The electronic document management system global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Electronic Document Management System Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The electronic document management system market size has grown rapidly in recent years. It will grow from $5.50 billion in 2023 to $6.37 billion in 2024 at a compound annual growth rate (CAGR) of 16.0%. The growth in the historic period can be attributed to transition to digital workflows, compliance and regulatory requirements, efficiency and productivity gains, need for centralized information, document version control, paperless office initiatives, risk mitigation and data security.
The electronic document management system market size is expected to see rapid growth in the next few years. It will grow to $11.17 billion in 2028 at a compound annual growth rate (CAGR) of 15.0%. The growth in the forecast period can be attributed to focus on collaboration and remote work, advanced search and metadata capabilities, incorporation of artificial intelligence (AI) and machine learning (ML), increased data governance requirements, focus on sustainable and eco-friendly practices. Major trends in the forecast period include cloud-based solutions, integration with collaboration tools, advanced security measures, artificial intelligence (AI) integration, mobile accessibility, compliance and regulatory alignment.
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Scope Of Electronic Document Management System Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Electronic Document Management System Market Overview
Market Drivers –
The rise in remote work and flexible working hours is expected to propel the growth of the electronic document management system market going forward. Remote work and flexible working hours refer to work arrangements that allow employees to work outside of the traditional office setting and outside of standard work hours. The popularity of remote or flexible work is growing as it offers advantages to both businesses and employees, technological improvements, and shifting perspectives on work-life balance. An electronic document management system plays a crucial role in supporting remote work by allowing workers to work together on, access, and manage documents and data from any location. These systems typically have advanced search capabilities, making it easy to find specific documents quickly. For instance, in June 2023, according to reports published by Forbes Media LLC, a US-based media company, 12.7% of full-time employees work from home, while 28.2% use a hybrid model in the US in 2023, and it is expected to reach 32.6 million will be working remotely by 2025. Therefore, the rise in remote work is driving the growth of the electronic document management system market.
Market Trends –
Major companies operating in the electronic document management system market are experiencing significant growth due to the integration of artificial intelligence and machine learning technologies in EDMS. The integration of artificial intelligence (AI) and machine learning (ML) technologies in electronic document management systems (EDMS) refers to the use of AI and ML to enhance various aspects of document management, such as data processing, decision-making, data security, and data quality. This integration can help in solving business problems effectively, ensuring compliance with standards, analyzing historical data, predicting outcomes, and enhancing data security. For instance, in October 2021, MasterControl Inc., a US-based document control solution provider, launched its AI integration MasterControl Insights. The new product is designed to help customers quickly evaluate data for better decision-making. Specifically built for quality and manufacturing professionals in highly regulated industries, MasterControl Insights provides users with the ability to analyze, visualize, and leverage quality and operational data to improve business outcomes. The product sets a powerful base for more advanced data analysis using artificial intelligence (AI) and machine learning (ML).
The electronic document management system market covered in this report is segmented –
1) By Solution: Software, Services
2) By Deployment Type: On-Premises, Cloud-Based
3) By Application: Government, Healthcare, Education, Legal, Banking, Financial Services And Insurance (BFSI), Other Applications
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Regional Insights –
North America was the largest region in the electronic document management system market in 2023. Asia-Pacific is expected to be the fastest growing region in the forecast period. The regions covered in the electronic document management system market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Microsoft Corporation, Oracle Corporation, Xerox Corporation, OpenText Corporation, Zoho Corporation, Ideagen Plc, MasterControl, M-Files DMS, DocuWare, Seismic, eFileCabinet, DocuPhase, DocSTAR, Optix, CGI Group Inc., Lucion Technologies, LogicalDOC, Formstack Documents, FileCenter, Fluix, DocOrigin, Alfresco One Software, Dokmee, Evernote Corporation, QT9 QMS
Table of Contents
1. Executive Summary
2. Electronic Document Management System Market Report Structure
3. Electronic Document Management System Market Trends And Strategies
4. Electronic Document Management System Market – Macro Economic Scenario
5. Electronic Document Management System Market Size And Growth
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27. Electronic Document Management System Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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