The Document Management System Market will demonstrate significant revenue growth in future years. Increasing demand for document automation technology would substantiate the market size. Market Research Future (MRFR) asserts that the global document management system market will escalate from USD 5.41 BN in 2022 to USD 14.09 BN by 2030, posting a 12.7% CAGR during the forecast period (2022-2030).
Massive investments made in the development of DMS technologies influence market growth. Automating processes has become imperative in enterprises, irrespective of the size of organizations. Additionally, the digital transformation in enterprises across industries and rising demand for sustainable solutions boost the market shares. The growing need to eliminate paperwork and streamline workflow pushes market revenues.
The proliferation of digital transformation & automation and the increasing uptake of document management solutions among many enterprises across industries favor market growth. Advances in automation tools & technologies and the increasing use of intelligent solutions influence the market development. Furthermore, vast advancements in technological infrastructure influence market growth.
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Document Management System Market – Segments
The market is segmented into offerings, deployments, organization sizes, verticals, and regions. The offering segment is sub-segmented into solutions and services. The deployment segment is sub-segmented into on-premise, cloud-based, and hybrid. The organization size segment is sub-segmented into SMEs and large enterprises.
The vertical segment is sub-segmented into education, BFSI, government, healthcare, manufacturing, retail, and others. By region, the document management system market is segmented into Europe, North America, Asia-Pacific, the Middle East & Africa, and the rest of the world.
Document Management System Market – Regional Analysis
North America leads the global document management system market. Factors such as the rapid adoption of DMS tools and the rise in IT spending in various industries drive the regional market growth. Moreover, the rapid advances and adoption of AI, ML, NLP, and computer vision technologies as major growth drivers for the market. Also, the strong presence of DMS vendors in the region, such as IBM Corporation, M-Files, and Canon Inc., pushes the regional market growth.
Global Document Management System Market – Competitive Analysis
The well-established DMS market appears fragmented due to the presence of several key document management system companies. Technology providers incorporate strategic initiatives such as mergers & acquisitions, collaboration, expansion, and product launches to gain a competitive advantage. Also, the focus on innovations and developing new solutions fuels the already intensified market competition.
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Leading global document management system market players are Canon Inc., eFileCabinet, Hyland Software, IBM Corporation, M-Files Corporation, Newgen Software Technologies Limited, OpenText Corporation, Oracle Corporation, The Ricoh Company, Ltd., and Xerox Holdings Corporation, among others.
Industry/ Innovation/ Related News
April 09, 2023 – Integrated Technology Group (ITG), a leading technology solutions provider, announced a strategic collaboration with Ghoroos Foundation, a Saudi-based charity organization operating under the Ministry of Human Resources and Social Development patronage. Under the terms of the agreement, ITG would implement its document management system, WaveDMS, as a cloud service to enhance Ghoroos Foundation’s operation efficiency and transparency.
May 18, 2023 — PlanRadar, a leading digital construction, real estate, and facilities management platform in Europe, launched a document management system to streamline construction project efficiency. The firm has enhanced its comprehensive digital management tools with a new document management function. The intuitive new feature is poised to revamp project record keeping.
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