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SOP Management Solutions Market Segmented By component into software and service with deployment into on-premise and cloud-based
The growing demand for automated workflow and efficient document control system is driving the growth of the global SOP management solutions market. SOP management solutions help to maximize efficiency and safety on the compilation of files and documents across all the industries.
SOP management solutions enable companies to perform business in a regulatory environment. SOP management solutions perform functions such as document control and management, ensure compliance policies, employee training, improve efficiency and save money.
The SOP management solutions are based on secure and central document repository that allows users to easily locate and retrieve the documents required. SOP management solutions provide electronic distribution and routing of all electronic files. SOP management solutions enable organizations in creation, distribution, approval and archiving of all the electronic documents. Vendors offer SOP management solutions for a wide range of documents such as work instructions, manuals, job descriptions, forms, and product specifications, among others.
The adoption of automation is increasing in order to reduce errors and save time. SOP management solutions with an automated workflow deliver efficient results. Automated workflows not only save time but also reduce expenses. They reduce paper handling cost with intelligent document routing, and save money and time by reducing hand delivery, photocopying, and repetitive dragging and dropping.
SOP management solutions with an automated workflow enable automatic distribution, document routing, document printing, track printing, customized electronic forms, document barcoding, document control, reduce cost and errors, and increase visibility, which are factors driving their demand.
By centralizing documents and utilizing integral automated workflow technology, they timely route documents to stakeholders. The migration from manual to automated workflow is contributing to the growing demand for SOP management solutions.
The growing concern for eco-friendly and paperless businesses is driving the demand for digital functions and operations. Most of the companies are avoiding paper work and shifting towards digital processes. The governments of different countries are highly focused on cutting down waste by adopting environmentally friendly and paperless processes.
As per the United Nation Environment Program, industrialized nations have around 20% of the world’s population, but consume almost 80% of printing and writing paper.
Taking the cost of electricity and ink into account, it makes 15 to 35 times the initial price of the paper. The companies are focused on the green factor and eco-friendly businesses. These concerns will have a huge impact on the adoption of SOP management solutions, globally, and will contribute to the growth of the global SOP management solutions market.
Apart from these factors, features such as minimizing learning downtime, high return on investment, mitigation risk, compliance facilitation and others are making the organizations to adopt SOP management solutions. Several developments in solution, with reference to technology, the proliferating growth rate of the market, along with the recent developments and innovations are expected to drive the global SOP management solutions market during the forecast period.
The cloud storage of files is one of the major drivers for the growth of the global SOP management solutions market. Cloud storage enables easy access to files from any location. Many business server networks are getting off the ground and into cloud storage. The work-from-home trend is acting as one of the major drivers for the growth of the global SOP management solutions market, and is expected to boost the growth of the market during the forecast period.
Other major factors such as increased ICT spending, increasing adoption of smartphones and tablets and strict government compilation regulations such as AIIM, HIPAA and others are expected to drive the growth of the global SOP management solutions market during the forecast period.
The major factors restraining the growth of the global SOP management solutions market insecurity and information breach, memory hog and slow performance of the PC after installation of SOP management solutions.
Segmentation Based on the Component:
The SOP management solutions market is segmented based on the component into software and services. The services segment can be further sub-segmented into professional services and managed services.
Segmentation Based on the Deployment:
The SOP management solutions market is segmented based on the deployment into on-premise and cloud-based. The cloud-based segment is expected to have major market share in the global SOP management solutions market during the forecast period due to the high adoption of cloud technology.
Segmentation Based on the Industry:
The SOP management solutions market is segmented based on the industry into healthcare, retail, government, BFSI, education, legal service firms and others.
Examples of some of the key players operating in the global SOP management solutions market are MasterControl, Inc., IBM Corporation, NextDocs Corporation, DASSAULT SYSTÈMES, EtQ LLC, ConvergePoint Inc., DHC Business Solutions GmbH & Co. KG, Sarjen Systems Pvt. Ltd., Business Design Corp., and ComplianceBridge Corporation, among others.
The global SOP management solutions market is segmented into North America, Latin America, Western Europe, Eastern Europe, South East Asia (SEA), China, Japan and Middle East & Africa. Presently, North America holds a large share in the global SOP management solutions market because of the high adoption rate of advanced technology by various industries. Western Europe and SEA are also significantly adopting SOP management solutions and are expected to be potential markets during the forecast period.
SOP Management Solutions Segments:
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain.
The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.