The global ECM market to reach
$1,330.5 million by 2023, according
to a Frost & Sullivan analysis
Enterprise content management (ECM) systems are the rise
June 05, 2019
by John R. Fischer
, Senior Reporter
The global enterprise content management (ECM) market is predicted to rise from $584 million to $1,330.5 million by 2023, driven by demands among healthcare providers for the ability to digitally consolidate administrative, operational, financial and clinical content.
The rise is expected to take place at a compound annual growth rate of 14.7 percent, as the greater governmental and regulatory stipulations continue to generate interest in integrated ECM solutions for better data protection and security against data breaches, hackers and cybercrimes, according to a Frost & Sullivan analysis.
"ECM has expanded into clinical areas, supporting EMR/EHR and patient portals by bringing multimedia content, unstructured clinical data, images, videos, and PDFs into enterprise workflow," said Siddharth Saha, vice president of medical imaging at Frost & Sullivan, in a statement. "Going forward, healthcare ECM systems will transition to enterprise content service platforms. These data-driven platforms will be powered by smart application programming interfaces (APIs) and web services, leveraging advanced services like artificial intelligence (AI), machine learning (ML), deep learning (DL), big data analytics, and intelligent text-mining features."
The use of these platforms is expected to give way to enterprise file sync and share as a service (EFSS) for synchronizing and sharing documents, photos, videos and other files from multiple devices with employees and external partners as well as customers. This will provide ECM vendors with additional growth opportunities, especially in emerging markets.
• Development of an information governance strategy to aid providers with compliance, audit, security, legal, IT, finance, and business operations.
• Targeting of countries with a high digital maturity index with content service platforms that can optimize the overall healthcare enterprise using cloud, analytics, AI, mobile and collaborative technologies.
• Alignment of strategic local, regional, national, and global healthcare IT system vendors and device OEMs to gain market share, especially in countries with medium to high EMR/EHR penetration.
• Bundling of a healthcare data exchange and interoperability services component with content service platforms for non-structured clinical data handling and transactions, third-party system integration, workflow management, clinical process automation, and digital transformation in the care setting.
"Eventually, the healthcare ECM sector will gradually evolve from the on-premise model featuring thick clients to a completely web/cloud-based model featuring thin/smart clients and robust interoperability capabilities," said Saha. "Hybrid ECM is anticipated to emerge a popular option among large healthcare enterprises."
The report, titled Global Enterprise Content Management Market for Healthcare, Forecast to 2023, is part of Frost & Sullivan's global Digital Health Growth Partnership Service program.