The key drivers of the electronic data management market include data security needs, digital transformation, regulatory compliance, and data analytics.
PORTLAND, ORIGON, UNITED STATES, October 4, 2023 /EINPresswire.com/ — 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. 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.
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► 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 the 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’ needs for managing 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 cyberthreats also led to an increase in investments in cybersecurity and data protection solutions.
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By offering, the solution segment held the largest share in 2021, garnering around three-fifths of the global electronic data management market revenue, and is projected to maintain its dominance by 2031. The same segment would also showcase the fastest CAGR of 12.5% during the forecast period. The segment is driven by a wide range of hardware and software solutions that make it possible to manage electronic data effectively and efficiently. The solutions include data storage, retrieval, analysis, and security which are crucial for businesses to improve data management procedures, guarantee data integrity, and adhere to data regulations.
By deployment, the on-premises segment contributed to more than half of the global electronic data management market share in 2021, and is projected to rule the roost by 2031. This is due to the implementation of data management solutions within a company’s internal infrastructure, where data is locally stored and managed on company-owned servers and hardware. However, the cloud segment would display the fastest CAGR of 12.5% throughout the forecast period. This is owing to the scalability, flexibility, and affordability of cloud-based solutions, which have been widely adopted in recent years for managing electronic data.
By organization size, the large enterprises segment held the highest market share in 2021, accounting for nearly three-fifths of the global electronic data management market revenue and is estimated to maintain its leadership status throughout the forecast period. The same segment would also cite the fastest CAGR of 12.5% during the forecast period. This is largely attributed to the growing adoption of digital transformation initiatives and the rising volume of electronic data produced by large enterprises.
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.
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Leading Market Players-
► Oracle Corporation
► Kyocera Document Solutions Inc.
► Exela Technologies, Inc.
► Open Text Corporation
► Konica Minolta, Inc.
► Xerox Corporation
► IBM Corporation
► Adobe Inc.
► Hyland Software, Inc.
► Microsoft Corporation
► Xerox Corporation
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