Global Document Management System Market Research Report 2023-2028
According to the global document management system market report by IMARC Group, the market reached a value of US$ 7.0 Billion in 2022, and it is projected to reach a value of US$ 13.3 Billion by 2028, exhibiting a CAGR of 11.2% during 2023-2028.
Document management system (DMS) refers to automated software solutions designed for managing documents and files and simplifying data management. They can track, capture, and store electronic documents, including PDFs, word processing files, digital images of paper-based content, etc. Document management system services facilitate document security, access control, audit trails, centralized storage, and streamlined search and retrieval. They allow storing files in the cloud, make sharing information and collaborating easier, and enable documents from multiple sources to be accessible from various locations through an internet connection. Consequently, document management system solutions find extensive applications across numerous sectors, such as banking, information technology (IT), telecommunication, government, healthcare, retail, manufacturing, etc.
Market Trends
The shifting preferences toward web-based services among small and medium-sized enterprises (SMEs) to effectively address consumer concerns are primarily driving the document management system market. In addition to this, the emerging trend of remote working and the increasing need for workforce mobility and other integrated facility management systems to access official assets and reduce the physical infrastructure requirements of the organization are acting as significant growth-inducing factors. Apart from this, the elevating elimination of the traditional concept of paper files and the growing requirement for cohesive data on patients in the healthcare segment are also positively influencing the global market. Moreover, the inflating sales of smartphones and the rising integration of DMS with artificial intelligence (AI), machine learning (ML), point of sale (POS) platforms, virtual and augmented reality (VR and AR), etc., to meet consumer-specific needs are expected to propel the document management system market over the forecasted period.
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Competitive Landscape:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
Agiloft Inc., DocuSign Inc., eFileCabinet, Hyland Software, International Business Machines Corporation, OpenText Corporation, Oracle Corporation, Ricoh Company Ltd., Scrypt Inc., Synergis Technologies LLC, Xerox Holdings Corporation and Zoho Corporation
Report Segmentation:
The report has been segmented the market into following categories:
Breakup by Offering:
- Services
- Solution
Breakup by Deployment Mode:
- On-premises
- Cloud-based
Breakup by Organization:
- Small and Medium-sized Enterprises
- Large Enterprises
Breakup by Application:
- BFSI
- IT and Telecommunication
- Government
- Healthcare
- Retail
- Manufacturing
- Others
Regional Insights:
- Asia Pacific
- North America
- Europe
- Middle East and Africa
- Latin America
On the geographical front, Asia Pacific enjoys the leading position in the market. This can be attributed to the rising establishment of international companies in the region, on account of low manufacturing costs and cheap labor.
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