Electronic Document Management System Market Size
Electronic document management system market to register a double-digit growth rate over 2017-2024, driven by extensive product demand for cybersecurity applications
UK EDMS market size, by service, 2016 & 2024 (USD Million)
With the implementation of data management systems, many companies have successfully overcome security breaches – a factor that will further stimulate electronic document management system industry size. For instance, in 2014, oil and gas industries across the United States witnessed a series of high-profile accidents, for which the NTSB (National Transportation Safety Board) had been summoned to undertake a study for minimizing any such occurrences in the future. NTSB then found that seven out of 33 findings were data management issues. In this regard, NTSB had framed regulatory guidelines to minimize the possible safety threats from data breaches. In order to comply with regulatory norms, several giants in O&G sector eventually deployed EDM systems on large scale, which has stimulated electronic document management system market size.
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The evaluation of EDMS i.e. collection of various technologies that work combinedly to supply comprehensive solution to manage indexing, creation, retrieval, capture, and information assets of companies has eliminated unnecessary procedures in the organizational progress. The rising adoption of EDMS in the industrial sectors to achieve high operational excellence is thus likely to propel electronic document management system market. A few months before, the renowned chemical manufacturer, DOW chemical selected one of the key players in electronic document management system market, Synergis Software to deploy the Adept EIM (Engineering Information Management) solution. The main aim behind the deployment of this advanced system was to provide quick access to capital engineering project documents, enhance global collaboration, and support fast post-project data handover. Before the deployment of EDMS, Dow Chemical had at least 20 different kinds of information management systems to process nearly 3 million documents. After the implementation of EDMS however, Dow Chemical has successfully reduced the risk associated with data management with highly reliable and intuitive solutions. The growing adoption of EDMS is thus heavily influencing electronic document management industry share.
Owing to their efficiency and productivity, EDM systems play a vital role in cybersecurity. The document management systems enable user to access cybersecurity tools for overcoming data leak risks. The surging deployment of EDMS across various industrial sectors to preserve the consumer’s rights and to prohibit leaks is essentially what will drive electronic document management system industry trends over the years ahead. In addition to this, healthcare facility providers are also utilizing document management systems to provide better medical care solutions to their patients. Endowed with a significantly widespread application spectrum, electronic document management system industry outlook is likely to witness a dynamic transformation in the years ahead.
Author Name : Sunil Hebbalkar