The ECM market is an $11-billion addressable market that is undergoing dynamic change. This is creating unique challenges for some but opportunities for others as the industry continues to be buffeted by the same factors facing the overall software industry: Cloud, Mobility, Open Source, Collaboration, and Usability. A flurry of new entrants have sought to fragment ECM, mating workflow with content in a number of narrow use cases, while at the same time consolidation continues among traditional lead vendors. This report will focus on a narrower view of content management recently defined as “Business Content” and “Transactional Content.” While many of the themes discussed in this report apply to Web Content Management, Sales & Marketing Content Management, and adjacent verticals, this report does not focus on these verticals. The report takes a closer look into the market as well as companies in the ecosystem, M&A and private placement activity.