A recent study by the International Data Corporation (IDC) suggests that document solutions software revenues will flourish worldwide from $3.4 billion in 2010 to an astounding $5.5 billion in 2015. The study, which reviews a wide array of companies both in the US and worldwide, emphasized paper to digital document management, device management, and output management software.
Entitled “Worldwide and U.S. Document Solutions 2011-2015 Forecast,” the study asserts that authentication, authorization and security software revenues will experience double-digit growth in the coming four years. “Software designed to incorporate documents into a more streamlined business workflow represents tremendous opportunity over the forecast period,” stated IDC program director Digital Imaging Solutions and Services, Ron Glaz. He added “This market will experience unprecedented growth as users demand more effective device management, paper to digital document management, and output management.”
According to the research numbers, it is paper-to-digital document management software that currently occupies the largest section of the revenue pie. However, the study notes that as networked peripherals, including mobile devices, are being patched into systems more frequently, secure monitoring will become an increasing concern. Likewise, mobile printing solution software is predicted to experience a compound annual growth rate (CAGR) of 71.2%, increasing from $68.3 million in 2010 to $1.0 billion in 2015.
With the release of such prominent findings, it’s anticipated that businesses not currently taking advantage of electronic document management will soon do so. Luckily, they will benefit from the already existing pressures on document management software companies to further streamline their systems for an even more efficient product.
In fact, only a few short weeks after IDC released their findings, O’Neil DataTech LLC, a division of O’Neil Software, and Iron Mountain Company made public their decision to team up for the creation of a unified records management software solution. The project, which is currently scheduled from completion in the first quarter of the New Year, will combine the respective software and web services to facilitate faster access to information and better regulation compliance for users. Such an impressive collaboration, coupled with such promising hopes from the IDC, has companies around the world excited for the exponential improvements of the electronic document management industry.