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Electronic Document Management System Market is expected to grow at over 15% CAGR to reach over USD 6 billion by 2024. Increasing penetration of Software as a Service (SaaS) based solutions coupled with the rising adoption of cloud computing is anticipated to drive the electronic document management system market over the forecast timeline. These solutions are increasingly utilized by enterprises to simplify various business operations and effectively manage their documentation requirements. The emerging trends of BYOD and the incorporation of document management solutions with smartphones are fueling the technology growth across various organizations.
Government regulations and initiatives associated with the information storage protocols are predicted to offer lucrative growth opportunities to the electronic document management system market. These solutions allow accessing, indexing, retrieving, and archiving of documents. Benefits of using such solutions include record management, information protection & destruction as well as recovery services. The deployment activities are on the rise across various industry verticals such as medical, government, BFSI, education, and commercial. The electronic document management system market is currently witnessing a significant growth in the medical sector owing to the regulatory needs and penetration of health-based ERP systems.
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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Software solution providers in the electronic document management system market provide desktop-based, network-based as well as cloud-based solutions for the efficient management of business documentation needs. These providers are realizing the requirement for customized process and content management. Moreover, the partnership between the service providers and software developers is increasing the scope for new possibilities for integrating new functionalities in the document management solutions. 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.
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The rising demand for cloud storage and growing volume of data are anticipated to drive the Asia Pacific electronic document management system market. Favorable government regulations coupled with the increasing penetration of SaaS-based solutions further contribute to the regional market demand. The presence of a large number of industry players and the rising adoption of such solutions across the BFSI and medical sectors are driving the North America and Europe industry growth.
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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