Owing to the rapid surge in adoption of cloud computing solutions across diverse end-use sectors, electronic document management system market size is anticipated to expand at an exceptional pace over the next seven years. This growth trajectory is expected to traverse forward due to the wide spread penetration of SaaS based services, big data, and the rising trend of bring your own device (BYOD) at workplaces. Furthermore, large organizations have been increasingly aiming to streamline workflow, enhance the prevailing practices of document handling, centralize the unstructured databases in order to extract business-related data in real-time with improved efficiency.
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Apparently, the aforementioned business considerations have necessitated the large-scale deployment of effective systems that control duplication, deletion, creation, and distribution of multiple versions of the same documents, which would eventually leave a tremendous impact on the global electronic document management system industry share. The growth potential of electronic document management system market can be comprehended from the fact that this business space recorded a total revenue collection of USD 2 billion in the year 2016.
An overview of how healthcare sector has gained prominence in electronic document management system industry:
In the recent times, a plethora of industry verticals such as healthcare, BFSI, education, commercial, and legal among others are witnessing robust progression which has, in turn, contributed immensely to the overall electronic document management system market size expansion. Out of all end-use domains, healthcare sector has emerged as one of the most lucrative avenues that is anticipated to augment the electronic document management system industry share in a drastic manner.
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In a bid to ensure rapid acceptability of document management systems by healthcare providers to digitalize patient data records, various nations around the world have undertaken encouraging initiatives that has boosted the electronic document management system market size. Some of the major instances have been listed below:
Considered to be the most populated city of Russia, Moscow has implemented a Unified Medical and Analytical System that manages cloud-based health records, medical appointments, and e-prescriptions across 600 healthcare institutions in the city. Reportedly, after implementing the system, the waiting time to consult a doctor has reduced to two days. The system has slashed paperwork and call center expenses, saving the city around USD 20 million a year and has proved to be of immense convenience to 12.5 million residents of the city. In consequence, such moves by major nations would perpetually impact electronic document management system market size.
In yet another instance of the growing contribution of healthcare domain toward electronic document management system market, Singapore’s Health Ministry is reportedly in the process of making it mandatory for all medical care providers to upload data to the National Electronic Health Record (NEHR) system, the national electronic document management repository. This move is said to have established the nation as one of the first in setting up such a thorough document management system across the globe. According to the government, the sharing of medical records in a centralized national repository would help in seamless treatment of patients and would save on out of pocket health expenditure. Consequentially, this would aid in the swift expansion of electronic document management system industry share in the nation.
Apparently, the considerations listed above coupled with the rising inclination toward paperless environment across almost all industry verticals are bound to drive the electronic document management system market over the estimated time frame. As per a recently compiled report of Global Market Insights, Inc., the global electronic document management system industry is likely to surpass a valuation of USD 6 billion by 2024.