliability the market demands."
Besides wider recognition of the value proposition, ECM solution market growth will largely be driven by expansion into partially-served markets and global growth. The increased digitization of corporate assets, the need to fulfill various business productivity needs, including document, file, or digital asset management, Web content management, and/or workflow tool implementation are factors poised to strengthen market momentum.
However, challenges exist that restrain market progression. The largest hurdle for the ECM solution industry is getting the message out about the value of a total ECM solution. This means demonstrating the efficiencies and ROI gained from a single-source platform and workflow, the workability, interoperability, and usability of the solutions, and the comparison of all of these against patched-together, homegrown, and mix-and-match content management systems. Vendors must prove the value and capabilities of ECM solutions, particularly to key global enterprises.
Many companies already have some type of content management system, and ECM solution vendors need to demonstrate to these companies the additional capabilities, efficiencies, and cost savings they could enjoy through the implementation of a total ECM solution. Proving the value proposition may be difficult, but participants must devise smart strategies to send their message across.
Currently, creation, ingestion, storage, reuse, and repurposing of content in a controlled manner are major undertakings for any enterprise, and require structure, management, and organization when companies need the centralized storage, consistent global messaging, order, interoperability, and workflow/case processing capabilities only a single-source ECM solution can provide.
"ECM solutions offer a unique productivity solution that singular products, components, and content management modules cannot," says Johnson. "It is the inherent synergistic value of an ECM solution - and its repeatable ROI - that defines the industry and market and the large vendors need to express in the coming years."
World Enterprise Content Management Solutions Market is part of the Digital Media Growth Partnership Service program, which also includes research in the following markets: World Digital Asset Management Markets, World Dynamic Publishing Solutions Markets, and World Marketing Process Optimization Solutions Markets. All research services included in subscriptions provide detailed market opportunities and industry trends that have been evaluated following extensive interviews with market participants.
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