Electronic Document Management System Market Technological Innovations and Future Opportunities 2024 by Top Companies - Alfresco, Dropbox Business, Google, Hyland, Microsoft Corporation, Oracle Corporation, Zoho Corporation

Owing to the rapid surge in adoption of cloud computing solutions across diverse end-use sectors, electronic document management system market is anticipated to expand at an exceptional pace over the next seven years. This growth trajectory is expected to traverse forward due to the wide spread penetration of SaaS based services, big data, and the rising trend of bring your own device (BYOD) at workplaces. Furthermore, large organizations have been increasingly aiming to streamline workflow, enhance the prevailing practices of document handling, centralize the unstructured databases in order to extract business-related data in real-time with improved efficiency.

Apparently, the aforementioned business considerations have necessitated the large-scale deployment of effective systems that control duplication, deletion, creation, and distribution of multiple versions of the same documents, which would eventually leave a tremendous impact on the global electronic document management system industry share. The growth potential of electronic document management system market can be comprehended from the fact that this business space recorded a total revenue collection of USD 2 billion in the year 2016.

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Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:
1. Alfresco
2. Dropbox Business
3. Google
4. Hyland
5. Microsoft Corporation
6. Oracle Corporation
7. Zoho Corporation

While enumerating the growth prospects of electronic document management system industry in the immediate future, it would be prudent to take note of this business sphere's end-use domain. In the recent times, a plethora of industry verticals such as healthcare, BFSI, education, commercial, and legal among others are witnessing robust progression which has, in turn, contributed immensely to the overall electronic document management system market expansion. Out of all end-use domains, healthcare sector has emerged as one of the most lucrative avenues that is anticipated to augment the electronic document management system industry share in a drastic manner. In a bid to ensure rapid acceptability of document management systems by healthcare providers to digitalize patient data records, various nations around the world have undertaken encouraging initiatives that has boosted the electronic document management system market.

The evaluation of EDMS i.e. collection of various technologies that work combinedly to supply comprehensive solution to manage indexing, creation, retrieval, capture, and information assets of companies has eliminated unnecessary procedures in the organizational progress. The rising adoption of EDMS in the industrial sectors to achieve high operational excellence is thus likely to propel electronic document management system market. A few months before, the renowned chemical manufacturer, DOW chemical selected one of the key players in market, Synergis Software to deploy the Adept EIM (Engineering Information Management) solution.

The main aim behind the deployment of this advanced system was to provide quick access to capital engineering project documents, enhance global collaboration, and support fast post-project data handover. Before the deployment of EDMS, Dow Chemical had at least 20 different kinds of information management systems to process nearly 3 million documents. After the implementation of EDMS however, Dow Chemical has successfully reduced the risk associated with data management with highly reliable and intuitive solutions. The growing adoption of EDMS is thus heavily influencing electronic document management system market share.

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Owing to their efficiency and productivity, EDM systems play a vital role in cybersecurity. The document management systems enable user to access cybersecurity tools for overcoming data leak risks. The surging deployment of EDMS across various industrial sectors to preserve the consumer's rights and to prohibit leaks is essentially what will drive electronic document management system industry trends over the years ahead. In addition to this, healthcare facility providers are also utilizing document management systems to provide better medical care solutions to their patients. Endowed with a significantly widespread application spectrum, electronic document management system market outlook is likely to witness a dynamic transformation in the years ahead.

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