DUBLIN–(BUSINESS WIRE)–The “Cloud Enterprise Management Market – Growth, Trends, and Forecast (2019 – 2024)” report has been added to ResearchAndMarkets.com’s offering.
The cloud enterprise management market was valued at USD 2.96 billion in 2018 and is expected to reach USD 8.04 billion by 2024, recording a CAGR of 18.62% over the forecast period of 2019-2024.
Rising Trends of Enterprise Mobility and Wearables is spurring demand across the cloud enterprise management market. For instance, according to a study, employees wearing smart devices have been more productive in their jobs. It has been found that there is an increase of 8.5% in productivity and 3.5% more satisfaction with their jobs.
- Enterprise content management (ECM) solutions empower an organization to take full advantage of the customer information and the company knowledge embedded in its content. ECM solutions capture, store, activate, analyze, and automate business content, by providing new value from data, which was previously unstructured and unavailable.
- While content is doubling every 90 days, around 80% of the content utilized by knowledge workers for core revenue generation projects is unstructured. This critical growth of unstructured content is becoming a significant restraint for several organizations, particularly enterprises. Therefore, the number of enterprises that leverage the power of cloud computing is on the rise.
- Apart from the growth in the digital content across enterprises, easier access from remote end-points, the need for regulatory compliances, and the need for protection of enterprise data against disaster are acting as other major drivers for the shift from the legacy ECM solutions to the cloud.
- However, increasing uptake of Cloud computing technology and the rising trend of Enterprise Mobility are driving the growth of the market. Internet Breakdown and Bandwidth limitation are hindering the growth of the market.
Key Market Trends
Hybrid Cloud Expected to Record High Adoption
- Over the past decade, organizations across the globe have tried to increase their agility and scalability, in an attempt to gain a competitive edge over their rivals. In this context, organizations across the globe are increasingly veering toward the adoption of hybrid clouds, to deal with demand fluctuations.
- The main aim of hybrid cloud adoption is to leverage the control and security afforded by private clouds while exploiting the flexibility of low costs. A hybrid cloud implementation implies that both the public and private clouds function as independent entities, with one or more common connections for seamless communication.
- One of the major enablers of hybrid clouds is the gradual migration from private cloud computing, as firms are increasingly focusing on data analytics for decision making.
- Moreover, enterprise cloud strategy of most of the firms is to deploy hybrid cloud rather than going for private and public cloud. As compared to 2018, 2019 will witness more hybrid cloud deployment.
North America to Be the Largest Market
- North America is one of the largest segments of the cloud enterprise content management market. The region has witnessed the latest technological advancements in content management. There is also a high internet penetration, which aids in the growth of bring your own devices (BYOD) trend in the region.
- Owing to various infrastructure advantages and cost savings for companies, several corporate trends, such as consumerization of IT and initiatives, like BYOD, are being widely adopted. According to Internet World statistics, the internet penetration rate in North America is about 88.1% as of 2017.
- It has been reported that there has been about a 74% increase of smart wearable devices in the region. Owing to these trends, the adoption of smart wearables the work environment is expected to gain further traction.
The cloud enterprise management market is consolidated due to the majority of the market share are owned by top players in the industry. However, small and medium are upgrading their cloud services but top players have gained a major proportion of consumers and also investing huge for more developments and innovation.
Some of the key players include Alfresco Software, Docuware, Hewlett Packard Enterprise, Lexmark International, Microsoft Corp, Newgen Software, Oracle Corp, Xerox Corp, IBM Corporation, and OpenText Inc, among others.
- June 2019 – Microsoft Corp. and Oracle Corp. announced a cloud interoperability partnership enabling customers to migrate and run mission-critical enterprise workloads across Microsoft Azure and Oracle Cloud. Enterprises can now seamlessly connect Azure services, like Analytics and AI, to Oracle Cloud services, like Autonomous Database. By enabling customers to run one part of a workload within Azure and another part of the same workload within the Oracle Cloud, the partnership delivers a highly optimized, best-of-both-clouds experience.
- January 2019 – Alfresco, a leading enterprise open source provider of process automation, content management and information governance software and Tech Mahindra, a digital transformation, consulting and re-engineering specialist, announced the extension of their global partnership and the development of new solution frameworks built on the Alfresco Digital Business Platform to meet the needs of today’s digital customer by simplifying content creation, access, sharing and review.
Key Topics Covered
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Increasing Uptake of Cloud Computing Technology
4.2.2 Rising Trend of Enterprise Mobility
4.3 Market Restraints
4.3.1 Internet Breakdown & Bandwidth Limitation
4.4 Industry Value Chain Analysis
4.5 Industry Attractiveness – Porter’s Five Force Analysis
4.5.1 Bargaining Power of Suppliers
4.5.2 Bargaining Power of Buyers/Consumers
4.5.3 Threat of New Entrants
4.5.4 Threat of Substitute Products
4.5.5 Intensity of Competitive Rivalry
4.6 Technology Snapshot
5 MARKET SEGMENTATION
5.1 By Solution
5.1.1 Content Management
5.1.2 Case Management
5.1.3 Workflow Management
5.1.4 Record Management
5.1.5 Digital Asset Management
5.1.6 Other Solutions
5.2 By Deployment Model
5.2.1 Public Cloud
5.2.2 Private Cloud
5.2.3 Hybrid Cloud
5.3 By End-user Industry
5.3.2 Energy & Power
5.3.3 Medical & Healthcare
5.3.6 IT & Telecommunication
5.3.7 Other End-user Industries
5.4 By Service
5.5 By Organization Size
5.5.1 Small & Medium Enterprises
5.5.2 Large Enterprises
5.6.1 North America
5.6.4 Latin America
5.6.5 Middle East & Africa
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Alfresco Software Inc.
6.1.2 Box Inc.
6.1.3 Docuware GmbH
6.1.4 Hewlett Packard Enterprise
6.1.5 Lexmark International Inc.
6.1.6 Microsoft Corp.
6.1.7 Newgen Software Inc.
6.1.8 Oracle Corp.
6.1.9 Xerox Corp.
6.1.10 IBM Corporation
6.1.11 OpenText Inc.
7 INVESTMENT ANALYSIS
8 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/k2oe8v