The enterprise information management market will witness an incremental growth of USD 67.54 Billion at about 19% CAGR during 2021-2025.
NEW YORK, June 21, 2021 /PRNewswire/ --
Technavio identifies the rising demand for digitalization as one of the major factors driving the growth of the enterprise information management market. Businesses across industries such as consumer goods, healthcare, manufacturing, and retail are increasingly adopting the latest technologies to stay competitive in the market. The high adoption of digitalization among businesses in these industries is making their IT resources more prone to cyberattacks.
Besides, the integration of chatbots and the rising adoption of BYOD policies have necessitated the need for efficient encryption management solutions to prevent cyberattacks. All these factors are compelling organizations to invest in enterprise information management solutions, which is driving the market growth.
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In 2020, North America accounted for about 38% of the global market share, and the region is expected to continue its dominance during the forecast period. The strong presence of major vendors and stringent data regulatory standards are some of the major factors driving the market growth in North America. Also, the rising adoption of enterprise information management solutions by SMEs in the region is creating new growth opportunities for vendors.
Similarly, based on the end-user, the market generated maximum revenue in the BFSI segment in 2020. The growth of the segment can be attributed to the rising volumes of data generated in the BFSI sector. In addition, the rising adoption of cloud-based solutions in the BFSI sector will support the growth of the segment during the forecast period.
Although the enterprise information management market is expected to record a healthy growth during the forecast period, integration challenges related to unscalable applications and data privacy concerns might reduce the growth opportunities for market participants. This report on the enterprise information management market will help businesses become better equipped, make informed decisions, and develop effective strategies to improve their market positions.
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