New York, USA, June 05, 2023 (GLOBE NEWSWIRE) -- According to Research Dive’s newly published report, the global electronic data management market is predicted to grow at a stable CAGR of 12.2%, thereby garnering a revenue of $19,289.5 million in the 2022-2031 timeframe. This holistic report provides an overarching overview of the nature of the electronic data management market including its main characteristics like growth drivers, growth opportunities, restraints, and hindrances in the 2022-2031 timeframe. The report also contains all the necessary and essential market figures to help new entrants gain an insight into the working of the market.
Dynamics of the Market
Drivers: Growing applications of electronic data management systems in industrial sectors is predicted to boost the electronic data management market. Along with this, growing digitization of enterprises and the resulting data explosion is anticipated to help the market grow substantially in the forecast period.
Opportunities: Increasing emphasis on regulatory compliance from the global healthcare sector is estimated to offer numerous growth opportunities to the market in the analysis timeframe. Moreover, rising demand for efficient management of hierarchical master data produced across various verticals is expected to augment the growth rate of the market.
Restraints: High risk of cyber-attacks, however, might prove to be a hindrance in the growth trajectory of the electronic data management market.
Impact of Covid-19 on the Market
The Covid-19 pandemic affected millions of lives, directly or indirectly. The lockdowns ordered by various countries to curb the spread of the disease affected numerous industries by hampering global supply chains. The electronic data management market, however, experienced steady growth during the pandemic period. Growth in demand for electronic data management systems from various industries such as the financial sector and the healthcare sector helped the market to post a healthy growth rate during the pandemic.
Segments of the Market
The report has divided the electronic data management market into certain segments based on offering, deployment type, organization size, end-user, and region.
Offering: Solutions Sub-Segment to be One of the Most Profitable
The solutions sub-segment is predicted to have a dominant market share by 2031. Growing use of document management solutions in the BFSI industry is expected to gather such a dominant market share in the forecast period.
Deployment Type: On-Premises Sub-segment to be Highly Dominant
The on-premises sub-segment of the electronic data management market is predicted to witness substantial growth by 2031. Since many organizations are switching from manual to automated systems to carry out different tasks, there is an increase in demand for on-premises software which is estimated to propel the growth of this sub-segment.
Organization Size: Large Enterprises Sub-Segment to Flourish Immensely
The large enterprises sub-segment is predicted to garner a significant market share by 2031. Increasing adoption of electronic data management systems by large enterprises is expected to gather such a dominant market share in the forecast period.
End-User: BFSI Sub-segment to Garner a Significant Market Share
The BFSI sub-segment is predicted to garner substantial revenue by 2031, thereby dominating the market. Growth in adoption of electronic data management systems by BFSI companies to effectively manage enterprise-wide risks and enhance sales is estimated to propel the growth of this sub-segment.
Region: Market in North America to be the Most Lucrative
The electronic data management market in the North America region is poised to become the most dominant in the 2022-2031 timeframe. Growing adoption of cutting-edge technologies like IoT, big data analytics, AI, and machine learning by leading technology companies of this region is predicted to be the primary growth driver of the market in this region.
Prominent Market Players
Some prominent market players of the electronic data management market are
- 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.
These companies are coming up with various innovations using different scientific approaches to gain a prominent position in the market.
For instance, in April 2023, SAP, a multinational software giant, announced the launch of SAP Datasphere, a cloud data warehouse service. This data management software is designed to help in structuring cloud data of the client company and offer data cataloging solutions. The product launch is anticipated to help SAP to cater to the demands of the IT industry in the coming period.
Finally, this report published by Research Dive also summarizes many crucial aspects of the electronic data management market including the latest strategic developments, SWOT analysis, financial performance of the key players, and product portfolio.
More about Electronic Data Management Market:
Electronic Data Management Market Size Projected To Generate A Revenue Of $19,289.5 Million By 2031
