Global Electronic Data Management Market Predicted to Make a Robust Comeback After the Pandemic Debacle with a Striking CAGR of 12.2 % in the 2022-2031 Timeframe [290-Pages] | Interpreted by Research Dive
The global electronic data management market is expected to witness significant growth by 2031, owing to the rising applications of electronic data management in the industrial sector. The North America region was the most dominant in 2021
NEW YORK, June 19, 2023 /PRNewswire/ -- Global Electronic Data Management Market Forecast Analysis:
As per the report published by Research Dive, the global electronic data management market is projected to garner a revenue of $19,289.5 million and rise at a stunning CAGR of 12.2 % during the forecast timeframe from 2022 to 2031.
Segments of the Electronic Data Management Market
The report has divided the electronic data management market into the following segments:
- Offering: Solution and services
- Solutions – Held the largest market share in 2021
Electronic data management solutions can help avoid unnecessary printing and paper-based costs, protects users' private data, and prevents them from any kind of malicious activities which are expected to bolster the growth of the market sub-segment in the coming period. - Deployment Type: cloud and on-premises
- On-Premises – Held the dominant market share in 2021
The increasing adoption of on-premises deployment among several businesses owing to the improved security features is predicted to propel the growth of the market sub-segment over the analysis timeframe. - Organization Size: large enterprises and small and medium enterprises
- Large Enterprises – Held the highest market share in 2021
The growing demand for enterprise data management solutions among large enterprises owing to classify and predict potential threats and use the data provided by the solutions to make faster business decisions is predicted to fuel the growth of the market sub-segment during the forecast period. - End-User: BFSI, healthcare, retail, IT and telecom, manufacturing, and others
- BFSI – Registered the highest revenue in 2021
The increasing adoption of EDM solutions in the BFSI sector to enhance sales and marketing operations, accounting processes, efficiently handling various compliances, and many more, is predicted to fortify the growth of the market sub-segment in the coming period. - Region: North America, Europe, Asia-Pacific, and LAMEA
- North America – Garnered the greatest revenue in 2021
The increasing demand for timely and accurate information and the rising demand for risk management solutions among the businesses of the region is expected to boost the regional growth of the market throughout the forecast period.
Access to the Complete PDF Sample of the Electronic Data Management Market
Dynamics of the Electronic Data Management Market
The increasing usage of electronic data management by clients working in various end-use industries is predicted to foster the growth of the electronic data management market over the analysis period. Moreover, the rising need for risk management systems across enterprises to manage their risks and optimize their database management opportunities is predicted to amplify the growth of the market during the forecast period. However, the high risks of cyber-attacks, hacking, and security breaches may hinder the growth of the market throughout the estimated period.
The increasing use of electronic data management across organizations to enhance their efficiency and decision-making approaches is expected to create expansive growth opportunities for the market over the forecast timeframe. Moreover, the growing demand for real-time data management among businesses globally is predicted to augment the growth of the market during the analysis period.
Covid-19 Impact on the Electronic Data Management Market
The outbreak of the Covid-19 pandemic has caused several uncertainties across various industries. It has had a severe impact on the electronic data management market. This is mainly because many organizations have reduced their budgets on their new projects such as the implementation of EDM solutions during the pandemic had to focus on the primary areas of the business. Moreover, the disrupted supply chain for hardware and software components has delayed the implementation of on-premises EDM systems across businesses due to their budget and priority restrictions and has declined the market's growth throughout the crisis.
Key Players of the Electronic Data Management Market
The major players of the electronic data management market include
- Xerox Corporation
- IBM Corporation
- Adobe Inc.
- Hyland Software Inc.
- KYOCERA Document Solutions Inc.
- Open Text Corporation
- Konica Minolta INC.
- Oracle Corporation
- Exela Technologies Inc.
- Microsoft Corporation
These players are broadly working on the development of new business strategies such as mergers and acquisitions, partnerships and collaborations, and product development to procure a leading position in the global industry.
For instance, in May 2023, Informatica®, an American software development company announced its collaboration with Microsoft, a leading American multinational technology company. With this collaboration, the companies aimed to provide a more seamless and unified experience to their customers with data democratization by integrating Microsoft's Azure Native Independent Software Vendor (ISV) Service and Informatica's Intelligent Data Management Cloud (IDMC).
What the Report Covers
Apart from the information summarized in this press release, the final report covers crucial aspects of the market including SWOT analysis, market overview, Porter's five forces analysis, market dynamics, segmentation (key market trends, forecast analysis, and regional analysis), and company profiles (company overview, operating business segments, product portfolio, financial performance, and latest strategic moves and developments.)
More about Electronic Data Management Market:
- Efficiency, Security, Accessibility: Unlocking the Power of Electronic Data Management
- Global Electronic Data Management Market to Generate $19,289.5 Million in the 2022–2031 Timeframe Due to Growing Digitization of Enterprises
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