Global Electronic Data Management Market to Generate $19,289.5 Million in the 2022–2031 Timeframe Due to Growing Digitization of Enterprises

Electronic data management refers to organizing and managing complex data points that an organization or an enterprise generates. With the IT revolution, the scope of digitization has increased tremendously which is why global organizations generate loads of data which needs to be managed regularly. To meet this demand, many electronic data management systems have been launched which are essentially software systems that offer an effective way to store and organize digital and scanned documents. For this purpose, these systems also employ cloud services so that the complete data can be stored in one place.

Forecast Analysis of the Electronic Data Management Market

Increasing digitization of enterprises and organizations across the world is expected to be the primary growth driver of the global electronic data management market in the forecast period. Along with this, growing applications of electronic data management systems in industrial sector is predicted to boost the market in the analysis timeframe. Moreover, the increase in emphasis on regulatory compliance in financial sectors is expected to offer numerous growth opportunities to the market in the forecast years. However, according to the market analysts, high risk of cyber-attacks might become a hurdle in the full-fledged growth of the electronic data management market in the 2022-2031 timeframe.

Regionally, the electronic data management market in the North America region is expected to be the most dominant in the forecast period. Increased demand for risk management solutions from several IT companies is predicted to be the main contributing factor to the growth of the market in the forecast period.

As per a report by Research Dive, the global electronic data management market is expected to reach a revenue of $19,289.5 million in the 2022–2031 timeframe, thereby growing at CAGR of 12.2% by 2031. Some prominent market players include Microsoft Corporation, IBM Corporation, KYOCERA Document Solutions Inc., Oracle Corporation, Xerox Corporation, Konica Minolta, INC., Open Text Corporation, Adobe Inc, Exela Technologies, Inc., Hyland Software, Inc, and many others.

Covid-19 Impact on the Electronic Data Management Market

The Covid-19 pandemic and the subsequent lockdowns have had a catastrophic impact on various businesses and markets worldwide. The electronic data management market, however, has been an exception. The pandemic saw a general growth in the demand for electronic data systems from various companies to organize their data. This led to a growth in the market during the pandemic years.

Significant Market Developments

The key players of the market are adopting various business strategies such as partnerships, mergers & acquisitions, and launches to gain a leading position in the market, thus helping the electronic data management market to flourish. For instance:

• In August 2022, Cybernetik Technologies Pvt Ltd, an industrial automation company, announced that it was partnering with CloudFronts, a data management company. This partnership is mainly aimed at CloudFronts managing the data of Cybernetik Technologies efficiently. The partnership is predicted to help both the companies to increase their footprint in their respective industries.
   
• In March 2023, Accelex, a leading software-as-a-service platform, announced the launch of the first-of-its-kind document acquisition solution for private markets. This data management solution, as per Accelex, offers an efficient way for data collection and management for investors and asset managers. The product launch is anticipated to help the company to expand its market share substantially in the coming period.
   
• In April 2023, SAP, a global software company, announced the launch of its flagship software called SAP Datasphere. SAP Datasphere is a cloud data warehouse service which helps in managing and structuring cloud data and offers services like data cataloging. The product launch is predicted to help SAP to consolidate its position as the leader of the industry in the next few years.