Certified Global Research Member
Key Questions Answered
- Global Market Outlook
- In-depth analysis of global and regional trends
- Analyze and identify the major players in the market, their market share, key developments, etc.
- To understand the capability of the major players based on products offered, financials, and strategies.
- Identify disrupting products, companies, and trends.
- To identify opportunities in the market.
- Analyze the key challenges in the market.
- Analyze the regional penetration of players, products, and services in the market.
- Comparison of major players’ financial performance.
- Evaluate strategies adopted by major players.
- Recommendations
Why Choose Market Research Future?
- Vigorous research methodologies for specific market.
- Knowledge partners across the globe
- Large network of partner consultants.
- Ever-increasing/ Escalating data base with quarterly monitoring of various markets
- Trusted by fortune 500 companies/startups/ universities/organizations
- Large database of 5000+ markets reports.
- Effective and prompt pre- and post-sales support.
The Document Management System (DMS) market is now changing fast. It's being pushed by the growing need for good ways to store and handle paperwork in different industries. In our computer age, firms see the value of easy paperwork processes, obeying rules and team work. This encourages them to use digital management solutions for their documents. A big factor in how markets work is the increasing amount of computer content made every day, like emails and reports to music videos. This increase in data has made companies look for strong computer systems to keep, find and use information easily.
The way the market works is also affected more by people working from home all over the world and needing to get papers easily. The COVID-19 outbreak made people use digital tools more quickly. This means that DMS (Document Management Systems) are very important for businesses to keep work going well and team members working together in places apart from each other nowadays. As businesses start to use both home and office work more, the need for easy-to-use cloud systems that manage documents is growing. This changing situation with how we handle papers in business is becoming very different now.
Also, rules and regulations are important things that change how the DMS market works. Businesses like health care, money handling and legal work need to follow strong rules about how they keep important details safe. DMS solutions with strong security features, record checks and secret codes are getting more in-demand as companies focus on keeping data safe and meeting rules.
The market is like this because it uses smart things, such as AI and ML in its DMS solutions. These tools make paperwork easier, do everyday jobs automatically and give smart ideas. This helps to work better and make smarter choices. Using AI in DMS to group and understand content feelings, predict results is changing how businesses use and get benefits from their large stores of digital paper work.
Also, how the DMS market works is affected by changes in mobile document management. The growing use of smartphones and tablets for work jobs has caused the need to go up.
DMS solutions that let you get to papers easily on different gadgets. The moving part is very important for today's companies, letting workers work together and get key information no matter where they are. So, DMS companies are working to create easy-to-use phone apps and make sure they work on all types of devices in order to keep up with how people use phones for jobs.
Covered Aspects:
| Report Attribute/Metric | Details |
|---|---|
| Segment Outlook | Offering, Deployment, Organization Size, and Vertical. |
Document Management System Market Highlights:
Global Document Management System Market Overview:
Document Management System Market Size was valued at USD 6.1 billion in 2023. The Document Management System market industry is projected to grow from USD 6.9 billion in 2024 to USD 17.7 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 12.6% during the forecast period (2024 - 2032). The increasing demand to streamline corporate operations, the benefits of digitalizing content across companies, and the increasing need to adhere to compliance regulations are driving growth in this industry.
FIGURE 1: Document Management System Market 2018-2032
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Covid-19 Analysis
The pandemic of COVID-19 has reduced demand for document management system solutions and services. According to the Gartner Report for 2020, global IT investment was valued at USD 3.6 trillion in 2020, fell by 3.2% in 2020, and is expected to reach around USD 3.9 trillion in 2021. Furthermore, leading industry participants saw a large drop in revenue as a result of the COVID-19 epidemic. In addition, due to shut down of various end users of document management system have impacted market growth.
Document Management System Market Trends
- Rising efficiency at workplace due to advanced document management system
The increasing incorporation of emerging technologies such as Al, cloud computing, real-time tracking systems, and other solutions is thought to be driving the growth of the document management system market. For example, eGrove Systems Corporation launched an integrated advanced agile document and time tracking project management service in August 2021. Employees and projects are managed remotely using document management tools. The usage of innovative software solutions has boosted workplace productivity.
In addition, the DMS solution is widely used for paperless digital transformation of enterprises in a variety of industries, including BFSI, healthcare, government, and others. The market is expanding due to rising demand for paperless offices in order to increase employee productivity and establish environmentally friendly offices. According to Xerox Corporation, paper-related operations waste around 46% of business employees' time. This can be minimized by implementing advanced document management solutions to increase company efficiencies and decrease total processing time.
Document Management System Market Segment Insights:
Document Management System Offering Insights
Based on the Offering, the Document Management System market has been divided into solution and service. The solutions category is expanding rapidly as organizations seek to gain a strategic advantage through document management, digital asset management, and eDiscovery while also streamlining their document management operations to reduce risks.
March 2022: Xerox Corporation launched an electronic document management system that enhances efficiency and smart workplace post-pandemic. The system is designed for customers across private and public establishments for an efficient workplace.
FIGURE 2: Document Management System Market SHARE BY OFFERING 2021 (%)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Document Management System Organization Size Insights
Based on organization size, the Document Management System market has been segmented into large enterprises and small & medium enterprises (SMEs). Large enterprises holds a largest market share, however the market for SMEs is likely to increase faster. Growth in this segment is expected to be consistent over the next five years, owing to new entrants' deployment of innovative technologies such as Social, Mobility, Analytics, and Cloud (SMAC), which is compelling existing players to modernize their traditional IT infrastructures to meet changing customer requirements.
June 2021: Exela Technologies, Inc. launched 'Digital Mailroom (DMR) Platform,' the document management system for online sign-ups and SMEs and professionals in the U.K. The Exela DMR platform catches a virtual office address and receives incoming mail as digitized documents accessible through its DMR portal.
Document Management System Deployment Insights
Based on deployment mode, the Document Management System market has been segmented into cloud-based, on-premise, and Hybrid. The hybrid category is expected to be the fastest-growing of all deployment options due to benefits such as greater flexibility, technical control, enhanced security, and better adherence to compliance requirements.
September 2021: Laserfiche launched Laserfiche, a cloud-based solution across the Middle East & Africa and Europe. The cloud-based solution is based on intelligent business process automation and content management cloud offering that delivers secure content and automates the business processes.
Document Management System Vertical Insights
Based on vertical, the Document Management System market has been divided into BFSI, Government, Education, Industrial Manufacturing, Healthcare, Others. During the projection period, the BFSI segment is expected to have the biggest market share. Document management systems are critical in the BFSI business for acquiring and managing all financial data.
Document Management System Regional Insights
The Global Document Management Software Market is divided into four regions: North America, Europe, Asia Pacific, and the Rest of the World. During the projected period, the market in APAC is expected to develop at the fastest CAGR. Several initiatives by governments, as well as the private and public sectors in APAC, have contributed to market growth. Furthermore, the presence of key participants in the ecosystem of document management systems results in increased adoption of these systems in APAC.
Furthermore, due to fast digitalization and rising investments in digital platforms, Europe is developing considerably. Additionally, top firms use tactics like as alliances, collaborations, mergers, and acquisitions to increase their document management system offerings in European countries. For example, in November 2021, France's Digital Affairs Secretary announced a USD 2.00 billion investment in the country's digital and cloud computing technology.
The Middle East and Africa market is expected to develop at a substantial CAGR during the forecast period. The GCC, the UAE, South Africa, and other countries are increasingly adopting modern document management systems. Governments are investing in paperless offerings in order to reduce paper waste. As an example,
FIGURE 3: Document Management System Market SHARE BY REGION 2021 (%)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Document Management System Key Market Players & Competitive Insights
In recent years, the market for document management solutions has gained a competitive advantage. It is made up of several key players. In terms of market share, a few major firms now dominate the market. However, the growing demand for firms to develop and provide strategic document management systems has enabled organisations to innovate and deliver strategic document management systems. Many businesses are expanding their market presence by gaining new contracts and entering new areas. For nstance, Advanced collaborated with Xperate in November 2022 to provide cloud-based document management integration with practise and case management solutions. The full version is scheduled to be released in early 2023. Syndifi Inc, the cloud-based syndication software designed specifically for the Equipment Finance industry, launched a new document management platform functionality in September 2022, making it easier for sellers to perform actions such as uploading, renaming, deleting, sorting, and reorganising documents with a drag and drop feature and can upload 4 gigabytes of files in a fraction of seconds.
Key Companies in the Document Management System market include
-
-
Open Text Corporation
-
IBM Corporation
-
Microsoft Corporation (Sharepoint)
-
Oracle Corporation
-
Hyland Software
-
Document360
-
Zoho Corporation
-
DocLogix
-
Integrify
-
Kissflow
-
Agiloft, Inc.
-
Logicaldoc
-
Cflowapps
-
Other Players
Document Management System Industry Developments
May 2023- One of Europe's top platforms for digital construction, real estate, and facilities management, PlanRadar, has added a new document management feature to its extensive collection of digital management solutions. In response to requests from current PlanRadar subscribers for an easy-to-use, intuitive, and simplified approach to gather and manage data amid the in-field & back-office teams, the intuitive Document Management tool has been created. In order to maintain tamper-proof audit trail & a comprehensive image of all sign-offs during projects, it fulfills the request by providing a simple approach to track, plan, and document approvals.
March 2023- For quicker and better customer service, BRAC Bank chooses Newgen to implement a document management system (DMS). The contextual content services platform from Newgen, of which DMS is a component, will assist the bank in streamlining end-to-end client journeys and delivering transformed experiences. With the implementation, the bank now has a central location for managing all of its electronic and physical data securely while maintaining their integrity and authenticity. The solution helps the bank maintain compliance, enables instant document uploading, sets off automated email alerts and notifications, and guarantees smooth connectivity with third-party systems and the bank's core banking services.
December 2022- Whip Around Wallet, a document management tool that makes it easier for drivers to save and handle papers while on the road, was just released by Whip Around, a cloud-based fleet maintenance software platform. A system developed by Whip Around enables businesses and drivers for storing documentation digitally within a single area and to classify those papers according to the kind of document for quick and simple access. The Wallet functionality was also incorporated into the application for driver side of management for addressing the issues associated with roadside enforcement by enabling drivers to easily access and exchange digital papers. In order to ensure timely renewal, drivers can also set their respective reminders and submit their own paperwork, such as medical certificates.
November 2022 - Inspectorio, the leading cloud-based AI-powered SaaS solution for supply chain organizations, released Inspectorio DocuFlow, a document management solution that allows supply chain partners to automate and streamline document management workflows, collaborate with users both inside and outside the boundaries of the organization, and ensure proper document control.
August 2022 - India based industrial automation company Cybernetik Technologies Pvt Ltd is looking to deploy a Document Management System to create a centralized system of truth to manage & track their company documents, versions & approvals by partnering with CloudFronts.
March 2022 - ShipNet launched a DMS Tool, Documents SE, to help organizations manage policies and procedures. Documents SE is a native web solution that has all the advantages expected from a modern web-based solution, including access anywhere, non-dependency on the platform (windows, Mac), and provides flexibility in today's “work from home” culture by making it easier to log in and use the solution.
Document Management System Market Segmentation:
Document Management System Offering Outlook
-
Solution
-
Services
Document Management System Deployment Outlook
-
Cloud-Based
-
On-Premises
-
Hybrid
Document Management System Organization Size Outlook
-
Small & Medium Enterprises
-
Large Enterprises
Document Management System Vertical Outlook
-
BFSI
-
Government
-
Education
-
Industrial Manufacturing
-
Healthcare
-
Others
Document Management System Regional Outlook
-
North America
-
US
-
Canada
-
Mexico
-
Europe
-
Germany
-
France
-
UK
-
Rest of Europe
-
Asia-Pacific
-
China
-
Japan
-
India
-
Rest of Asia-Pacific
-
Middle East & Africa
-
South America
Leading companies partner with us for data-driven Insights
Kindly complete the form below to receive a free sample of this Report
Tailored for You
- Dedicated Research on any specifics segment or region.
- Focused Research on specific players in the market.
- Custom Report based only on your requirements.
- Flexibility to add or subtract any chapter in the study.
- Historic data from 2014 and forecasts outlook till 2040.
- Flexibility of providing data/insights in formats (PDF, PPT, Excel).
- Provide cross segmentation in applicable scenario/markets.
