Record keeping systems are software solutions used by organizations across industries for maintaining important documents, records, and files in a central digital database rather than in physical form. Record keeping systems allow users to easily access, organize, search, retrieve, and protect important information such as financial records, HR records, inventory records, medical records and compliance records from a centralized online location. The increasing emphasis on going paperless and digitizing records by businesses to minimize storage costs and enable remote access is expected to drive the growth of the record keeping system market.
The Global Record Keeping System Market Size is estimated to be valued at US$ 23.33 Billion in 2024 and is expected to exhibit a CAGR of 8.7% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Increased demand for paperless record keeping: As mentioned in the heading, the growing necessity among organizations to reduce paper consumption and enable remote accessibility of records is a major factor bolstering the adoption of digital record keeping systems. Moving from physical files to cloud-based digital records assists in reducing storage costs, improving search functionalities, enabling compliance with data privacy regulations and allowing real-time sharing and collaborative working on files.
Ease of integration with other business software: Record keeping systems can be easily integrated with other core business software solutions like ERP, CRM, billing and accounting software which allows effective sharing of data across departments. This factor is encouraging more small and medium enterprises to implement digital record management for improved data synchronization and workflow automation capabilities.
Segment Analysis
The record keeping system market is dominated by the document management sub segment. Currently document management accounts for over 35% of the total market share as organizations are increasingly adopting electronic document management systems to reduce paperwork, improve efficiency of document retrieval and facilitate compliance. The document management sub segment is dominating as it helps organizations centrally store, organize and track all forms of documents and records in a cost effective and secure manner.
PEST Analysis
Political: Data privacy laws are becoming stricter globally which is driving the demand for secure record keeping systems that help organizations demonstrate compliance.
Economic: The economic growth is resulting in more paperwork and documentation needs for organizations. This is propelling the demand for automated record keeping solutions to efficiently manage documents.
Social: Mobility trends are influencing organizations to adopt cloud based record keeping solutions for remote access of documents.
Technological: Continued enhancements in technologies like AI, blockchain and analytics are expanding the capabilities of new generation record keeping systems.
Key Takeaways
The global record keeping system market is estimated to be valued at US$ 23.33 Billion in 2024 and is expected to exhibit a CAGR of 8.7% over the forecast period 2024 to 2031.
The North America region dominates the market currently owing to strict regulatory standards and early adoption of advanced technologies by organizations in the US and Canada. The Asia Pacific region is expected to exhibit the fastest growth over the forecast period due to the rapid digitization drive in countries like India, China and growing mobility trends.
Key players
Key players operating in the record keeping system market are Sham Industrysoft Ltd., eFileCabinet, Sustainable Collateral, Zoho Corporation, IBM, Oracle, AccuZIP, Hyland, DOCUSign, Scrypt, Index Engines, FormSwift, CGI, OpenText and Ademero.
*Note:
1.Source: Coherent Market Insights, Public sources, Desk research
2.We have leveraged AI tools to mine information and compile it
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