Global Electronic Records Management (ERM) Market Size By Product Type, By Application, By Geographic Scope And Forecast

Electronic Records Management (ERM) Market Size And Forecast

Electronic Records Management (ERM) Market size is growing at a good pace over the last few years and is expected to grow at a CAGR of 9.80% over the forecasted period i.e 2020 to 2027.

An increase in the emphasis on retaining historical company records is one of the key drivers in the global Electronic Records Management (ERM) Market. The availability of big data information and concern about managing, tracking, and storing information are expected to rise the demand for ERM solutions. The Global Electronic Records Management (ERM) Market report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.

Global Electronic Records Management (ERM) Market Definition

Electronic records management solutions are used for the creation, control, and storage, of documents. The ERM solutions are helping to reduce the requirement for paper-based documentation and enhance the streamlined workflow. The ERM solutions contain document management, text retrieval process, and Images.ERM solutions play a vital role in the BFSI sector.

The usages of the ERM solutions empower users with fast customer service and help to reduce the time of waiting in long queues. The computerized workflow of electronic records management solutions is assisted to reduce the time, which is required to complete the loop of several transactions. Additionally, key players in the market are offering electronic records management solutions to achieve large financial gains to avoid redundant paper-based and printing costs.

The presence of the prominent ERM solution provider and the rise in adoption of SaaS-based solutions and cloud-based services are some of the prominent drivers of the growing market in the region. In the current market scenario, service providers in the global market are focusing on the adoption of cloud-based solutions to form a centralized network to back up confidential information and essential documents. The ERM solutions are used to intelligently automate and simplify the electronic records management process in organizations across the globe.

Global Electronic Records Management (ERM) Market Overview

An increase in the emphasis on retaining historical company records is one of the key drivers in the global Electronic Records Management (ERM) Market. The availability of big data information and concern about managing, storing, and tracking information is expected to increase the demand for ERM solutions. Additionally, the rise in the volume of information across an array of sectors like BFSI, transportation & logistics, IT & telecom, and retail are expected to boost the market growth.

On the other hand, a rise in the number of security breaches and maintenance cost of on-premise solutions, and high implementation are some of the factors, which are expected to limit the growth of the global market The Cloud-based EDMS offers the feature includes low maintenance cost and superior hyper-collaborative tools, which enable the users to adopt the technology without having to change their information architecture. Additionally, ease of information access and storage and low subscription costs of cloud-based solutions are rising the penetration of the cloud-based solutions in the global market.

Global Electronic Records Management (ERM) MarketSegmentation Analysis

The Global Electronic Records Management (ERM) Market is Segmented on the basis of Product Type, Application, and Geography.

Electronic Records Management (ERM) Market By Product Type

• On-Premise• Cloud-Based

Based on Product Type, the market is bifurcated into On-Premise and Cloud Based. The Product Segment is predicted to account for the largest market share in the forecast period. The growth in this segment is due to the increase of technological innovations such as voice recognition, improved sensors, adaptive programming, and cloud technology being incorporated into this to increase their efficiency and utility.

Electronic Records Management (ERM) Market, By Application

• Aerospace and Defense• Transportation and Logistics• Others

Based on Application, the market is bifurcated into Aerospace and Defense and Transportation and Logistics, and Others. Aerospace and Defense is anticipated to become the fastest-growing market in the forecast duration. ERM solutions are helping to reduce the requirement for paper-based documentation and enhance the streamlined workflow.

Electronic Records Management (ERM) Market, By Geography

• North America• Europe• Asia Pacific• Rest of the world

On the basis of regional analysis, the Global Electronic Records Management (ERM) Market is classified into North America, Europe, Asia Pacific, and the Rest of the world. North America is expected to hold the largest market share in the forecast period. The attendance of significant players such as Laserfiche and Hyland will boost the market growth with the help of incorporating technological advancements in the product portfolio. Increased disbursements of enterprises in Research and Development would expand the market growth across the region.

Key Players

The “Global Electronic Records Management (ERM) Market” study report will provide valuable insight with an emphasis on the global market. The major players in the market are Laserfiche, IXTENT, Hyland, OpenText, Microsoft, Oracle, Ideagen, T-Systems International, Alfresco Software, MasterControl and M-Files. The competitive landscape section also includes key development strategies, market share, and market ranking analysis of the above-mentioned players globally.

Report Scope

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