Electronic Document Management System Market size worth $6.79 Bn by 2024
Published Date: December 7, 2017 Authors: Preeti Wadhwani, Saloni Gankar
Electronic Document Management System (EDMS) Market size is set to exceed USD 6.79 billion by 2024; according to a new research report by Global Market Insights, Inc.
Rise in adoption of cloud computing, BYOD trend, penetration of SaaS based solutions and Big Data are expected to drive the EDMS industry growth. Such solutions enable organizations to streamline workflow and efficiently handle their documentation needs, thereby improving individual productivity and enable organizations to centralize unstructured content and extract business related information quickly and effectively. It controls the creation, duplication, deletion and distribution of document digitally. Moreover, aids in controlling multiple versions of the same document and provides federated searches.
Regulations requiring the need to maintain data compliance across industries are expected to propel electronic document management system market demand. However, cyber security issues of online DMS and high implementation and maintenance cost of on-premise solutions may hinder growth. Key trends impacting growth include social integration, workflow collaboration, customized client portals and mobile device integration. EDMS market solutions enable archiving, indexing, accessing and retrieval of documents.
The rise in demand for document retention as a result of stringent rules and regulations governing the storage of company records is benefitting the global market. Increase in the formation of new businesses has also led to the steep demand for such solutions as they provide co-ordination and control over flow of documents in a protective and efficient manner. Key benefits of EDMS include data protection, information destruction, records management and recovery services.
Major industry verticals deploying such solutions include government, medical, commercial, BFSI, legal and education. A strong growth opportunity for the electronic document management system market can be witnessed in the medical field, wherein the regulatory requirements and adoption of health-related ERP systems are driving growth. Incentives are offered to healthcare providers to digitize their records.
Browse key industry insights spread across 300 pages with 475 market data tables & 31 figures & charts from the report, “Electronic Document Management System (EDMS) Market Size By Solution (Software, Service [Installation & Integration, Consulting, Training]), By Deployment Model (On-Premise, Cloud-Based), By Application (Government [Aerospace & Defense, Oil, Gas & Utilities, Transportation], Medical [Patient Admission, Billing, Imaging, Record Management], Corporate [SMB, Enterprises], BFSI [Banking, Financial Services, Insurance], Legal, Education), Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2017 - 2024” in detail along with the table of contents:
Software providers in the electronic document management system market offer desktop solutions, network/server-based and cloud-based solutions to capture and manage their business documentation needs. The core implementation team consists of application developers, project managers and coordinators. Collaboration between software developers and service providers add capabilities to coalesce on a common platform and embed functions into the document management solution. Service providers offer means for implementing EDMS into the actual workplace. In addition to installation, they also provide integration services with the organization’s workflow, as well as training and consulting services for smooth functioning of the system.
On-premise solutions are ideal for operations wherein a large number of documents need to be managed with combatively large file sizes. Customers need to invest on hardware, licenses, IT staff and IT infrastructure for on-premises solutions. On the other hand, cloud based EDMS are suitable for users with limited IT expertise or staff, large number of remote end users and suitable networking infrastructure.
Demand for EDMS solutions in medical applications is estimated to exhibit significant growth through 2024 due to the need for automation and digitization in the healthcare center and the need to improve clinical efficiency and quality of healthcare systems. Increasing adoption of health information management systems such as Electronic Medical Record (EMR), Health Information Management (HIM), Radiology Information System (RIS) and Picture Archiving and Communication System (PACS drive growth of medical EDMS market revenue.
Asia Pacific electronic document management system market is projected to witness exponential growth till 2024 owing to rising penetration of SaaS based solutions and favorable government initiatives in the region. Furthermore, the increasing volume of data and growing demand for cloud storage is also augmenting the regional demand. North America holds a major share in the global EDMS market owing to presence of large number of EMDS solution providers and early adoption of technology in the region.
Key players in the electronic document management system market include Adobe Systems Incorporated, Alfresco One Software, CGI Group Inc., DocSTAR, Dropbox Business, Dokmee, eFileCabinet, Google, Ideagen Plc, Lucion Technologies, MasterControl, Microsoft Corporation, Oracle Corporation, Zoho Corporation. The players are investing in R&D to develop new technologies that make the solution interoperable and easily integrate with other IT platforms.