Overview and Scope
A document management system refers to an automated software solution for organizing, securing, and digitizing an organization’s files for centralized storage, access, editing, and sharing. It can store, manage, and track electronic documents in addition to electronic images of paper-based information.
Sizing and Forecast
The document management system market size has grown rapidly in recent years. It will grow from $8 billion in 2023 to $9.16 billion in 2024 at a compound annual growth rate (CAGR) of 14.5%. The growth in the historic period can be attributed to shift from paper-based to digital documentation, regulatory compliance and records management, corporate digitization initiatives, introduction of document imaging and scanning , emergence of enterprise content management (ecm) solutions.
The document management system market size is expected to see rapid growth in the next few years. It will grow to $14.95 billion in 2028 at a compound annual growth rate (CAGR) of 13.1%. The growth in the forecast period can be attributed to adoption in emerging markets and smes, focus on user experience and mobile accessibility, migration to hybrid and cloud-centric models, rise in data security concerns, increasing demand for remote work solutions. Major trends in the forecast period include integration with business applications, emphasis on remote work and collaboration tools, implementation of blockchain technology, adoption of mobile-friendly interfaces, focus on cybersecurity and compliance.
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Segmentation & Regional Insights
The document management system market covered in this report is segmented –
1) By Offering: Solutions, Services
2) By Deployment Mode: On-Premise, Cloud-Based, Hybrid
3) By Organization: Small And Medium-Sized Enterprises (SMEs), Large Enterprises
4) By Application: Banking, Financial Services, And Insurance, Government, Education, Healthcare, Corporate, Industrial Manufacturing, Retail, Other Applications
North America was the largest region in the document management system market share in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the document management system market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The emergence of paperless offices is expected to drive the growth of the document management systems market going forward. A paperless office refers to a workplace that operates with minimal paper-based processes and relies more on digitized documents to carry out daily business operations. Document management solutions in paperless offices provide for easier management and storage of digital files, allowing employees to effortlessly exchange and review digital files. For instance, in June 2021, Prasar Bharathi, a public broadcaster in India, adopted 100% e-office operations that have enhanced the speed and transparency in the working of the organization and have created more than 50,000 e-files with the status of every file available online. Therefore, the emergence of paperless offices is expected to propel the growth of the document management systems market.
Key Industry Players
Major companies operating in the document management system market report are OpenText Corporation, Xerox Corporation, Ricoh USA Inc., International Business Machines Corporation (IBM), Canon Inc., eFileCabinet Inc., DocuSign Inc., Oracle Corporation, Hyland Software Inc., Microsoft Corporation, Asite Solutions, M-Files Corporation, Synergis Technologies LLC, Atlassian Corporation plc, Hewlett-Packard Development Company LP, FileHold Systems Inc., Ecrion Software Inc., Dell EMC, Laserfiche Corporation, DocuWare GmbH, Nuance Communications Inc., Adobe Inc., Box Inc., Alfresco Software Inc., Ever Team Software, Nuxeo Ltd., Zoho Corporation Private Limited, Pioneer It Solutions Private Limited, ELO Digital Office GmbH, Fabasoft AG
The document management system market report table of contents includes:
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List Of Tables:
Table 1: Global Historic Market Growth, 2018-2023, $ Billion
Table 2: Global Forecast Market Growth, 2023-2028F, 2033F, $ Billion
Table 3: Global Document Management System Market, Segmentation By Offering, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 4: Global Document Management System Market, Segmentation By Deployment Mode, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 5: Global Document Management System Market, Segmentation By Organization, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
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Table 75: OpenText Corporation Financial Performance
Table 76: Xerox Corporation Financial Performance
Table 77: Ricoh USA Inc. Financial Performance
Table 78: International Business Machines Corporation (IBM) Financial Performance
Table 79: Canon Inc Financial Performance
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