Global Electronic Records Management Solutions Market – Industry Trends and Forecast to 2029

Global Electronic Records Management Solutions Market, By Solution (Software, Service, Installation and Integration, Consulting, Training), Enterprise Size (Small Enterprises, Medium Enterprises, Large Enterprises), Deployment (Cloud-Based, On-Premises), Application (Government, Medical, Commercial, BFSI, Legal, Education, Others) – Industry Trends and Forecast to 2029.

Electronic Records Management Solutions Market Analysis and Size

Electronic records management solution market participants face dynamic shifts in technology, competition, regulatory compliance, and profitability. The added pressure of leaving no room for inefficiency in the management operations of medium and large-scale enterprises has fuelled demand for effective electronic records management solutions.

Data Bridge Market Research analyses that the electronic records management solutions market was valued at USD 7.31 billion in 2021 and is expected to reach the value of USD 16.13 billion by 2029, at a CAGR of 10.40% during the forecast period of 2022-2029. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and pestle analysis.

Electronic Records Management Solutions Market Scope and Segmentation

Market Definition

An electronic document management system (EDMS) is a piece of software that automates the creation, storage, and control of documents. It is a type of storage system that allows users to store and organise digital or paper documents. Document management, workflow, text retrieval, and imaging are all basic components of electronic document management. In some cases, these systems may also organise scanned digital versions of paper documents.

Global Electronic Records Management Solutions Market Dynamics

Drivers

• high volume of data handling and retaining historical documents

Businesses are concerned about managing, storing, and tracking electronic documents or records. As a result, they are now focusing on electronic records management solutions. Furthermore, this aids in the centralization of disorganised documents and reduces company overhead costs. As the number of businesses increases, so does the demand for electronic records management solutions, which provide coordination and control over the flow of documents in a secure and efficient manner. Furthermore, it aids in data protection, records management, and recovery services, which is expected to drive demand for electronic records management solutions even higher.

• High adoption of cloud computing technologies

The growing adoption of cloud computing technology across various industry sectors is expected to drive growth in the global electronic records management solutions market during the forecast period, owing to electronic records management solutions features such as data sharing via file feeds, high quality web services, and single sign-on across the network. Organizations are increasingly considering transforming modern electronic records management solutions to simplify business processes and assist management in making effective decisions. Processes were traditionally carried out manually, which took a long time and money and was prone to errors due to the manual labour involved. With the advent of electronic records management solutions, businesses can now automate processes, resulting in increased efficiency.

Opportunity

Adoption of advanced technology among enterprises and rising penetration of cloud-based solutions will create numerous opportunities for the electronic records management solutions market during the forecast period.

Restraints

The high cost of on-premises solution maintenance, combined with an increasing number of security breaches, will limit the growth of the electronic records management solutions market during the forecasted period. The primary challenge in market growth will be a lack of skilled ERM personnel.

This electronic records management solutions market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the electronic records management solutions market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

COVID-19 Impact on Electronic Records Management Solutions Market

The COVID-19 outbreak had a positive impact on market growth in 2020. This was due to electronic records management solutions allowing businesses to manage and protect their data in the cloud. Furthermore, in order to combat the spread of covid-19, most organisations implemented a work-from-home policy. As a result, the region's global electronic records management solutions market grew in 2020 and 2021 and is expected to grow further during the forecast period. To deal with the pandemic situation, industries adopted various strategies, with electronic records management solutions strategy gaining prominence across organisations.

Global Electronic Records Management Solutions Market Scope

The electronic records management solutions market is segmented on the basis of solution, enterprise size, deployment, and application. The growth amongst these segments will help you analyse meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Solution

• Software
• Service
• Installation and Integration
• Consulting
• Training

Enterprise size

• Small Enterprises
• Medium enterprises
• Large Enterprises

Deployment

• Cloud-Based
• On-Premises

Application  

• Government
• Medical
• Commercial
• BFSI
• Legal
• Education
• Others

Electronic Records Management Solutions Market Regional Analysis/Insights

The electronic records management solutions market is analysed and market size insights and trends are provided by country, solution, enterprise size, deployment, and application as referenced above.

The countries covered in the electronic records management solutions market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

Asia-Pacific is a developing region with rising demand for advanced technologies and services, which is propelling the market for electronic records management solutions. An increasing number of IT & telecom, BFSI, and healthcare enterprises generate large amounts of data, propelling the region's electronic records management solutions market. Furthermore, businesses are focusing on cutting-edge technology-driven services that will assist them in centralising their documents, improving the security of their records, and lowering their overhead costs. As a result, Asia Pacific is expected to see the most opportunity addition in the global electronic records management solutions market.

The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of Global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Competitive Landscape and Electronic Records Management Solutions Market Share Analysis

The electronic records management solutions market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, Global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to electronic records management solutions market.

Some of the major players operating in the electronic records management solutions market are:

• ASG Technologies (U.S.)
• BlueCat Networks (U.S.)
• BMC Software Inc. (U.S.)
• Cisco Systems Inc. (US.)
• IBM Corporation (U.S.)
• Fujitsu (Japan)
• Hewlett-Packard Company (U.S.)
• Canon Inc. (Japan)
• Kodak Alaris Inc (U.K.)
• Xerox Corporation (U.S.)
• QorusDocs Ltd.  (South Africa)
• CBSL Group (India)
• Epson America Inc., (U.S.)
• Aramex (U.A.E)
• Newgen Software Technologies Limited (India)
• Eastman Kodak Company (U.S.)
• Aramex (UAE)
• Adobe (U.S.)
• Toshiba America Business Solutions Inc. (U.S.)