At 15% CAGR, Electronic Document Management System Market to Hit Milestone of USD 6 Billion by 2024

Software providers in the electronic document management system market have dominated in recent years owing to the business needs for managing consumer and business data

Electronic Document Management System Market is expected to reach USD 6 billion by 2024. The rising adoption of cloud computing technologies over the globe is driving the electronic document management system industry growth. Cloud services offer benefits, such as information confidentiality and enhanced performance, for managing the digital documents. The technology integrates data at exceptionally high speeds and provides timely recovery of essential data by employing data protection techniques. This integration provides single multiple-database views and the inclusion of document scanning & storage provisions in cloud-based alternatives. An efficient use of metadata in the systems offers easy and quick responses of the content management features.

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Electronic document management system market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2013 to 2024, for the following segments:

Market, By Solution
• Software
• Service
• Installation & Integration
• Consulting
• Training

Market, By Deployment
• On-premise
• Cloud-based

Market, By Application
• Government
• Medical
• Commercial
• BFSI
• Legal
• Education
• Others

Increasing regulations and government initiatives related to the maintenance of data compliance across different industry verticals are expected to propel the electronic document management system market. Growing cybersecurity issues over the globe and the risk of document theft in several legal and information-based service providers account for the consumption of these systems. Additionally, national mandates in several countries for data storage and protection protocols will provide several growth opportunities to the electronic document management system industry. For instance, in India, the government passed data protection laws that refer to privacy policies, procedures, and laws that minimize the intrusion caused by collection, storage, and dissemination of consumer data.

Software providers in the electronic document management system market have dominated in recent years owing to the business needs for managing consumer and business data. Service providers collaborate with software developers to offer quick solutions to the technical issues. Consulting and training services are expected to gain a high traction over the forecast time owing to the increased need for developing technically-advanced business operation platforms. These services ensure the smooth functioning of EDMS along with increasing cost-effectiveness.

On-premise deployment model in the industry has gained high popularity over the years. The penetration of on-premise models provides easy integration with organizational IT infrastructure and dedicated on-site services to the business organizations. The electronic document management system market observes cloud-based models as an emerging segment over the forecast period. They provide easy collaboration and low maintenance to the users in adopting technological innovations

The BFSI segment in the electronic document management system market covered large revenue share owing to the rapid digitization in this sector. The deployment in banking and government institutions ensures time and cost savings for managing the documentation operations. They benefit the institutions in saving labor costs as these systems eliminate the employee involvement, promoting automation technology over various industry verticals.

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North America is expected to dominate the electronic document management system market owing to the introduction of technically-advanced products and services at a rapid pace. The U.S. is a major market due to the presence of key players that produce efficient digital systems for ensuring customer relationship and provision of efficient solutions. Furthermore, the Asia Pacific is observing a gradual development in the industry due to the increased government focus toward digitization and infrastructure development of government as well as private organizations.

The key players operating in the electronic document management system market include Google, Alfresco One, FileCenter, eFileCabinet, CGI Group, Inc., Dokmee, Lucion Technologies, Nexify Limited, Microsoft Corporation, Oracle Corporation, and Zoho Corporation. The companies majorly focus on investing in research & development activities to provide advanced technical services & software to enhance the IT infrastructure in business organizations.

Some Points From Table Of Content: -

Chapter 4. Electronic Document Management System Market, By Solution
4.1. Electronic document management system industry share by solution, 2016 & 2024
4.2. Software
4.2.1. Market estimates and forecasts, 2013 - 2024
4.3. Service
4.3.1. Market estimates and forecasts, 2013 - 2024
4.3.2. Installation and integration
4.3.2.1. Market estimates and forecasts, 2013 - 2024
4.3.3. Consulting
4.3.3.1. Market estimates and forecasts, 2013 - 2024
4.3.4. Training
4.3.4.1. Market estimates and forecasts, 2013 - 2024

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