Key Takeaways: The 2020 Electronic Records Management Industry Guide

 Emerging trend of software as a service (SaaS) and cloud computing, coupled with the favourable regulatory scenario is anticipated to escalate electronic document management system market growth. The growing trend of Bring Your Own Device (BYOD) and integration of document management solution with mobile devices has propelled adoption of the technology among enterprises. Government initiatives and mandates on data storage protocols are expected to offer growth opportunities for the market.

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A major factor propelling the industry growth can be attributed to the benefit of a paperless environment created by such solutions. The system reduces the costs and time associated with document management by providing multiple version control and federated searches. The document management software is integrated into the business process thereby allowing organizations to effectively manage their documentation needs. Industry players are focusing on innovation and technological evolution to customization and enhance their product offering. Ease of integration of the system with existing and new technology solutions is expected to drive EDMS market penetration.

Since the COVID-19 virus outbreak in December 2019, the World Health Organization declared it a public health emergency. The desease has spread to over 100 countries and caused huge losses of lives around the globe. Especially the global manufacturing, tourism and financial markets have been hit hard. The downward pressure on the world economy that once showed signs of recovery in the previous period has increased again. The outbreak of the epidemic has added risk factors to the already weak growth of the world economy. Many international organizations have pointed out that the world economy is in the most severe period since the financial crisis.

The negative global impacts of the coronavirus are already there, significantly affecting the Electronic Records Management (ERM) market in 2020. This report studies and analyzes the in-depth impact of Coronavirus COVID-19 on the Electronic Records Management (ERM) industry.