A hot topic this week in the Enterprise Content Management world is a new projected market growth number from 2016 to 2021. Recently Markets and Markets released a report that the market for ECM will grow from $28.10 billion in 2016 to $66.27 billion by 2021 globally. They are estimating a compound annual growth rate at 18.7%. Markets and Markets is attributing this future growth to an increase in unstructured data growth, an increased need to manage unstructured data and the security of unstructured data, and an increased risk mitigation in content management.
In July, Enterprise Innovation posted an article, Top 5 Trends in Enterprise Content Management, and attributed ECM market growth in 2016 to companies going paperless, an increase in information security, ECM solutions that create user interfaces to match the role of the user, mobility, and cloud. Last week we wrote a blog about the ILTA/InsideLegal Technology Purchasing Survey, and we saw the same trends that would explain this projected market growth. There were several questions and responses in regard to cloud and security that were highlights of the survey. That really sparked our interest for the numbers we are seeing this week. For more information, read our blog about the survey.
In the five-year period mentioned above, enterprise content workflow management is expected to be the most promising ECM solution. North America is expected to retain the largest market share now and in the future, and APAC is expected to have the highest growth rate in the next five years. The technology in the APAC region is advancing rapidly, thus leading to an increase in data, and a need for ECM systems. Latin America was also projected to have a high growth rate.
The report by Markets and Markets profiled different ECM vendors like Alfresco, EMC, Microsoft, IBM, OpenText, and M-files; All of which we support in our solutions. We work with this mix of large ECM vendors, along with some smaller ones, to ensure that we are providing the best solution for each individual client. We are happy to know that the industry is still growing, and that we will be here to provide solutions.