Cloud-based Systems Break down Silos and Support Real-Time Visibility
Players in the electronic records management solutions market are challenged with dynamic transitions in technology, competition, regulatory compliance, and profitability. The added pressure of zero room for inefficiency in the management operations of medium and large-scale enterprises has given rise to the demand for efficacious electronic records management solutions.
Currently, service providers operating in the electronic records management solutions market are offering cloud-based solutions to establish a centralized network to back up important documents and confidential information. By bringing a cloud-based centralized system in place, companies can promote the collaboration of various stakeholders in organization and promote transparency for important decision-making initiatives.
Transparency in document creation helps set up an audit trail that tracks the number of users operating the cloud-based electronic records management solutions system, feeds records, and streamlines the workflow. Cloud-based systems help break down the silos. For example, if the research and development (R&D) team develops their own combination of software to carry out their operations, then other teams such as sales and marketing are deprived of valuable information that is restricted to the R&D team. Thus, manufacturers in the electronic records management solutions market offer cloud-based solutions to break down walls and support true collaboration amongst authorized stakeholders.
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The last few years have seen a wave of transformation in the banking, financial services, and insurance (BFSI) sector. Conventional banking operations are getting evolved into new-age and technologically-agile procedures in the electronic records management solutions market.
Document management solutions play a crucial role in the BFSI sector. The efficient management of several hard copies, financial statements, and loan agreements can become tedious with traditional record management practices. Thus, players in the electronic records management solutions market offer the BFSI sector with tremendous financial gains to avoid redundant paper-based and printing costs. Also, role-based access helps safeguard the sensitive information of individuals and avoids it from falling into the trap of malicious activities.
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Other advantages empower users in the BFSI sector with speedy customer service. Since customers do not appreciate waiting in long queues, the automated workflow of electronic records management solutions reduce the time needed to complete the loop of several transactions. Electronic records management solutions also promote efficient teamwork by easily distributing responsibilities amongst employees who can simultaneously collaborate to carry out tasks. Thus, stakeholders in the electronic records management solutions market need to focus of streamlining audit trails for the BFSI sector.
Expedite Process of Developing Data Infrastructure to Adhere with Regulatory Norms
Since the BFSI sector is a mine of sensitive customer information, security breaches and malicious use of database have always been the key risks in electronic records management solutions. Also, regulatory policies in the BFSI sector constantly keep changing and include complex clauses. This poses as a restraint for players in the electronic records management solutions market to constantly keep a tap on the frequently changing policies and develop efficacious systems that can adhere to the complex clauses of these regulatory norms. Thus, market players need to devise mechanisms and infrastructure to accelerate the process of building robust electronic records management solutions due to ever-changing regulatory policies.
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Electronic Records Management Solutions Market in Brief
- The electronic records management solutions market is projected to register a CAGR of ~10% between 2019 and 2027. The market is projected to be driven by the large amount of information being generated by businesses. Moreover, growing emphasis on retaining historical company records is driving the electronic records management solutions market.
- The global electronic records management solutions market is expected to reach ~US$ 8.2 Bn by 2027 from ~US$ 3.7 Bn in 2019. The increasing amount of information and growing concerns about managing, storing, and tracking electronic documents have led to the steep demand for electronic records management solutions.
- The electronic records management solutions market in Asia Pacific is anticipated to expand at a rapid pace during the forecast period, followed by Europe.
- Asia Pacific remains the dominant region in the global electronic records management solutions market, with an estimated revenue opportunity of ~US$ 907 Mn from 2019 to 2027. Increasing volume of information in different sectors such as BFSI, IT & telecom, retail, transportation & logistics, and healthcare across the globe is expected to exponentially drive the electronic records management solutions market.
- Asia Pacific is projected to see high growth in the global electronic records management solutions market during the forecast period. This is due to the growing number of enterprises and the amount of information generated by them. Moreover, rapid digitization in all fields across the region is boosting the electronic records management solutions market.
Electronic Records Management Solutions Market: Definition
- The electronic records management solutions market report provides analysis of the global electronic records management solutions market for the period 2017–2027, wherein, 2018 is the base year and 2019 to 2027 is the forecast period. Data for 2017 has been included as historical information.
- In this report, we analyze the growth drivers that are increasing the value of the electronic records management solutions market, and how organizations are using advanced technologies to remain ahead of their competitors. Moreover, companies are ready to invest in electronic records management solutions due to the increasing need for data protection, records management, and recovery services.
- Electronic records management solutions help enterprises around the globe become more aware about the usage of data with the help of various advanced technologies. These solutions intelligently automate and simplify the electronic records management process in organizations.
Asia Pacific Electronic Records Management Solutions Market– Snapshot
- Asia Pacific is a growing region, where increasing demand for advanced technologies and services is a factor driving the electronic records management solutions market.
- Moreover, increasing number of IT & telecom, BFSI, and healthcare enterprises are generating large amounts of data, which is driving the electronic records management solutions market in the region.
- Additionally, enterprises are focusing on advances technology-driven services, which will help them in centralizing their documents, improving the safety of their records, and reducing their overhead costs.
- Therefore, Asia Pacific is expected to see the highest opportunity addition in the electronic records management solutions market, globally, with Europe and North America being the next closest regions.
Key Growth Drivers of the Electronic Records Management Solutions Market
- Growing emphasis on retaining historical company records – Companies are concerned about managing, storing, and tracking electronic documents or records. Hence, they are now moving toward electronic records management solutions. Moreover, this helps in centralizing unorganized documents and reduces the overhead cost of companies.
- Large amounts of information generated by businesses – Information is increasing with the growing number of enterprises, which has led to the steep demand for electronic records management solutions, as they provide coordination and control over the flow of documents in a protective and efficient manner. Additionally, it helps in data protection, records management, and recovery services, which is expected to further boost the demand for electronic records management solutions.
Key Challenges Faced by Electronic Records Management Solutions Market Players
- Businesses are changing their existing processes and moving toward cloud-based electronic record management systems. However, the initial deployment cost of ERM solutions is high, owing to the implementation, customization, and training of employees. Companies face a shortage of skilled ERM staff, and hence, face the challenge of training the staff, with the cost of training being considerably high. This is restraining the growth of the electronic records management solutions market.
- Organizations are using cloud-based services and databases with growing digitization, to save their documents or records. However, the growing number of security breaches are a major concern. This is likely to hinder the growth of the electronic records management solutions market.
Electronic Records Management Solutions Market – Company Profiles
- Hyland Software, Inc.: Founded in 1991, Hyland Software, Inc. is a content service provider company, serving different organizations around the world. The company offers enterprise content management (ECM) functionality with content collaboration abilities. Moreover, it provides cloud computing, document imaging, records management, and content services.
- OpenText Corporation: Founded in 1991, OpenText Corporation is a global company that provides enterprise information management software and services. It also offers diverse products and services such as enterprise content management, business process management, customer experience management, and digital content platforms.
- Microsoft Corporation: Founded in 1975, Microsoft Corporation is a diversified technology provider that develops, manufactures, and sells various products, worldwide. The company operates through three business segments: business processes, intelligent cloud, and personal computing. Additionally, it offers various electronic record management solutions such as SharePoint server, Microsoft 365, and OneDrive.
- Oracle Corporation: Founded in 1997, Oracle Corporation provides applications, platforms, and IT infrastructure products and services, which comprise database products, middleware software, operating systems, and cloud software applications. It also provides its cloud and license support services to government agencies and educational institutions.
- Epicor Software Corporation: Founded in 1972, Epicor Software Corporation is a software service provider company that offers its services to manufacturing, distribution, and retail industry customers. The company also provides various specific domain software such as supply chain management (SCM), customer relationship management (CRM), human capital management (HCM), enterprise performance management, and distribution software.
Major players operating in the global electronic records management solutions market and profiled in the report include Ideagen Plc, Alfresco Software, Inc, MasterControl, Inc, T-Systems International GmbH, and M-Files Corporation.
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