Electronic Data Management Market Size Projected to Generate a Revenue of $19,289.5 Million by 2031Download Sample Reports Overview
The Global Electronic Data Management Market is predicted to be valued at $19,289.5 million by 2031, surging from $6,348 million in 2021, at a CAGR of 12.2%.
Impact Analysis of COVID-19 on the Electronic Data Management Market
The COVID-19 pandemic had a major impact on various businesses across the globe. Companies had to adjust to new methods of managing and securing their data owing to the abrupt transition to remote employment. Remote work has also boosted the usage of cloud-based data management systems, raising worries about data security and privacy. The pandemic also resulted in a rise in data breaches, phishing assaults, and other cyber risks. The need for electronic data management solutions has also increased as businesses attempt to optimize their data management procedures and maintain compliance with new data privacy and security standards. The pandemic also highlighted the importance of effective electronic data management and the need for companies to invest in secure and efficient data management solutions. Electronic data management systems are now much more in demand in the post-pandemic period as a consequence of the COVID-19 impact on various industries.
Global Electronic Data Management Market Analysis
The increase in usage of cloud computing technology across various business sectors is likely to boost the growth of the global electronic data management market during the forecast period, owing to electronic records management solutions characteristics such as data sharing via file feeds, high quality online services, and single sign-on across the network. Companies are increasingly considering changing modern electronic records management solutions to streamline company processes and support management in making sound decisions. Traditionally, processes were completed manually, which required a long time and money and was prone to errors due to human labor. With the introduction of electronic data management systems, businesses can now automate operations, resulting in enhanced productivity. This factor is anticipated to boost the market expansion during the forecast timeframe.
An electronic data management system's increased information-sharing capacity poses a serious security danger. Therefore, sensitive corporate data may fall into the wrong hands if sufficient safeguards are not put in place to prevent hacks. Implementing an EDM system can be costly, particularly for small and medium-sized organizations. Costs can include hardware and software, as well as training and ongoing maintenance. For large organizations, these costs can be significant, particularly if they are implementing an on-premises solution that requires substantial hardware infrastructure. These factors are estimated to hamper the growth of the electronic data management market during the forecast period.
Leading businesses have already begun utilizing the cloud, mobile devices, and artificial intelligence to develop next-generation document management goods. Electronic data management will continue to embrace these technologies. This trend is likely to continue as more firms understand the benefits of electronic data management and the potential of these technologies to improve document management efficiency and effectiveness. Cloud technology has numerous benefits for document management, such as greater accessibility, scalability, and security. Documents can be accessible from anywhere, at any time, and on any device with an Internet connection using cloud-based document management solutions. Cloud-based systems may also readily scale to suit the changing needs of a business and provide extensive security measures to protect critical documents and data. These factors are estimated to create several growth opportunities for the market during the forecast period.
Global Electronic Data Management Market, Segmentation
The electronic data management market is segmented on the basis of offering, deployment type, organization size, end-user, and region.
The offering segment is further classified into solution and services Among these, the s services sub-segment is anticipated to have a fastest growth by 2031. Electronic data management has become an essential tool for businesses in the services sector. This technology allows businesses to store, manage, and analyze large amounts of data quickly and efficiently. It has transformed the way services are delivered and has enabled businesses to improve their operational efficiency, customer service, and decision-making capabilities.
The deployment type segment is further classified into cloud and on-premises. Among these, the on-premises sub-segment is accounted for a dominant market in 2021. An organization can fully control the hardware and software it uses, as well as where it is located and who has access to it, by deploying on premises. Servers that are specifically designed for this purpose or similar generic servers and storage systems that are used for other purposes could be the hardware. On-premises trend refers to the growing popularity of using software and hardware that is hosted within an organization's own physical infrastructure rather than on cloud-based platforms. This trend is often driven by concerns around data security and regulatory compliance, as well as a desire to have more control over the infrastructure that supports critical business applications. Organizations that handle highly sensitive data, such as financial institutions or government agencies, may prefer on-premises EDM solutions due to greater control and security over their data. With on-premises solutions, organizations have direct control over their data and can implement their own security protocols.
The organization size segment is further classified into large enterprises and small and medium enterprises. Among these, the large enterprises sub-segment accounted for a dominant market share in 2021. Large enterprises segment holds a significant position in the electronic data management (EDM) market. Large enterprises typically have complex data management needs and require robust solutions that can handle large volumes of data and provide advanced features such as data governance, compliance, and security. Large enterprises typically have complex data management needs due to the volume and variety of data they generate and store. EDM solutions that can handle large volumes of data and provide advanced data management features which are essential for these organizations.
The end-user segment is further classified into BFSI, healthcare, retail, IT and telecom, manufacturing, and others. Among these, the BFSI sub-segment accounted for a dominant market share in 2021. The banking, financial services, and insurance sectors deal with a massive amount of data. To maintain an accurate data of the company, daily data is recorded, including client information, financial transactions, and previous purchases of goods and services. Cloud systems have a great opportunity to expand their businesses in the banking, financial services, and insurance industries by managing large amount of data. The banking, financial services, and insurance category is expected to considerably boost the overall data management market during the forecast period.
The electronic data management market in North America accounted for a dominant market share in 2021. The rapid expansion of small, medium, and large organizations in the region is the driving force behind the North America enterprise data management market growth. Organizations have to significantly advance proper data management in order to avoid data loss due to the expansion of numerous businesses that produce enormous volumes of data. This factor has contributed to the expansion of the data management market share sector. Growing demand for risk management solutions among large organizations is anticipated to drive the regional market expansion during the forecast timeframe. The demand for free and open-source software for managing and allowing remote access to huge amount of data has increased due to the numerous governments in the region encouraging software developers.
Key Players in the Global Electronic Data Management Market
Some of the leading electronic data management market players are
- Microsoft Corporation
- Oracle Corporation
- Open Text Corporation
- Hyland Software Inc
- IBM Corporation
- Xerox Corporation
- Adobe Inc
- KYOCERA Document Solutions Inc
- Konica Minolta INC
- Exela Technologies Inc