Document Case Management Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Document Case Management Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The document case management market is expected to witness a CAGR of 15.2 % throughout the forecast period (2022 - 2027). The overall demand for document scanning services and cloud document management software is growing consistently as businesses realize they need these tools to survive within the market.

Key Highlights

• The document case management market has been dramatically influenced positively by the growing inefficiency of business procedures to handle cases and minimize potential errors. By attaching spreadsheets or scanned documents to emails and storing them on various disk drives in random, disorderly ways, numerous firms have made tremendous progress toward digitization and away from physical papers. All the procedures above may waste time since bad data management results in redundant, inaccurate, lost, and insecure documents. These considerations fuel the demand for case management, which is anticipated to hasten and strengthen the integrity of conventional company operations.
• Moreover, data loss due to cyber-attack can cost businesses millions of dollars. Internal threats are a factor in some data losses at the documentation level. Companies are increasingly focusing on lowering vulnerabilities through document case management, which has built-in security to prevent these losses and attacks.
• A document case management solution enables any firm to integrate information, processes, and personnel by supplying an active-content architecture. Case management applications are also widely used in the BFSI sector, fuelling the market's expansion. In addition, the improvement of credit card dispute resolution procedures depends on case management solutions. It has further utilizations in insurance settlement claims, particularly for auto insurance. Several case studies demonstrate the solutions' expanding industry acceptance.
• For instance, IBM Business Process Manager provides credit card issuing banks with a case management application for handling credit card disputes, which boosts caseworker effectiveness. The IBM Business Process Manager can also give an application for managing and creating auto insurance claims. The system enables the analyst to process and resolve claims effectively and rapidly by integrating relevant data accessible to both the claim and the submitter.
• One of the most crucial challenges witnessed by the market is the transition from legacy systems as well as the implementation challenges, which are well associated with customizing the solution to meet and fulfill the ROI objectives of the organization.
• Additionally, the COVID-19 pandemic showed the shortcomings of depending on paper-based documentation, which led to a shift to remote work. Software for document case management became an essential component of how businesses responded to the pandemic. As the economy picks up, these technologies enable firms to be more adaptable and responsive to remote workers. The pandemic highlighted the necessity of digital transformation and speeding up the process for various enterprises. These elements helped document case management become more widely used across several industries, including financial institutions.

Key Market TrendsBFSI to Occupy a Significant Market Share

• Each transaction is highly significant in the banking, financial services, and insurance (BFSI) sector. The technology used within the industry must be incredibly reliable to track and manage costs, sales, supplies, and workers. Financial firms prioritize adopting document management systems (DMS) or enterprise content management (ECM) systems to preserve a secure record of all economic events and activities. The security of all user and business-related data is heavily required, especially from banking institutions, while ensuring transaction accuracy and completeness. With significant development potential in technological investment, the banking industry is thus an important market for investments in DMS and other IT infrastructure components.
• A few conventional financial businesses continue to preserve internal and external communications on paper despite the development of digital document management. Furthermore, using outdated DMS software to store important documents can make them inaccessible. As per Eversign, 70% of office waste is paper generated by documents, prints, forms, etc. That shows that there is still a high reliance on paper in many workplaces, particularly in the BFSI sector. However, since there lies a high chance of mismanagement of the crucial documents within the workplaces that primarily rely on paper, the need for DMS is growing significantly, enhancing the market growth opportunities throughout the forecasted time.
• Due to the high volume of transactions that take place every day, banks need to improve their paperwork and transaction record-keeping utilities. By utilizing the appropriate DMS, banks can save the costs and processing times associated with managing and distributing documents like statements and notifications. The ability to maintain an electronic audit trail, seamless compliance, enhanced banking workflow and decreased paper usage are further benefits of DMS. In September 2021, The Bank of India introduced several digital services on the 116th anniversary of its founding and a DMS with improved security, backup, and disaster recovery capabilities.
• Banking companies can efficiently utilize case management software to automate a wide range of their operational processes. Traditional case management in banking was highly focused on resolving customer-centric problems. Conflicts over fees and concerns about customer service have frequently occurred. As technology has advanced and banks have worked to use it, the scope of case management in banking has thus significantly increased.
• As per data from Federal Deposit Insurance Corporation, with a market share of approximately 25% as of June 2022, JPMorgan Chase was the top bank in the U.S. Following closely after, with 17.8 and 12.55 percent of the total banking assets, was Bank of America and Citibank respectively. In 2021, JPMorgan Chase's total assets were worth more than 3.3 trillion dollars. Thus with the rise in the overall market share of the banks, the need for Document Case Management will also increase simultaneously, thereby enhancing the market's growth.

North America to Occupy Significant Market Share

• North America is expected to be the most cloud-ready region throughout the forecasted time frame. This is mainly due to the rising need for cloud-based services, which will probably also encourage the growth of secure cloud-based document case management services.
• Moreover, using e-signatures for any transaction is made possible by government initiatives like the Uniform Electronic Transactions Act (UETA) and the Electronic Signatures in Global and National Commerce Act (E-SIGN), which have a substantial impact on market demand. Additionally, digital trade agreements like the United States-Mexico-Canada Agreement strongly encourage document case management in the public sector.
• On the other hand, immigration contributes a significant amount in terms of all of Canada's labor force expansion. Immigration accounts for approximately 75% of total Canada's population increase. Immigrants play a crucial role in filling essential labor shortages in industries like healthcare, generating jobs, enhancing economic growth, and enriching Canadian communities. The Budget 2021 declared to invest around USD 428.9 million over five years, with USD 398.5 million remaining amortization, to create and deliver an enterprise-wide digital platform that will eventually replace IRCC's outdated Global Case Management System.
• Moreover, various vital developments are occurring within the region, thereby expanding the growth opportunities in the market. For instance, in March 2022, ELO Digital Office USA, a company that assists businesses in increasing collaboration and digitizing information management, revealed that Hopsteiner had implemented the ELO ECM Suite for document & content management. Hopsteiner uses ELO to automate document management in business-critical areas, including finance, accounting, procurement, and operations.
• Further, in April 2022, the National Law Journal's Best of 2022 chose Florida-based SmartAdvocate, a powerful, wholly integrated legal case management system, as the winner in two categories and runner-up in one. The legal case management system SmartAdvocate was created to fulfill the needs of today's fast-paced, technologically demanding world.

Competitive Landscape

Although various global players are predominating the market, relatively new participants are also entering the market, mainly because of the rising need for the management of documents. Most firms primarily focus on innovations to remain competitive in the entire market.

• April 2022 - Paradigm, a legal software provider, declared the acquisition of LollyLaw, which mainly provides cloud-based practice management solutions to law firms. With this acquisition, Paradigm has promised to give the best-in-class legal case management software. LollyLaw delivers a single intuitive platform that offers time and billing, intake, document management, calendaring, and a client portal.
• November 2021 - Gemspring Capital, a middle-market private equity company, declared that an affiliate had acquired a majority interest in AINS Inc. ("AINS"), a provider of case management software and IT services, especially for government customers.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
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