Report Details:
15 Companies Covered
100 Pages
Pune, India, October, 2018 /press release/- Market Research Future Published a Upcoming Research Report on Document Management System Market Research Report
Market Insights
Document management systems (DMS), as the name suggests, are used for the management and storage of documents. They allow the digital management of files and help with reducing paper wastage while optimizing retrieval of the document. Market Research Future has studied the global document management system market and its comprehensive report on the subject reveals several key figures and prudent observations about the market. Document management systems have a variety of benefits which drive the market and increase demand for the product. The advancements in IT technology have optimized and revolutionized the way business organizations work significantly. DMS solutions eliminate the need for manual documentation and physical storage of the same, thus reducing human error and generally optimizes retrieval of documentation. Archival of documents and implementing security on sensitive documentation is also much easier via use of DMS solutions thus driving market growth.
Document management systems are able to manage storage and modification of documents in a variety of formats which makes documentation highly effective. Another critical factor driving the market is its deployment over the cloud which reduces the need for infrastructure, thus making document management systems highly accessible for organizations at every size. Moreover, the platform offers a high opportunity for growth as it promotes Software-as-a-service and vendors using the platform can easily offer maintenance services as well. Many end-user industries generate vast volumes of data on a regular basis, industries such as healthcare and BFSI are key examples, and implementation of DMS allows smooth management of large volumes of documentation. Additionally, DMS solutions with their easy retrieval of data and increased accuracy of data provide organizations with supremely valuable benefits of efficiency of time management as well as the overall improvement of operations thus driving growth for the market. Ongoing product launches represent market opportunities, and the ever-evolving nature of IT technology is expected to increase efficiency in the future.
Market Segmentation
MRFR’s report covers key segments that make up the global document management system market. These segments are profiled on the basis of deployment organization size, end-user, and region. Deployment of document management system is performed either on-premise or over the cloud. Large and small & medium enterprises (SMEs) have been observed to be using document management systems. With regards to end-users of document management systems, the market is categorized by healthcare, BFSI, education, retail, and others.
Document Management System Market Regional Analysis
North America represents a key market for the global document management system market due to the concentration of many market-defining players in the region. Product innovation is an ongoing activity carried out by these market players and contribute significantly to the growth of the market. Moreover, the region, with an emphasis on the U.S and Canada, has a high affinity for the adoption and implementation of cutting-edge IT technology. Moreover, several industries which are data-centric such as healthcare and BFSI are well-established and looking to leverage document management systems for optimization of large volumes of data.
Meanwhile, the Asia Pacific market represent the massive potential for growth due to the rapidly growing economic conditions. The region has a high concentration of emerging economies such as India, China, Japan, and South Korea to name a few. The rising disposable income in these countries has led to the increased demand for products and services from a number of end-user industries. For instance, the growing healthcare sector in the region is likely to increase adoption of IT technology to optimize operations and administration of documents.
Key Players
Important market players have been included in MRFR’s assessment of the competitive landscape of the global document management system market; these include Agiloft, HP, SpringCM, OpenText Corporation, Microsoft Corporation, Xerox Corporation, Alfresco Softwre Inc., IBM Corporation, Oracle Corporation, eFile Cabinet Inc., Canon Inc., Asite, Hyland Software Inc., and Ricoh Company Ltd. The market is highly competitive, and the use of cloud technology is expected to be highly conducive to the entry of startups. Mergers and acquisitions, strategic collaborations and product launches are among the leading growth strategies adopted by prominent market players.