Market Research Future published a research report on “Document Management System Market Research Report – Forecast to 2023” – Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2023.
Global Document Management System Market Overview
A document management system (DMS) refers to a computerized system used for the management and storage of various important documents. A document management system centralizes storage, extraction, and utilization of organized and unorganized documents. It also allows organizations to digitally manage such documents, reducing paper usage and hence is cost-effective in nature, and makes document retrieval easier. According to the latest MRFR study, the global Document Management System Market is estimated to register robust growth during the assessment period.
Various factors contribute to the significant growth witnessed in the global document management system market. The advent of cloud-based systems has opened new growth avenues for the document management system market. Also, a burgeoning global startup ecosystem has led to a proliferation in the adoption of document management systems, propelling market growth exponentially.
Further, the cost-effective nature of document management systems, along with favorable operational efficiency offered by the system are also driving up the demand and pushing the document management system market to grow. Moreover, the wide scope of application of document management systems in various sectors including BFSI, healthcare, education, and retail is likely to promote lucrative market growth during the review period.
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The global document management system market is segmented on the basis of deployment, organization size, and end-user. Based on deployment, the document management system market is segmented into on-premise and on-cloud. Based on organization size, the market has been segmented into small & medium enterprises and large enterprises. Based on end-users, the document management system market is segmented into healthcare, retail, education, and BFSI.
Some of the key players operating in the global document management system market 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.
Detailed Regional Analysis
The global document management system market is geographically segmented into North America, Europe, Asia Pacific (APAC) and Rest of the World (RoW). North America is estimated to register the highest market growth for document management systems owing to a concentrated number of dynamic market players present in the region. Further, high product innovation is being carried out by these market players in the region, hence, contributing significantly to the growth of document management system market in North America. The U.S. and Canada are projected to have a high affinity and adoption of cutting-edge IT technology, further promoting advancements in the document management system market. Additionally, well-established data-centric sectors in North America are adopting document management systems to optimize operations relating to the management of large amounts of data.
The APAC is estimated to showcase significant growth owing to rapid growth in the economic conditions. A high number of emerging economies situated in the region such as China, India, Japan, and South Korea are burgeoning the adoption of digitization of operations, hence, driving the document management system market exponentially. Further, a rapid increase in the disposable income has led to a rise in the demand for products and services from numerous end-user industries, creating a need for optimization of document management.
April 2019: Irium Software has introduced its electronic document management module that is integrated with its company management software. The electronic document management module helps to send electronic invoices individually, as well as, to masses and can be automatically stored in the designated directory for the ERP system.
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