The COVID-19 pandemic has heavily impacted the U.S. economy, resulting in unprecedented unemployment numbers and significant falls in the Dow Jones Industrial Average. Many industries, such as restaurants and retail, have seen widespread closures across the nation. In June, the U.S. officially entered an economic recession—characterized by “double-digit unemployment and plunging economic output.”
Yet despite the numerous impacts of the pandemic, a recent report by AMR indicates steady growth in the case management market worldwide—and within the U.S. The report, which lists AINS as a “principal player” in the U.S. case management software market, found that case management “is predicted to witness enormous growth projections during 2019 – 2025.” There are many reasons behind this projected growth, and exploring these reasons can help us understand the economic climate for the case management industry and software in general.
1. Case Management was Already a Growing Industry
There have been a number of reports on the steady growth of the global case management software industry over time, with one 2018 study predicting growth from USD 4.79 Billion in 2017 to USD 7.62 Billion by 2022. The most recent report predicts that industry revenue will grow to “USD 7,587.54 Million by the end of 2025, at a Compound Annual Growth Rate (CAGR) of 12.20%.” Now and in the past, much of this growth could be attributed to the expansion of the software industry as a whole.
Within the U.S. technology market alone, software spending grew by 8 percent in 2018, with business applications accounting for more than 50 percent of that spending budget. Companies able to rethink and modernize their business processes have long-demonstrated success. Companies such as Netflix and Amazon, for example, which have brought their entire mode of operations to the web, have changed the entire state of the entertainment and retail industries. As other companies seek to modernize their business processes, they look to case management solutions to meet their goals.
2. COVID-19 Poses Little to No Threat to Case Management Spending
Many industries have not been negatively affected by COVID-19, and even some, like the healthcare sector, have seen growth in revenue as a direct result of the virus. On the question of case management, the authors of the recent report explain that “[d]ue to the rapid development of the Internet, global communications and exchanges have not been greatly affected [by COVID-19]. Therefore, the outbreak of COVID-19 has little impact on the financial and consulting services industries.”
Because case management software like eCase can be hosted in the cloud and serviced remotely, users can access the system from any location. We have been able to support all of our customers through the pandemic, providing continued services like training and implementation, and even delivering a new version of our eCase Audit software remotely. Nationwide, companies can continue to utilize cloud-based case management solutions to their benefit, even as they follow CDC workplace guidelines and local laws and regulations regarding telework.
3. The Pandemic Facilitates the Necessity for Case Management Solutions
If anything, COVID-19 has demonstrated a greater need for case management software solutions in order for organizations to maintain Continuity of Operations. Manual and paper-based work processes often require an office presence for tasks such as printing and filing—tasks which either become obsolete or are can be better managed electronically through a case management software solution. In areas such as procurement in the government, bottlenecks and compliance risks have already begun to occur in offices that rely on paper contract files, as official documents required by regulation are not being produced.
eCase supports a wide range of business areas through web-based, commercial off-the-shelf applications, including telework. Our solutions offer a number of benefits to remote business operations, including: sustained productivity and communication in the face of new procedures; clear guidelines and workflows for different processes; and bolstered security against confidentiality leaks, IP theft, and private information data breaches. If your company has been struggling to maintain output and Continuity of Operations through required telework, consider eCase to support your needs.