Electronic Data Management Market is Expected to Reach USD 19.3 Billion, by 2031, Says Allied Market Research

According to a new report published by Allied Market Research, The electronic data management market size was valued at $6.4 billion in 2021, and is estimated to reach $19.3 billion by 2031, growing at a CAGR of 12.2% from 2022 to 2031.

A system designed to manage documents and files and streamline data administration is known as an electronic document management system. The increase in volume of digital data generated across numerous industries, as well as the requirement to manage this data properly, are factors driving the electronic data management market growth.

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The need for electronic document management solutions is increasing as firms continue to move towards digitalization and remote work. There are various advantages of using electronic document management solutions, including better efficiency, lower costs, improved data security, and simpler data administration. Businesses can use these solutions to quickly store, manage, and retrieve data, automate document workflows, and collaborate in real-time with remote workers.

Advanced document management systems provide a significant competitive edge for businesses. The demand for paperless documents at workplaces is rising owing to the pervasive use of cloud services, which is expected to boost the market expansion. One of the biggest advantages of going paperless in the workplace for businesses is having quick access to files when required.

The growth of the electronic data management market is driven by factors such as the increased adoption of data management applications in numerous banking, retail, healthcare, and other organizations, the rise in the adoption of cloud computing; the penetration of SaaS-based big data solutions; the growing bring your own device (BYOD) trend; and technological advancements like cloud computing, AI, and machine learning.

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On the other hand, smaller organizations may not have the resources to hire dedicated IT staff or invest in training for existing staff, which is a factor that limits their ability to adopt EDM solutions. The high initial implementation costs associated with cloud-based EDM solutions can hinder market growth. On the contrary, the demand for paperless documents at workplaces and the growing popularity of mobile data access and real-time collaboration through EDM solutions are expected to create lucrative opportunities in the industry during the forecast period.

By region, North America held the major share in 2021, contributing to more than two-fifths of the global electronic data management market revenue and is expected to dominate by 2031. This is due to the increasing demand for greater operational efficiency in big enterprises and SMEs, as well as the growing popularity of cloud computing. North America has the top technological firms in the world that are driving innovation in the EDM market. On the other hand, the Asia-Pacific region would showcase the fastest CAGR of 13.3% during the forecast period. This is because the region is home to several emerging economies, such as China, India, Japan, and South Korea, which have witnessed significant growth in their IT and telecom, BFSI, healthcare, and manufacturing sectors in recent years.

The key players profiled in the electronic data management market forecast report include Microsoft Corporation, Oracle Corporation, Open Text Corporation, Hyland Software, Inc, IBM Corporation, Xerox Corporation, Adobe Inc, Kyocera Document Solutions Inc., Konica Minolta, INC., and Exela Technologies, Inc.

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The electronic data management market analysis report offers a comprehensive analysis of the global electronic data management market trends by thoroughly studying different aspects of the market including major segments, market statistics, market dynamics, regional market outlook, investment opportunities, and top players working towards the growth of the market. The report also highlights the present scenario and upcoming trends & developments that are contributing toward the growth of the market.

Covid-19 Scenario-

• The COVID-19 pandemic had a positive impact on the electronic data management market as businesses had to rapidly adapt to new ways of working and remote data management.

• The most significant impact of the COVID-19 pandemic was the shift to remote work and virtual collaboration, which increased the demand for cloud-based data management systems. Businesses' desire to store and share data safely across remote teams and locations led to an increase in the demand for cloud storage and collaboration tools.

• EDM systems also assisted the Indian government and other governmental bodies in locating, isolating, and testing many coronavirus-infected people in close quarters. These elements had encouraged the global market to grow despite the unprecedented crisis.

• Due to businesses' need to manage sensitive data across a variety of remote devices and networks, the pandemic also highlighted the importance of data privacy and security. Reducing the risks of data breaches and other cyber threats also led to an increase in investments in cybersecurity and data protection solutions.

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