Industry Overview

It was thought that with the widespread use of computers, the paperless office would become a reality. However, as computer technology has advanced, paper has not been eliminated. On the contrary, paper usage is increasing as the pace of business escalates, necessitating the need to store and retrieve documents in the most time-efficient and cost-effective way. The answer is an electronic document management system.

The Ovum analyst group put 1999 electronic document industry sales at $475 million, growing to $5.3 billion by 2004, with related services growing to $8 billion annually. Similarly, the Gartner Group projected the overall market at $6 billion annually by 2003. The Gartner Group also notes that this market is becoming commodity-like with lower pricing resulting in a much faster growth rate for users.

Based on a report published by the Association for Information and Image Management International (AIIM) entitled “State of the Document Technologies Industry: 1997-2003,” document management services are expected to grow faster than document management software with a five-year cumulative average growth rates (CAGRs) of 27 percent and 24 percent respectively.

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