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 market for Document Management Systems (DMS) is changing quickly. This happens because more and more businesses need to handle documents well and organize information in various sectors. As companies move toward using computers, the market for document management systems is seeing important changes. This includes how businesses manage their papers.
A big change in the Document Management System market is more people starting to use services on the internet. Cloud-based document management systems let companies store, get to and work together on papers from anywhere they can connect with the internet. This trend matches the bigger change to cloud computing in many businesses, as they look for flexible and cheap solutions that can grow with them. The cloud-based document system helps people work from home and also makes sure everyone can share things in real time. It knows when a file is changed and keeps important papers safe for big companies that need to change with the times.
A big change that is happening now is adding in things like artificial intelligence (AI) and machine learning (ML) to Document Management Systems. AI-driven software for managing documents can automatically sort papers, mark facts and get information from them. This makes dealing with files easier. This trend is very good for big businesses that handle lots of messy data. It makes things work better, cuts down on people needing to do jobs by hand and lowers the chances of mistakes happening. AI and ML are being combined to make Document Management Systems better. They can now deal with difficult document tasks more easily.
People want strong safety features in Document Management Systems because they are worried about security issues. As cyber attacks grow more often and complex, companies are focusing on keeping their important data safe. Encryption, limits on access and tracking of activity are becoming important parts of document management systems. This habit is important in many areas, like money, health care and law. It's needed because rules tell them to use strong safety measures carefully. As groups understand how important it is to protect their data, the DMS market is coming up with new tools for keeping secret information safe.
The market for Document Management Systems is also seeing a change to using phones. As smartphones and tablets become more common, companies understand the need for document management systems that allow easy use on mobile devices. This is very important for people who are always moving. It lets them look at, change and send files from their phone any time. Apps for managing documents on phones make work better and easier. They help people do more together, creating a faster environment to get things done.
Covered Aspects:
| Report Attribute/Metric | Details |
|---|---|
| Market Opportunities | Advanced technologies along with effective execution of DMS. |
| Market Dynamics | Emergence of paperless offices Digital transformation and increasing adoption of work-from-home culture. Demand from the Healthcare domain due to ongoing measures to digitize records in emerging markets |
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.
