GCC Enterprise Content Management Market Research Report: Forecast (2023-2028)

Market Definition

Enterprise Content Management (ECM) is a software that comprises different strategies, methods, & tools used for capturing, managing, & storing an organization's data & information, such as documents, scanned images, spreadsheets, & contracts, among others. It supports critical organizational processes & business goals and ensures easy access to information at any point throughout the content lifecycle.

Market Insights

The GCC Enterprise Content Management Market is expected to grow at a noteworthy CAGR during the forecast period, i.e., 2023-28. The growth of the market would be propelled mainly by remarkable advances in technologies like the Internet of Things (IoT) & Cloud Computing, i.e., generating massive amounts of unstructured data and, consequently, the need for their proper handling, owing to which organizations are leveraging AI-based analytics & solutions to reduce risk, enhance content value, and improve data governance, thereby augmenting the demand for ECM solutions.

In addition, the growing demand for companies to meet regulatory compliance standards and audit management with enhanced visibility & control to boost information governance, improve security, optimize business processes with automated workflows, as well as streamline them by eliminating repetitive manual tasks is another prominent aspect projected to drive the market in the future.

ECM solutions help enterprises manage the content life cycle right from creation to disposition across different channels and complement business process management, web content management, & digital asset management to ensure end-to-end digital transformation. Further, they also deliver workflow management, collaboration, archiving, customer communication management, & document & records management.

Enterprises nowadays are opting for advanced ECM solutions equipped with consumer-facing technologies like consumer self-service & cross-channel integration for purposes like content collaboration, records management, dashboard analytics, & audit trail, among others. Moreover, there's also an ever-increasing demand for cloud or hybrid ECM solutions that offer platform flexibility and are integrated with AI & ML that help companies reduce time & boost productivity. Hence, these aspects are set to stimulate the growth of the enterprise content management market during 2023-28.

Market Dynamics

Growth Driver: Growing Need to Meet Regulatory Compliance Standards & Audit Management

The demand for optimized ECM solutions has risen dramatically in the past few years as audits have emerged as a harsh reality for enterprises, which have to bring substantial changes to their IT systems & internal business processes in order to comply with different mandates. It is because governments mandate the upkeep of different kinds of data & documents that companies can ensure by opting for ECM solutions, which also facilitate the audit by encouraging the built-in audit trails and, in turn, makes access to previous transactions for each document highly convenient. Hence, enhanced visibility and strengthened corporate information governance are projected to drive the GCC Enterprise Content Management Market during 2023-28.

Possible Restraint: Lack of Adequate Knowledge about Security Frameworks

Globally, compliance & security are the prime concerns of any enterprise, owing to which they are reluctant to adopt new solutions that involve data storage or transfer. Since ECM solutions involve data collection & transmission from one channel to another, several companies think that it may result in data breaches in their data sets as they lack proper knowledge about security frameworks & their implementation. Consequently, they refrain from opting for such solutions with the fear of losing their crucial master & reference data due to data errors that occur during compilation or upgradation. Hence, these aspects are projected to act as major growth restraints for the GCC Enterprise Content Management Market in the forecast years.

Market Segmentation

Based on Deployment:

• Cloud
• On-Premise

Of both, cloud-based solutions hold a larger share of the GCC Enterprise Content Management, and the same trend is likely during 2023-28. It owes to the rapidly increasing adoption of cloud technologies by enterprises on account of low costs, no requirement for massive initial investments like with on-premise solutions, as well as ease of access to data from remote locations. In addition, the emergence of trends like mobilization, BYOD (Bring-your-own-Device), and work-from-home after the Covid-19 pandemic instigated organizations, especially SMEs owing to their low IT budgets, to shift to cloud-based solutions, which have helped them attain efficient collaboration among teams, along with cost-effectiveness.

Based on Organization Size:

• SMEs
• Large Enterprises

Here, large enterprises hold a prominent market share, which owes to substantial investments in the development & centralization of IT infrastructure by large-scale IT companies. Since these organizations generate massive data volumes from multiple networks, the ever-increasing spending on digital marketing by large enterprises is infusing the demand for web content & digital asset management solutions and, in turn, augmenting the overall market growth.

On the other hand, SMEs are projected to gain significant momentum in the market over the coming years. It ascribes to the continuous deployment of cloud-based ECM solutions by these enterprises owing to benefits in terms of easy access to data & flexibility. SMEs frequently face budget issues and often lack the appropriate resources & abilities for an effective marketing campaign. Hence, cloud-based ECMs are being adopted increasingly by such companies for optimizing the costs of business operations using effective methods to ensure improved scalability, reliability, and agility.

Based on End-User:

• BFSI
• Healthcare & Life Sciences
• Consumer Goods & Retail
• IT & Telecommunication
• Energy & Utilities
• Government & Public Sector
• Transportation & Logistics
• Manufacturing

Among all end-users, the BFSI (Banking, Financial Services, & Insurance) sector across the GCC region is increasingly adopting ECM solutions and is anticipated to create lucrative prospects for the Enterprise Content Management Market during 2023-28. It owes to the growing requirements for compliance management in banks & other financial institutions, coupled with the continuously rising demand for producing documents for the legal discovery process, i.e., instigating companies operating in the BFSI sector, which handles a massive amount of data, to invest heavily in advanced ECM solutions & services.

Country Projection

Geographically, the GCC Enterprise Content Management Market expands across:

• The UAE
• Saudi Arabia
• Qatar
• Oman
• Bahrain
• Kuwait

Of all countries in GCC, the UAE is expected to acquire a major share of the Enterprise Content Management Market in terms of volume through 2028. It owes primarily to the highly-attractive IT sector in the country across the entire region on account of active government efforts toward economic diversification away from the oil & gas sector, i.e., leading to massive investments in other industries. The rapidly increasing adoption of cutting-edge technologies by enterprises is leading to the generation of a massive amount of data and, in turn, augmenting the demand for ECM solutions for companies to save time, i.e., spent majorly on looking for different documents. These solutions help employees easily answer information requests from auditors & clients and provide them with quick access to the data required for making sound decisions. Besides, several digital transformation initiatives by the government, like the UAE National Innovation Strategy, are leading to the increasing number of startups & SMEs in the country and, consequently, stimulating the growth of the enterprise content management market.

Recent Developments in the GCC Enterprise Content Management Market

• On 14 April 2021, OpenText announced a new content services platform, OpenText Core Content & OpenText Core Case Management, to allow organizations to power modern work in the cloud. This easy-to-deploy, multi-tenant cloud solution delivers strong records management, case management, APIs, and integration into leading applications.
• In March 2022, Epicor announced the acquisition of Grow Inc., which would strengthen the Epicor portfolio of analytics capabilities and provide enterprises that make, move, & sell a powerful set of resources to generate actionable insights from their data.

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