Electronic Document Management System (EDMS) Market is projected to surpass USD 6 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 electronic document management system market 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.
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Regulations requiring the need to maintain data compliance across industries are expected to propel growth of EDMS market. 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 electronic document management system 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.
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.
Browse key industry insights spread across 300 pages with 475 market data tables & 31 figures & charts from this 2017 report Electronic Document Management System Market in detail along with the table of contents:
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 expected to exhibit significant growth over the forecast period. This can be attributed 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 electronic document management system market.
Asia Pacific electronic document management system market is expected to witness sharp growth owing 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 expected to augment demand in the region. 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.