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(Wireless-NewsWire.Com, June 07, 2018 ) The global market is expected to grow from USD 3.65 Billion in 2015 to USD 8.26 Billion by 2020, at a CAGR of 17.7%. Factors such as increasing need for improved organizational productivity, improved access and pooling of knowledge base, and accelerating need for diligence and risk mitigation are expected to encourage the growth of this market.
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In the enterprise content collaboration market, managed service is the fastest-growing segment for the small and medium enterprises. This segment is expected to grow as the businesses need cost-efficient real-time content collaboration tools for their geographically scattered employee base. However, organizations encounter difficulties in sharing documents externally with ensured security. The solution vendors are expected to help organizations overcome this problem by offering robust security equipped content collaboration solutions.
Presently, this market is growing progressively with consistent technological advancements. The banking, financial services and insurance sector is increasingly using enterprise content collaboration solutions to enhance its operational efficiency and reduced paper management cost and is the largest revenue contributor to the market. Other high growth industry verticals comprise consumer goods and retail and healthcare.
Enterprise content collaboration platform providers, such as Microsoft and eXO platform, also play a vital role in this market as they allow integration of other organizational systems such as Customer Relationship Management (CRM). This enterprise content collaboration ecosystem consists of various stakeholders, including enterprise content collaboration providers, system integrators, third-party vendors, cloud service providers, network operators, managed service providers, personal cloud providers, and collaborative application developers. These stakeholders play an important role in the significant growth of the enterprise content collaboration market by providing the needed technologies, networks, and applications.
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Among regions, North America is projected to hold the largest market share and is expected to dominate the enterprise content collaboration market from 2015 to 2020. The factors supplementing the growth of this market are the large-scale investments in the implementation of enterprise content collaboration solutions due to growth in e-commerce applications and need for better control and visibility mechanisms. The market in APAC is expected to showcase a significant growth potential in the years to come. This extensive growth is owing to the rising need for implementing security and accessibility controls along with enhanced decision making. The major vendors in this market include AirWatch by VMware, IBM, Oracle, Microsoft, HP Autonomy, Hyland Software, Box, and others. Partnerships, new product launches, and acquisitions are the key strategies adopted by these players to expand their global footprints.
In the years to come, it is expected that themarket will grow substantially with the integration of contextual and digital collaboration, along with the advancements in Web 2.0. However, the lack of proper alignment of content collaboration strategy with the business strategy and prevailing apprehensions about breach of privacy and data security are likely to inhibit the growth of this market.
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