LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global enterprise information management (EIM) market to grow at a CAGR of more than 19% during the forecast period, according to their latest report.
The research study covers the present scenario and growth prospects of the global enterprise information management market for 2016-2020. To calculate the market size, we consider the revenue generated from the deployment of EIM solutions both on-premise and in the cloud. The solutions covered in the report includes:
- Business intelligence (BI)
- Enterprise data management (EDM)
- Enterprise search management
- Enterprise content management (ECM)
- Information asset management (IAM)
- Information governance
Technavio ICT analysts highlight the following four factors that are contributing to the growth of the global enterprise information management (EIM) market:
- Exponential growth in data
- Increased need to comply with regulatory requirements
- High demand for dynamic documents
- Increased collaboration and effectiveness
Exponential growth in data
Businesses across various industries are going through digital transformations due to benefits such as improved customer relationships, innovations in products and services, cost savings, and enhanced decision-making capabilities. This has also resulted in exponential growth of corporate data. For instance, the healthcare industry has been generating large volumes of digital data due to rapid digitalization 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.
One of Technavio’s lead analyst for research on IT professional services, Amit Sharma, says, “The adoption of EIM solutions among organizations is expected to grow exponentially during the forecast period following the growth in corporate data stored on servers, in the cloud, or in employee devices coupled with the need to reduce corporate risks and data storage costs.”
Increased need to comply with regulatory requirements
Organizations are subject to follow regulatory requirements to manage corporate data. Governments worldwide are enforcing acts and policies such as Sarbanes–Oxley Act (SOX) in the US, 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.
Enterprises in the banking, insurance, and healthcare sectors develop EIM policies that comply with external regulations as they deal with sensitive information. Cloud-based EIM reduces costs when compared with isolated regulation-specific compliance programs. Cloud-based EIM practices enable organizations to align their data use and communication, record management, and information security policies efficiently. To avoid the pressure and complexity of adhering to regulatory reforms that keep evolving, resulting in reduced organizational productivity, organizations are increasingly adopting EIM programs.
High demand for dynamic documents
The increased use of mobile devices and software has helped organizations create rich content. Nowadays, organizations rely on digital media for most of their functions and are aggressively adopting office document solutions to generate rich media and create more compelling contents. 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. These can be easily created and secured by integrating them with existing document management systems. This helps organizations streamline communication of complex ideas and enables workers to deliver better proposals and presentations,” says Amit.
Increased collaboration and effectiveness
One of the most important advantages of using EIM solutions is increased collaboration and effectiveness. Improved collaboration is related to the more sustained common effort to accomplish corporate goals, and also the better 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 EIM tools can offer a powerful antidote by means of collaboration through portal structures.
Increased effectiveness comes from the idea of making information available to every user in an integrated and personalized way. Integrated and personalized information factor is dependent on the job role of the user, and hence, also helps improve job performance.
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