Electronic Data Management Market Expected to Rise Progressively by 2031 Due to the Increasing Applications of Electronic Data Management in the Industrial Sector

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.

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.

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Dynamics of the 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. Furthermore, 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.

COVID-19 Impact on the Electronic Data Management Market

The outbreak of the COVID-19 pandemic had caused several uncertainties across various industries. It has had a severe impact on the electronic data management market. This was mainly because many organizations had 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 had delayed the implementation of on-premises EDM systems across businesses due to their budget and priority restrictions and had declined the market's growth throughout the crisis.

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Segments of the Market

The report has divided the global electronic data management market into various segments based on offering, deployment type, organization size, end-user, and region.

By offering, the solution sub-segment 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.

By deployment type, the on-premises sub-segment 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.

By organization size, the large enterprises sub-segment 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.

By end-user, the BFSI sub-segment 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.

By region, the North America electronic data management market 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.

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Key Players of the 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, and many more. 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.

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This release was published on openPR.