Researchers predict that the global ECM market will grow between 15-20% by 2020. Market growth is being largely boosted by the need for big data governance. Currently, enterprises are growing at a rate of 30%-40% every year, which makes it crucial for organizations to have effective and efficient solutions for document lifecycle management, compliance, and security.
INCREASED NEED TO COMPLY WITH REGULATORY REQUIREMENTS
One major need for ECM’s these days is the increased need for companies to comply with regulatory requirements. Organizations must follow regulatory requirements to manage corporate data. The US Government has been enforcing policies on the Health Insurance Portability and Accountability Act (HIPAA) in the US, and data breach notification laws that companies need to comply for conducting business effectively.
Since enterprises in the banking, insurance, and healthcare sectors deal with sensitive information, they should develop ECM policies that comply with external regulations. Cloud-based ECM reduces costs when compared with isolated regulation-specific compliance programs. Cloud-based ECM practices enable organizations to align their data use and communication, record management, and information security policies efficiently. To avoid the hassle of adhering to complex regulatory reforms that are constantly changing and resulting in decreased productivity, organizations are increasingly adopting ECM programs.
Although ECM sales are expected to grow, the report states that one challenge that could curtail market growth is the reluctance to adopt new systems. The following areas of ECM are expected to grow:
· Exponential growth in data
· Increased need to comply with regulatory requirements
· High demand for dynamic documents
· Increased collaboration and effectiveness
EXPONENTIAL GROWTH IN DATA
Various industries are going through positive transformations due to benefits such as improved innovations in products and services, customer service, cost savings, and enhanced capabilities in decision-making. This has also resulted in exponential growth of corporate data. For example, the healthcare industry has been generating large volumes of digital data due to rapid digitization of manual patient records, fueled by legislative regulations and the need to provide better patient care at low costs.
Organizations face pressure to store data securely with reduced costs and improved efficiency. Therefore, cloud-based information management infrastructure is a viable option for many organizations due to benefits such as low cost, with minimal IT infrastructure support, rapid and predictable implementation, automatic and seamless upgrading, and ease of leveraging cloud‐based data across organizations.
INCREASE IN DEMAND FOR DYNAMIC DOCUMENTS
The increase in mobile devices and software has helped organizations create content. Organizations rely heavily on digital media for most of their work, which increases the demand for document solutions. This is driving organizations to shift from static documents to dynamic documents. Dynamic documents are more interactive and include buttons, embedded calculations, links, and content such as images, videos, drawings, embedded web pages, and forms.
INCREASED COLLABORATION AND EFFECTIVENESS
One of the most important advantages of using ECM solutions is increased collaboration and effectiveness. Improved collaboration is related to sustainability in the sense that it aids the common effort to accomplish corporate goals. It also improves social integration of corporate environments, especially across different departments and geographic locations. As every multi-national company faces problems related to fragmentation and isolation of various components, collaboration offered by ECM tools can offer a powerful remedy by means of collaboration through portal structures. Every large company deals with issues related to fragmentation and isolation of various components. Therefore, ECM tools can provide a great means for collaboration.
Increased efficiency comes from the idea of making information available to every user in an organization in an integrated and personalized way. Integrated and personalized information factor is dependent on the job role of the user, and therefore, also helps improve job performance.