Enterprise Information Management (EIM) Software Market Size, Share, Growth, and Industry Analysis, By Type (Cloud Computing, Big Data, Others), By Application (Customer Management, Information Management, Business Management, Others) and Regional Forecast To 2031

Updated On: 08 April 2024

Enterprise Information Management (EIM) Software Market Report Overview

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The global enterprise information management (EIM) software market size was 81230 million in 2022 & the enterprise information management (EIM) software market is expected to reach USD 324102 million by 2031, exhibiting a CAGR of 16.6% during the forecast period.

The COVID-19 pandemic has been unprecedented and staggering, enterprise information management (EIM) software experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market’s growth and demand returning to pre-pandemic levels.

An enterprise information management (EIM) software may consist of software that is integrated, a type of service, or a hybrid of the two. It provides value to corporate data by improving its accessibility, meaning, accuracy, timeliness, and security. EIM software allows you to create, manage, and communicate enterprise data in a way that is safe, easy to use, meaningful, and accurate. Employees' working conditions and satisfaction with work are also enhanced. It enables you to verify data quality, the accuracy of all data sources, and the creation of end-to-end digital workflows.

Thanks to enterprise information management (EIM) software, the right knowledge is provided to the correct individuals at precisely the right moment and in the proper manner. To develop true business information, enterprise information management (EIM) software can identify, organize, and manage data that is structured as well as unstructured.

COVID-19 Impact: Interruption in Services to Advance Market Growth

The COVID-19 pandemic's influence on the EIM industry was beneficial. It increased need for remote work solutions and speeded up digital transformation efforts. Organizations prioritized data secrecy and privacy, whereas implementation and purchasing procedures were hampered. Cost reduction became a goal, resulting in an emphasis on low-cost, cloud-based EIM solutions. While industries' goals shifted, EIM providers had to adjust their solutions accordingly. Overall, the pandemic raised the necessity of good information management and accelerated the use of EIM techniques for data management, analytics, and decision-making in a fast changing business landscape, which will likely benefit the industry in the future.

LATEST TRENDS

"Growing Volume of Data in Manufacturing Industry to Stimulate Market Development  "

The growing volume of data in the manufacturing industry would almost certainly increase the demand of enterprise information management (EIM) systems. As manufacturing firms produce more data from multiple sources such as equipment, sensors, as well as devices, there will be a greater need to efficiently handle and analyze this data in order to extract important insights that can guide business decisions and increase operational efficiency.

By gathering, storing, and interpreting data in a single system, EIM solutions may offer manufacturers with the tools they need to manage data efficiency. These solutions also have advanced analytics capabilities, which allow manufacturers to derive insights from data and use them to boost productivity, streamline production processes, cut costs, while enhancing product quality.

Enterprise Information Management (EIM) Software Market Segmentation

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• By Type

Based on type; the market is divided into cloud computing, big data, others

Cloud computing is the leading part of the type segment.

• By Application

Based on the application; the market is divided into customer management, information management, business management, others

Customer management is the leading part of the application segment.

DRIVING FACTORS

"Rapid Improvement in Technology to Aid Market Expansion "

The worldwide EIM software market grows swiftly as it demonstrates a greater quality of expertise, and as a consequence, the market is rapidly expanding in size. Technology's rapid improvement and rapid growth of unstructured information across verticals are projected to accelerate dramatically in the coming years across the world.

"Cloud-Based Solutions to Foster Industry Progress "

Cloud-based enterprise information management (EIM) software are more scalable, which is a key driver driving market demand for these solutions. The capacity of an EIM platform to expand or decrease in accordance with changing business needs is referred to as scalability. Cloud-based EIM systems are easily scalable, allowing organizations to change their computer resources to meet the demands of their workload.

Cloud-based EIM solutions have an array of advantages over on premise alternatives. They improve accessibility by allowing employees to view data from any location with a connection to the internet. Cloud solutions are additionally more scalable, allowing organizations to easily increase storage capacity as data volumes increase. Furthermore, clod solutions are often less expensive because they do not necessitate the same starting investments in both software and hardware as on-premise solutions. Therefore, the cloud-based solutions will boost up the enterprise information management (EIM) software market growth in the coming future.

RESTRAINING FACTORS

"Integration Difficulties in the Software to Limit the Market Evolution "

The integration difficulty in the corporate information solution market expansion could stymie market growth by making it harder for enterprises to adopt and execute these solutions.

Integrating EIM options with current applications and systems can be difficult and time-consuming, deterring enterprises from committing in these solutions. This level of complexity can also lead to longer implementation periods, higher expenses, and an increased demand for technical skills.

Furthermore, integration issues might have an impact on data quality in EIM solutions. Inaccurate or inadequate data might result in inaccurate insights and decisions, thus compromising the usefulness of EIM solutions.

Enterprise Information Management (EIM) Software Market Regional Insights

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"Rising Utilization of Technology in North America to Support Market Advancement "

North America will be responsible for 38% of market growth throughout the forecast period. The U.S. represents the most significant enterprise information management (EIM) software market for corporate information management in North America. The increased use of technology will boost the expansion of the enterprise information management (EIM) software market share throughout North America over the forecast period.

KEY INDUSTRY PLAYERS

"Key Players Focus on Partnerships to Gain a Competitive Advantage"

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.

The analyst provides a comprehensive picture of the market through the study, synthesis, and summarization of data from various sources, as well as an examination of important variables such as financial gain, sales prices, competition, and promotions. It identifies the key industry influencers and presents various market facets. The information provided is thorough, reliable, and the result of extensive primary and secondary research. The market report provides a comprehensive competitive landscape as well as an in-depth vendor evaluation methodology and analysis based on both qualitative and quantitative studies to accurately forecast market growth.

The reports cover important advances with in market, as well as inorganic and organic growth strategies. Various companies are concentrating on organic business expansion such as product announcements, product approvals, and other things like patents and events. Acquisitions, partnerships, and collaborations were among the inorganic growth strategies observed in the market. The above activities have paved the way for market participants to expand their business and customer base. With the growing demands for filter products in the international market, market participants in the market are expected to benefit from substantial growth opportunities in the near future.

List of Market Players Profiled

• IBM Corporation (U.S.)
• Oracle Corporation (U.S.)
• Open Text Corporation (U.S.)
• EMC Corporation (U.S.)
• SAP (Germany)
• OpenText (U.S.)
• OTSI (India)

REPORT COVERAGE

This research offers a thorough analysis of the global market, covering all relevant areas. This includes everything from a broad market overview to micro-level information about size of the market, degree of competition, evolution trend, opportunities in the market, important market drivers, and SWOT opportunities and threats. The reader can use the study to influence industry competitiveness and competitive environment strategies to increase potential profit. Additionally, it offers a straightforward framework for assessing and gaining access to the situation of the corporate organization.

In a nutshell, this study should be read by all market participants, traders, academics, analysts, business planners, and anyone else with an interest in the market. The market competitive landscape is another area that the report structure focuses on. This report presents in depth information the share of the market, macroeconomic indicators, product scenario, operation circumstances of the major players, which aids readers in the industry in recognizing the key rivals and better understanding the market's competitive landscape.