Record Keeping System Market Size and Trends

The global record keeping system market size is estimated to be valued at US$ 22.7 Billion in 2024 and is expected to reach US$ 52.22 Billion by 2031, growing at a compound annual growth rate (CAGR) of 12.6% from 2024 to 2031. Record keeping systems refer to solutions and services used for storing, managing, and maintaining data and records by enterprises. These systems enable organizations to effectively track records, increase efficiency, ensure compliance with regulations, and gain valuable insights from data analytics. Key drivers of the market include rising regulatory compliance requirements, need for better data management, and increasing adoption of cloud-based record keeping solutions.

Record Keeping System Market Trends:

Integration of RPA and Intelligent Process Automation: Integration of record keeping systems with robotic process automation and intelligent process automation tools is a major trend. RPA bots can automate high volume, repetitive records management tasks like validating entries, filing records, finding documents etc., enabling significant productivity gains. Dynamic workflows allow auto-routing of records to concerned users. Combining RPA with AI/ML technologies like computer vision, NLP to digitize, classify, extract data from records is also gaining traction. The United Nations World Food Programme digitized over 5.2 million paper-based refugee records across 12 countries in Asia and Africa using RPA and optical character recognition. This eliminated the need for extensive manual data entry, allowing workers to focus on higher value tasks while ensuring food aid reached the most vulnerable communities faster.
Greater Adoption of Maintenance-free Record Keeping: Traditional record management involves extensive reliance on IT teams for maintenance managing hardware, upgrades, security, infrastructure, etc. Maintenance-free solutions offered by cloud service providers like Microsoft, Amazon, and Google are being increasingly adopted. These solutions provide secured records retention and compliance as fully managed services, eliminating technology maintenance overheads for organizations. This helps free up budgets and resources to focus on innovation and growth.
Blockchain and Distributed Ledger Technology: Blockchain-based record keeping enables decentralized, immutable, transparent records sharing between parties. Records are cryptographically signed and chained together in tamper-proof blocks across multiple distributed nodes. This enhances trust and accountability in record authenticity and custody tracking. In October 2022, The Healthcare IT News reported, that over 30% of U.S. hospitals plan to adopt Blockchain for secure digital medical record management and sharing within 2023. Startups are developing Blockchain-based records management solutions. Government initiatives like the EU Blockchain Partnership are also driving exploration of Blockchain for public record keeping.
Integration with Data Analytics and Business Intelligence: Organizations are increasingly looking to extract value out of records data through integration with analytics, BI and reporting tools like Microsoft Power BI, Tableau, Qlik, etc. Analytics applied to records can uncover correlations, trends, and metrics to derive actionable insights. Automated BI reporting also provides valuable executive dashboards and summaries. Advanced analytics further aid in records predictive modeling, forecasting, sentiment analysis, etc.