Corporate Heritage Data Management Market

Corporate Heritage Data Management Market : Rising Demand for Safeguarding Intellectual Property
to Boost Sales
The global corporate heritage data management market features the presence of several smalland medium-sized companies and a rather small number of established players, observes a
recent report by Transparency Market Research. Owing to the rising popularity of these
solutions, the market is expected to experience the entry of a large number of new entrants
during the forecast period.
As a result, the market, which is highly competitive in terms of products and services offered, is
expected to become more competitive in the near future. To stay ahead of the competition,
increased focus on differentiation of offerings and addition of innovative solutions and services
to portfolios will work for market players. Owing to the presence of many smaller players in the
market, partnerships will also play a crucial role in success. Some of the key players in presently
operating in the market are North Plains Systems Corp., Eloquent Systems, Inc., Open Text
Corporation, Widen Enterprises, Inc., NetXposure, Inc., and MediaBeacon, Inc.
Asia Pacific to Present Promising Growth Opportunities
Transparency Market Research (TMR) projects that the global corporate heritage data
management market will exhibit a staggering 19.1% CAGR over the period between 2016 and
2024. If the prediction holds true, the market, which valued at US$175.2 mn in 2015 is expected
to rise to US$834.6 mn by 2024. Of the key corporate Digital asset management is estimated to
hold the market share of 65.9% in 2016, and expected to sustain its leading position with a
market share of 67.3% in 2024.
From a geographic perspective, the North America market dominates and is expected to retain
its dominance in the near future as well. The market in Asia Pacific, however, is expected to
exhibit the most prominent growth rate over the forecast period. The presence of a large
number of manufacturing companies in countries such as Japan, China and India will be the key
factor encouraging the growth of the Asia Pacific corporate heritage data management market.
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Cloud-based Solutions to Open New Growth Avenues
Besides the fact that corporate heritage data management solutions offer an effective way of
organizing critical business data in an easily accessible and sharable manner, their demand is
rising across corporate firms wanting to safeguard business-critical data. Advanced security
solutions offered by several heritage data management solutions have lately come across as
effective tools for protecting the historical data of an organization.
Moreover, the demand for heritage data management solutions is also rising due to the
possibility of their easy implementation with the help of cloud-based solutions. Cloud-based
solutions, by making costly heritage data management solutions highly economical and easy to
implement or install, are playing a crucial role in the overall development of the market. Cloudbased solutions will continue to have a significant positive impact on the market’s future
growth prospects.
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Organizations Reluctant on account of Low Return on Investment
The high costs of corporate heritage data management solutions often levy a hefty burden on
the finances of a company. Moreover, these solutions are used internally within a company for
organizing the unorganized data, which may not be a top priority spending area for many
companies. Also, achieving high returns on investment is difficult in the case of corporate
heritage data management. As a result, top management of organizations is often reluctant to
spend money on the corporate heritage data management solutions. This factor is one of the
key challenges faced by the global corporate heritage data management market and is
expected to restrain the market to a certain extent in the next few years.