Electronic Data Management Market
Rise in cyberattacks in many industries, including BFSI, retail, & government is expected to impede the market’s future growth.
PORTLAND, PORTLAND, OR, UNITED STATE, May 10, 2023 /EINPresswire.com/ — Allied Market Research published a new report, titled, ” The Electronic Data Management Market Reach to USD 19.3 Billion by 2031 | Top Players such as – Hyland, Xerox and Kyocera.” The report offers an extensive analysis of key growth strategies, drivers, opportunities, key segment, Porter’s Five Forces analysis, and competitive landscape. This study is a helpful source of information for market players, investors, VPs, stakeholders, and new entrants to gain thorough understanding of the industry and determine steps to be taken to gain competitive advantage.
The global electronic data management market was valued at USD 6.4 billion in 2021, and is projected to reach USD 19.3 billion by 2031, growing at a CAGR of 12.2% from 2022 to 2031.
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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.
The electronic data management market share is segmented on the basis 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 medium 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.
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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.
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.
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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. 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.
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.
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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 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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