The document case management market is expected to register a CAGR of 15.2 %, during the forecast period (2020 - 2025).Demand is growing for cloud document management software and document scanning services as businesses realize they need these tools to survive.
- Remote approvals and increasing electronic approvals has led the governments and companies to opt for document case management. For instance, in early 2020, MHRA introduced guideline that companies utilizing validated systems supporting electronic signatures approval and documentation should continue to use them.
- Data loss from a cyber attack can cost organizations millions of dollars. Some of the data losses can caused by internal threats and occur at the documentation level. To prevent such kind of losses and attacks, companies are increasingly focusing on reducing threats through a document case management, which has in-built security.
- One of the major challnege faced by the market is transition from legacy systems and also implementation challenges associated with customizing the solution to meet organizational ROI objectives.
Key Market Trends
Healthcare to Occupy a Significant Market Share
- In the healthcare sector, the lack of cohesive data across patients amidst the prevalence of electronic health records is aiding in the adoption of such tools.
- The healthcare data breach statistics has been witnessing an upward trend over the past ten years, with 2019 seeing more data breaches reported than any other year. Between 2009 and 2019, there have been 3,054 healthcare data breaches involving more than 500 records.
- Those breaches have resulted in the loss, theft, exposure, or impermissible disclosure of 230,954,151 healthcare records. (HIPAA Journal), which is causing the hospitals to think about
- COVID-19 cases have led to a lot of data being generated, due to the increasing number of patients being treated and the rising number of medical facilities. The effective and reliable management of documents generated, along with the need to minimize the use of paper to reduce operational costs and storage issues, is significantly driving the market studied.?
North America to Occupy Significant Market Share
- According to Cisco, North America is forecasted to be the most "cloud-ready" by 2021. This is due to the increasing preference of companies towards cloud-based services, which is expected to propel the growth of document case management focused on secure cloud. ?
- Government initiatives related to e-signatures such as Uniform Electronic Transactions Act (UETA) and Electronic Signatures in Global and National Commerce Act (E-SIGN) permit the use of e-sign for every transaction, thus playing a significant role in driving the market demand. Digital trade deals such as the Unthe cited States Mexico Canada Agreement (USMCA) encourage the use of document case management in the government sector.
- Technology giants in the region are rolling out product additions to stay competitive amidst the vast demand. For instance, in May 2020, Microsoft launched a compliance tool with Microsoft 365 Records Management. This new solution is a strategic move by the company to generate stickiness among its SharePoint Online customers using SharePoint’s in-place records management, content organizer, or the SharePoint records center as a new way of managing records.?
Although many global players are dominating the market, relatively new players are also entering the market due to an increased need for management of documents. Most of the firms are focusing on innovations to remain relevant in the market.
- March 2020 - LexisNexis Enterprise Solutions and iManage today announced integration between the latest versions of their respective market-leading platforms LexisNexis Visualfiles for legal workflow and case management, and iManage Work for document and email management. This integration enables organizations to optimize their investment in both platforms as well as enhance the value of these business-critical solutions.
- March 2020 - Assembly Software, the leading provider of case management software products for plaintiff lawyers, announced the general release of Needles Neos, a new, web-based solution that dramatically advances the technology relied on by law firms to run their practices.
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