Records management has become an important initiative for many organizations as government regulations, changes to the rules governing legal discovery, and freedom of information legislation in different countries have all begun to be felt. Demand for records management solutions continues to grow, as the technology is imperative if an organization is to effectively implement an enterprise-wide records management program. The worldwide records management market was worth approximately $460 million in software license and maintenance revenue in 2008, an increase of 15% from 2007. Market penetration for records management is still in its early stages with approximately 35% of organizations having implemented this technology.

Records management products are also evolving, as broader retention management requirements grow and there is a need to manage content throughout its entire life cycle. While software as a service (SaaS) and open-source records management have not been significant up to this point, Gartner expects that these alternative delivery options for records management will emerge during the next two years. As emerging consumer and social software tools like wikis, blogs and Twitter are adopted at an enterprise level, this additional content may also need to be managed as records.

Read this report for more information about selecting the right records management solution for your organization.