Electronic Data Management Market Research, 2031
The global electronic data management market was valued at $6.4 billion in 2021, and is projected to reach $19.3 billion by 2031, growing at a CAGR of 12.2% from 2022 to 2031.Electronic data management refers to the process of organizing, storing, protecting, and retrieving electronic data securely and efficiently. This includes managing various types of electronic data, such as documents, images, audio and video files, and other digital content.
The growing adoption of cutting-edge technologies such as artificial intelligence (AI), cloud technology, real-time GPS tracking, and other solutions is considered to be one of the market development factors for electronic data management. For example, eGrove Systems Corporation introduced integrated advanced agile document and time monitoring project management services. Remote project and employee administration are done using electronic document management software. The use of cutting-edge software solutions has improved workplace productivity. These are the major factors projected to drive the market revenue growth during the forecast period.
Concerns about data security and privacy have increased due to the growing use of digital platforms. With the use of contemporary technology-based document management services and systems, new vulnerabilities and concerns regarding information privacy are emerging. A few factors that prevent the market development include vulnerabilities such as data privacy, security & data breach, identity theft, cyber-attacks, and others. The expense of damage from cyberattacks reached $6 trillion in 2019, according to the Cybersecurity Ventures Report. A rise in cyberattacks in many industries, including BFSI, retail, government, and others, is expected to impede the electronic data management market growth in the future.
Businesses and enterprises gain from electronic data management as it offers centralized integration with consuming apps, data management, improved transparency, and support for ongoing regulations and compliances. The industry growth has been facilitated by the increase in demand for data merging and visual analytics. Artificial intelligence in cognitive media solutions (whiteboard videos and whiteboard animations) makes real-time analysis possible, enabling real-time data synthesis for sound decision-making. To improve the AI powers of analytics, vendors are also releasing products powered by AI. To represent dynamic data in their operations, many companies are incorporating business analytics software. The future of EDM is likely to be shaped by trends such as AI and machine learning, IoT, cloud computing, data privacy and security, and collaboration and remote work. As organizations continue to generate and manage vast amounts of data, the importance of EDM is likely to continue to grow.
The key players profiled in 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.
The electronic data management market share is segmented on the basisi of offering, deployment type, organization size, end-user, and region. By offering, it is classified into solution and service. By deployment type, it is divided into cloud and on-premises. By organization size, it is classified into large enterprises and small and mediu enterprises. By end-user, it is divided into BFSI, healthcare, retail, IT and telecom, manufacturing, and others. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The electronic data management market is segmented into Offering, Deployment Type, Organization Size and End-user.
By offering, the solution sub-segment dominated the market in 2021. Electronic data management tools assist in building a framework for extracting useful information from redundant or unstructured data. In addition, these options help with data management across departments and offer accurate information. On the contrary, master data management solutions combine data into a singular master reference source to deliver accurate, consistent, and comprehensive data throughout the enterprise. The industry development is anticipated to be driven by businesses' keen focus on ensuring timely, accurate information during the forecast period.
By deployment type, the cloud sub-segment dominated the global electronic data management market share in 2021. Services like counseling, instruction, and electronic data administration are becoming more popular in the IT and telecom industry.d Electronic data management solutions can help centralize data from various sources, making it easier for teams and departments to access and share data. This can lead to more effective collaboration and better decision-making. Cloud-based EDM solutions can be accessed from anywhere, at any time, making it easier for teams to collaborate even if they are working remotely or from different locations. EDM solutions can automate workflows, allowing teams to focus on higher-value tasks and reducing the risk of errors or delays. EDM solutions can help teams manage version control, ensuring that everyone is working with the same version of a document or dataset. By providing centralized, real-time data insights and automating workflows, EDM solutions can help teams work together more efficiently and make better decisions.
By organization size, the large enterprises sub-segment dominated the market in 2021. Large businesses with various divisions that are constantly processing large amount of data may face challenges in managing and organizing their data sets. As the volume and variety of data increase, it can become difficult to maintain consistency and accuracy across all the data sources. Electronic data management is critical for large enterprises to effectively organize, process, and analyze vast amounts of data. With the growing reliance on digital systems and processes, managing electronic data has become a crucial aspect of business operations. Large enterprises typically have various departments and business units that generate and process large volumes of data. Electronic data management systems can help to streamline data storage, retrieval, and analysis, allowing businesses to make informed decisions based on accurate and up-to-date information. These are predicted to be the major factors affecting the electronic data management market size during the forecast period.
By end-user, the BFSI sub-segment dominated the market in 2021. The complete digitization of core operations, an increase in data volume, and a surge in the adoption of customer-centric strategies will all contribute to the growth of the segment during the forecast period. Electronic data management software solutions in financial institutions are capable of electronically managing data created by a diversity of systems and processes, including loan processing, claims management, customer data management, and financial transactions, which enhances their focus on the needs of consumers. These are predicted to be the major factors affecting the electronic data management market size during the forecast period.
By region, North America accounted for a dominant market share in 2021 and is projected to remain the fastest-growing during the forecast period. North America is anticipated to experience significant growth due to the increasing popularity of cloud computing and the growing need to increase operational efficiency in large companies and SMEs. The top technology companies in the world, which are promoting innovation in the EDM market, are based in North America. The market is expanding in North America owing to the region's cutting-edge IT infrastructure and high level of digital maturity. The amount of data generated by businesses and individuals is growing rapidly. This is driving demand for EDM solutions that can help manage and analyze large volumes of data. The General Data Protection Regulation (GDPR) and the Health Insurance Portability and Accountability Act (HIPAA) are two of the laws and standards for data security in North America. The need for EDM solutions that can support data security and compliance is growing.
Impact of COVID-19 on the Global Electronic Data Management Industry
- The COVID-19 pandemic had a significant impact on the global electronic data management industry, as businesses around the world had to rapidly adapt to new ways of working and managing data remotely.
- The most significant effects of the pandemic have been a transition towards remote work and virtual collaboration, which resulted in an increase in demand for cloud-based data management systems. This also resulted in an increase in demand for cloud storage and collaboration capabilities as businesses seek to securely store and share data across remote teams and locations.
- EDM systems have helped the Indian government and other government authorities to identify, quarantine, and test various people who have had close contact with the coronavirus-infected person. These factors are promoting the expansion of the global market despite the unprecedented crisis.
- The pandemic also highlighted the significance of data privacy and security, as businesses had to handle sensitive data across a wide range of remote devices and networks. This resulted in an increase in investments in cybersecurity and data protection solutions as organizations seek to limit the risks of data breaches and other cyber threats.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the electronic data management market analysis from 2021 to 2031 to identify the prevailing electronic data management market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the electronic data management market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global electronic data management market trends, key players, market segments, application areas, and market growth strategies.
Electronic Data Management Market Report Highlights
| Aspects | Details |
 Market Size By 2031 | USD 19.3 billion |
 Growth Rate | CAGR of 12.2% |
 Forecast period | 2021 - 2031 |
 Report Pages | 280 |
 By Offering |
|
 By Deployment Type |
|
 By Organization Size |
|
 By End-user |
|
 By Region |
|
 Key Market Players | Xerox Corporation, Exela Technologies, Inc., Open Text Corporation, Microsoft Corporation, Hyland Software, Inc., IBM Corporation, Adobe Inc., Oracle Corporation, kyocera document solutions inc., Konica Minolta, INC. |
Analyst Review
The market for electronic data management is driven by the increasing use of digital technologies and the rising amount of data being generated by organizations. Data is being generated at an unprecedented rate since the introduction of cloud computing, smart devices, social media, and other digital technologies. This has created a significant demand for electronic data management systems that may assist firms in efficiently and effectively storing, organizing, processing, and analyzing their data. Electronic data management solutions include a variety of technologies and techniques, such as data storage systems, data warehouses, data analytics software, data visualization tools, and others. These solutions assist firms in managing and analyzing data, identifying trends and patterns, and making data-driven decisions to improve operations and performance. Data privacy is anticipated to restrict the market expansion during the forecast period. The majority of companies use open-source software that includes a variety of techniques and algorithms to manage data. If the data is not sufficiently protected, hackers can readily obtain the source code as the majority of processes and algorithms are run through open sources. Demand from consumers for business data management is expected to increase as methods make it easier to develop a procedure for drawing insightful conclusions from duplicate or unstructured data. It aids in data management among corporate divisions. As organizations place a larger emphasis on ensuring timely and accurate information, the demand for EDM solutions is anticipated to increase. These factors are anticipated to drive the expansion of the electronic data management market.
Among the analyzed regions, North America is expected to account for the highest revenue in the market by the end of 2031, followed by Asia-Pacific, Europe, and LAMEA. Rapid growth in pharmaceutical, BFSI, and healthcare industries is the key factor responsible for the leading position of North America and Asia-Pacific in the global electronic data management market.
The industry is expanding primarily due to an increase in the use of data quality tools for data management, a surge in cloud deployment for master data management, and a growing need for compliance. Solutions for enterprise data management aid in making sure that the data is extremely secure and protected from loss of data which is expected to create opportunities for the market growth.
The major growth strategies adopted by electronic data management market players are investment and agreement.
North America will provide more business opportunities for the global electronic data management market in the future.
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., are the major players in the electronic data management market.
The BFSI sub-segment of the end user acquired the maximum share of the global electronic data management market in 2021.
Healthcare industry leaders and retail manufacturers are the major customers in the global electronic data management market.
The report provides an extensive qualitative and quantitative analysis of the current trends and future estimations of the global electronic data management market from 2021 to 2031 to determine the prevailing opportunities.
Loading Table Of Content...
Loading Research Methodology...
