Electronic Document Management is Strong and Growing
A recent Press Release on Market Watch indicates that, “In 2018, the global Document Management Software market size was 800 million US$ and it is expected to reach 960 million US$ by the end of 2025, with a CAGR of 2.5% during 2019-2025.
For a technology that’s been around since the 1980’s, that’s an astounding amount of growth. Unlike other technologies that appear and are quickly made obsolete, Document Management remains strong and continues to grow. What’s given this technology it’s life blood and high demand?
History of Document Management
Document Management technologies have been around for a while. Beginning in the 1980s, software developers developed systems to manage paper-based documents. Later, as personal computers and scanners became common in every office, a second type of system was developed to manage the burgeoning store of electronic documents. Many of these systems focused on the capture, storage, indexing and retrieval of image file formats.
As Electronic Document Management (EDM) systems continued to evolve, they were able to manage nearly any type of file format that could be stored on the network -- electronic documents, collaboration tools, security, workflow, and auditing. These systems enabled an organization to capture faxes and forms, to save copies of the documents as images, and to store the image files in a central repository for security and quick retrieval.
The dream of a “paperless office” was born!
In 1994, AT&T launched PersonaLink Services, an online platform for personal and business communication and entrepreneurship. The storage was one of the first to be all web-based, and referenced in their commercials as, "you can think of our electronic meeting place as the cloud." In 1999, Salesforce.com became one of the first major movers in the cloud arena, pioneering the concept of delivering enterprise-level applications to end users via the Internet. By 2004-2005, the “Cloud” was well on its way to becoming an accepted way of storing and sharing documents.
Fast forward to 2019, where a number of major trends and technological advances have merged to continue to feed high growth rates for EDM:
- Increased adoption rates for first-time users of EDM (usually smaller companies and organizations who tend not to be early adopters of technology). The technology has been around long enough and costs have come down sufficiently to make it easier for smaller companies to adopt.
- Cloud storage grows as the platform enables technological innovation, and, as the initial hesitation associated with cloud computing has disappeared. The ease of accessibility anywhere and anytime via an internet connection, as well as the vast storage space available at reasonable cost has fueled this trend.
- Mobile access is required in today’s changing workplace environment. Remote workers and “on the road” professionals need to have access to documentation from a variety of online devices including smartphones and tablets. This has seen a rise in document accessibility but there is also a trend of creating EDM software that is user-friendly.
- Increased affordability due to increased competition. As more vendors have entered the market, there are sophisticated solutions available at cost-effective prices, providing great ROI.
- Content collaboration and versioning make team involvement in editing documents easy and
- Workflow Automation enables organizations to automate routine tasks and procedures, thereby reducing errors and increasing efficiency.
- Robotic Process Automation automates repetitive, rules based tasks that are normally performed by a human through electronic user accounts called “bots.”
- Artificial Intelligence can classify documents and extract data, eliminating the need for human intervention.
Eliminating paper documents by digitizing allows for enhanced business solutions and boosts productivity overall. Top-level document management solutions bring a wealth of options to make companies more productive while cutting costs. Whether you’re a new adopter of document management technology, or an early-adopter looking to upgrade, it’s time to look at what you can do with today’s Electronic Document Management.