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The Enterprise Information Management (EIM) Market size is estimated to grow by USD 88.02 billion at a CAGR of 17.01% between 2023 and 2028. The rising prevalence of cloud deployment models stands out as a pivotal force molding the market landscape. This trend significantly influences the uptake and expansion of Enterprise Information Management (EIM) across various industries. Moreover, cloud-based models are renowned for their robust security, dependability, adaptability, and affordability. They are increasingly appealing due to their cost-efficiency, advanced information management features, and adaptable nature. It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2018 to 2022.
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This report extensively covers market segmentation by end-user (BFSI, healthcare, manufacturing, retail, and others), deployment (on-premises and cloud-based), and geography (North America, Europe, APAC, South America, and MEA).
The on-premises segment is estimated to witness significant growth during the forecast period. There is significant growth for this segment as it is perceived to be highly secure compared with the cloud-based model. In addition, it is dominated by large organizations. Furthermore, they are more concerned about functionality, data privacy, and data security than the cost-effectiveness of solutions.
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The on-premises segment was the largest segment and was valued at USD 29.13 billion in 2018. Moreover, the emergence of SMEs, growing awareness, increasing innovations in data security, inherent cost-effectiveness, and flexibility of the cloud-based model are some of the main factors that are significantly contributing to the growth of this segment. Hence, such factors are expected to fuel the growth of this segment which in turn will drive the market growth during the forecast period.
The increasing adoption of EIM in the BFSI segment will increase the market growth. The complete digitalization of core processes and procedures, adoption of the client-centricity view, and generation of enormous amounts of data are significantly contributing to the growth of this segment. In addition, solutions such as performance management applications provide them with financial planning, budgeting, forecasting, and financial and operational reporting. Furthermore, the improvement of customer service across platforms and regions, superior workflow automation of core and allied activities ranging from deposits to lending and leasing, and reduction in processing costs while achieving operational competence and regulatory compliance are expected to fuel the growth of this segment which in turn will drive the market growth during the forecast period.
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North America is estimated to contribute 38% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. One of the main factors that is significantly contributing to the market in North America is the early adoption of technologies which is leading in terms of intensive growth and data consumption. In addition, the region is technologically mature, and the industrial sector is completely developed.
Moreover, the fast rate of technology adoption and overall maturity of the industrial sector results in an abundance of use cases for EIM. Furthermore, the strong presence and penetration of the top companies, along with stringent data regulatory standards, contribute to the overall market in the region. Hence, such factors are driving the market in North America during the forecast period.
In today's digital landscape, ensuring robust data protection is paramount for businesses. Various solutions cater to this need, ranging from encryption to comprehensive cybersecurity measures. With ever-evolving regulations, businesses must stay vigilant and compliant to safeguard sensitive information. The adoption of advanced technologies like AI further enhances enterprise data management, streamlining processes, and identifying potential threats. Enterprise data management (EDM) platforms play a crucial role in orchestrating data workflows and ensuring compliance with regulations.
One of the key factors driving the market's rising demand for digitalization. Industries worldwide, including consumer goods, healthcare, manufacturing, and retail, are increasingly embracing digitalization. However, this digital transformation also heightens the risk of cyberattacks on their IT resources, including the flow of data, enterprise management efficiency, effectiveness, master data management platform, and customer data. As a result, there is a growing demand for encryption management solutions to bolster cybersecurity measures.
Technological advancements, such as integrating chatbots into customer support and implementing the bring your own device (BYOD) policy, have further emphasized the need for proactive cybersecurity measures, including the use of open-source platforms. These measures are crucial for businesses of all sizes, from small to medium and large, and are especially important in the context of cloud computing and the big data analytics software & services market. The popularity of the BYOD policy is rising across industries, allowing employees to access data using their smartphones and laptops. These developments are expected to drive the market for encryption management solutions in the forecast period.
A key factor shaping the market is the increase in penetration of cloud deployment models. The penetration of the cloud deployment model is a key trend affecting the adoption and proliferation of EIM solutions across verticals. In addition, cloud-based models are highly secure, reliable, agile, and cost-effective. Furthermore, they are considered an attractive proposition because of their cost-effectiveness, advanced information management capabilities, and flexibility.
Moreover, most of these are still expected to leverage the on-premises model for their critical data, the implementation of hybrid and cloud-native models which is positively impacting the market. In addition, a mobile EIM suite on the cloud is appealing because it can effortlessly assimilate across various platforms and systems in diverse regions. Therefore, there is an increasing need to integrate EIM seamlessly during the forecast period.
Data privacy concerns are one of the key challenges hindering the market. One of the main issues in conversational AI is data privacy, which is one of the significant challenges in the global conversational systems market. In addition, there is an increasing popularity of chatbots, as many of these across the globe are adopting this type of AI technology to simplify business processes.
However, with the rise in the occurrence of cybercrimes around the world, concerns have been expressed about the security of chatbots and VAs. Furthermore, Customers share a lot of different types of information during a conversation with chatbots or VAs which are prone to cyber security attacks. Hence, such factors are negatively impacting. Therefore, it is expected to hinder the market during the forecast period.
The market report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
ABBYY Solutions Ltd: The company offers Abbyy timeline, Abbyy vantage, and Abbyy flexicapture.
Barracuda Networks Inc: The company offers under brands such as Sharp, UCLA, and Accor.
The market research report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018 to 2028.
The market faces dynamic variables influenced by qualitative analysis, shareholders, and gross margin. Production growth rate and volume metrics shape year-over-year growth, emphasizing accuracy and reliability in decision-making. Markets served encounter constraints and influencers, impacting materials and manufacturing processes. Digital technologies drive efficiency amid population growth and urbanization. Regulatory support, subsidies, and carbon pricing mechanisms promote environmental sustainability, reducing carbon emissions through eco-friendly, renewable solutions. Challenges include high initial investment and intermittency in solar and wind energy. Infrastructure limitations demand grid upgrades and storage facilities, while tax incentives mitigate competing technologies like fossil fuels and nuclear energy. Supply chain disruptions and public perception highlight the importance of awareness and resilience in market value and growth prospects.
In the market, changing consumer preferences and environmental awareness drive demand for solutions promoting cost reduction and sustainability. Installation efficiency and economies of scale facilitate large-scale projects, addressing intermittency and reliability concerns posed by inconsistent weather patterns. Shortages of critical materials prompt innovation, while negative public perception and resistance underscore the importance of addressing visual impact and noise pollution. Lack of awareness among consumers and policymakers presents challenges and opportunities for growth. Understanding growth-generating factors prospects is vital for navigating this landscape, ensuring the adoption of enterprise information management strategies that align with evolving market dynamics and environmental consciousness.
Enterprise Information Management Market Scope |
|
Report Coverage |
Details |
Page number |
183 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 17.01% |
Market growth 2024-2028 |
USD 88.02 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
15.92 |
Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
Performing market contribution |
North America at 38% |
Key countries |
US, Japan, China, Germany, and UK |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
ABBYY Solutions Ltd., Adobe Inc., Barracuda Networks Inc., Cognizant Technology Solutions Corp., Dell Technologies Inc., Hewlett Packard Enterprise Co., Hyland Software Inc., International Business Machines Corp., KYOCERA Corp., M Files, Microsoft Corp., Mimecast Ltd., Open Text Corp., Oracle Corp., Proofpoint Inc., SAP SE, Veritas Technologies LLC, Jatheon Technologies Inc., Kodak Alaris Inc., and Pagefreezer Software Inc. |
Market dynamics |
Parent market analysis, Market Forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Deployment
7 Market Segmentation by End-user
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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