Electronic Document Management System Market Size

Electronic Document Management System Market Size

Electronic Document Management System Market size exceeded USD 2.12 billion in 2016 and is predicted to grow at over 15.6% CAGR through 2024. Emerging trend of software as a service (SaaS) and cloud computing, coupled with the favourable regulatory scenario is anticipated to escalate industry growth. The growing trend of Bring Your Own Device (BYOD) and integration of document management solution with mobile devices has spur adoption of the technology among enterprises. Government initiatives and mandates on data storage protocols are expected to offer growth opportunities.

A major factor supporting the industry growth can be attributed to the benefit of a paperless environment created by such solutions. The system reduces the costs and time associated with document management by providing multiple version control and federated searches. The document management software is integrated into the business process thereby allowing organizations to effectively manage their documentation needs. Industry players are focusing on innovation and technological evolution to customization and enhance their product offering. Ease of integration of the system with existing and new technology solutions is expected to drive EDMS market penetration.

The need for software to incorporate services such as social integration, cloud-computing, workflow collaboration and smartphone accessibility is on the rise. However, integration issues with existing applications and data security concerns are factors restraining the EDMS market. The high costs associated with installation, training and maintenance further challenge the industry growth.