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Adobe Systems, eFileCabinet, Google, Ideagen Plc, Lucion Technologies, MasterControl, Microsoft, Oracle, Profiled in Electronic Document Management System Market Report 2018 by Global Market Insights, Inc.
Electronic Document Management System Market
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. Factors such as high cost associated with the deployment and maintenance of on-premise solutions coupled with the cybersecurity threats might hinder the electronic document management system market. In addition, incorporation issues with the already existing applications are the other factors restraining the industry demand.
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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.
The service providers offer a range of service, which includes installation, integration, consulting, and training services for streamlining the business workflow. The on-premise deployment in the electronic document management system market is predicted to witness a significant growth over the forecast timespan. The growth can be accredited to the rising utilization of these solutions for operations that include an enormous number of documents with a large file. Moreover, cloud-based solutions are an ideal fit for users with inadequate workforce and a large number of customers, who use remote solutions. Increasing implementation of cloud-based solutions can be attributed to the low cost of subscription followed by the easy storage and information accessibility.
The electronic document management system market is witnessing growth in the government sector as these solutions eliminate the paper-based documentation techniques and efficiently manage workflow operations. Furthermore, the utilization of these solutions allows the government to improvise efficiency and maintain transparency across all the departments. With the volume of papers growing enormously, the deployment of electronic documents is expected to help organizations achieve a huge saving in terms of costs.
Electronic Document Management System (EDMS) Market was estimated at over USD 2 billion in 2016 and is set to exceed USD 6 billion by 2024.
Growth Drivers:
. Stringent regulatory framework in the U.S.
. Emerging demand for cloud services in the UK
. Demand from government institutions in Russia
. Penetration of SaaS-based solutions in China and Japan
. Digitization in India
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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.
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.
Companies operating in the electronic document management system market include Google, Inc., Adobe Systems, Inc., DropBox, CGI Group, Inc., Alfresco One Software, eFileCabinet, MasterControl, Ideagen PLC, DocSTAR, Zoho Corp., and Oracle Corporation. The industry players are heavily investing in R&D to develop new and advanced technological solutions, which can be easily incorporated into the existing IT platforms.
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About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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