Electronic Data Management Market by Offering (Solution and Services), Deployment Type (Cloud and On-premises), Organization Size (Large Enterprises and Small and Medium Enterprises), End-user (BFSI, Healthcare, Retail, IT and Telecom, Manufacturing, and Others), and Regional Analysis (North America, Europe, Asia-Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2022–2031

Information, Infrastructure & Network Security

IC23048664

Pages: 290

Apr 2023

Reports Overview

Global Electronic Data Management Market Analysis

The Global Electronic Data Management Market Size was $6,348 million in 2021 and is predicted to grow with a CAGR of 12.2 % by generating a revenue of $19,289.5 million by 2031.

Global Electronic Data Management Market Synopsis

The electronic data management industry is being driven forward due to several factors. One of the primary factors is the increase in digitization of enterprises and the resulting data explosion. As businesses adopt more digital technology and conduct more of their business online, they generate massive volumes of data that must be handled, stored, and analyzed. This has resulted in a high need for electronic data management systems that may assist firms in efficiently storing, organizing, and retrieving their data. The increase in emphasis on regulatory compliance is another important factor. Various sectors such as finance and healthcare have stringent data security and privacy rules. Electronic data management systems can help these firms in ensuring compliance with these rules by offering safe storage and access restrictions, as well as capabilities for monitoring and reporting on data usage.

An electronic data management system's increased information sharing capacity poses a serious security danger to organizations Therefore, sensitive corporate data may fall into the wrong hands if sufficient safeguards are not put in place to prevent hacks. In addition, when the system is clogged with unnecessary records, record management could become an issue (such as duplicates). It is not unusual to come across circumstances where a sizable portion of the records kept resemble spam mail. These factors are projected to hamper the market growth during the forecast period.

The global electronic data management market is anticipated to grow significantly during the forecast period owing to the growing demand for real-time information, a structured process for data delivery from developers, and the efficient management of hierarchical master data produced across various verticals. In addition, the market development is anticipated to be driven by the growing need to ensure regulatory compliances and the rising adoption of IoT devices during the forecast period.

According to regional analysis, Asia-Pacific electronic data management market is anticipated to experience the fastest growth by 2031. Asia-Pacific is home to some of the world's fastest-growing countries such as China and India. As these countries continue to develop, there is a growing need for efficient and effective electronic data management solutions to support their digital transformation initiatives.

Electronic Data Management Overview

Electronic Data Management System (EDMS) is a software used to organize and keep all documentation in a single digital system. Self-built, specialized ‘on-premise,’ and cloud-based EDMS are some examples of EDMS. Electronic data management aims to give business paperwork discoverability, control, and structured and secure digital filing capabilities so it can operate efficiently. A singular source of truth provided by an EDM promotes collaboration and reduces wasteful spending for company.

COVID-19 Impact on Global Electronic Data Management Market

The COVID-19 pandemic had a major impact on the electronic data management market resulting in an increase in demand for EDM systems. The main reason for this is that vulnerable families and people can be tracked by EDM systems by combining age and population figures from school conscription, restricted tax information, and national paperwork. One reason for delayed implementation is budget constraints. With the economic impact of the pandemic, many organizations had to reduce their budgets for new projects, including implementing new EDM systems or upgrading existing ones. This resulted in delays in implementing EDM solutions, as organizations have had to prioritize other areas of their business. The pandemic has delayed the implementation of on-premises EDM systems in addition to budget and priority restrictions because it has disrupted the supply chain for hardware and software components. Delay in implementation is generally one of the pandemic's negative effects on the EDM market. However, it is anticipated that as the businesses start to recover, demand for EDM systems is expected to rise, spurring a surge in implementation and upgrades in the post-pandemic period.

Growing Applications of Electronic Data Management in Industrial Sector to Drive the Market Growth

The increase in usage of corporate data management by clients working in various end-use sectors is the main factor anticipated to boost the market development. In addition, the need for risk management is expected to grow during the forecast period. Risk management systems help the company manage its risk and optimize its database management opportunities. Therefore, electronic data management solutions that provide mobile access to data are becoming more popular owing to the increase in use of mobile devices. Mobile access allows employees to access and manage data from anywhere, at any time, improving productivity and collaboration. Electronic data management systems are increasingly being integrated with other business systems, such as CRM, ERP, and supply chain management software. This integration streamlines business processes and improves overall efficiency.

To know more about global electronic data management market drivers, get in touch with our analysts here.

High Risk of Cyber Attacks is Expected to Hamper the Electronic Data Management Industry

There is an increased risk of security breaches, hacking, and other cyber threats as the electronic data becomes more prevalent. Lack of cybersecurity measures to protect sensitive data from unauthorized access is expected to hamper the market demand. Electronic data is vulnerable to unauthorized access and theft, either through hacking or other cyberattacks, or through human error, such as misplacing a laptop or mobile device containing sensitive data. This is one of the major factors anticipated to hinder the electronic data management market growth in the upcoming years.

Use of Electronic Data Management for Maintaining Data to Drive Excellent Opportunities in the Market

Electronic data management (EDM) gives top priority to data maintenance because maintaining the data can have a significant impact on an organization's efficiency and decision-making. In addition, the market growth is being positively impacted by the increase in demand for real-time data management among businesses. Enterprises currently have a ton of unorganized data and they are able to create and pull useful information in real-time using EDM. The increase in demand from the IT, financial, and other industries for readily available data will have a big effect on the electronic data management industry.

To know more about global electronic data management market opportunities, get in touch with our analysts here.

Global Electronic Data Management Market, by Offering

Based on offering, the market has been divided into solution and services. Among these, the solution sub-segment accounted for the highest market share in 2021, whereas the services sub-segment is estimated to show the fastest growth during the forecast period.