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The document management systems market size is estimated to grow by USD 5.21 billion at a CAGR of 13.05% between 2022 and 2027. Market growth hinges on several factors, including the transition from on-premise to cloud-based solutions, the drive for process optimization and operational efficiency, and the rising adoption of document management systems across retail, media, and entertainment sectors. This shift to cloud solutions reflects a broader trend toward digital transformation, where businesses seek scalable and cost-effective alternatives to traditional IT infrastructure. Additionally, the focus on process optimization underscores the importance of efficiency in today's competitive landscape. The increased utilization of document management systems across diverse industries indicates a growing recognition of the value of organized and streamlined document workflows. These factors collectively contribute to the market's growth, driven by the need for modern, efficient, and agile business solutions.
It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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This market report extensively covers market segmentation by component (software and solutions), type (large enterprises, small, and medium-sized enterprises), and geography (North America, Europe, APAC, South America, and Middle East and Africa).
The market share growth by the software segment will be significant during the forecast period. One of the key reasons for the dominating market share of the software segment in the market is due to the rise in the development and implementation of advanced document management software across retail, BFSI, and the government sector.
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The software segment was valued at USD 2.73 billion in 2017. There is an increasing demand for advanced document management software due to the growing demand for paperless work in these sectors all over the world. Some of the key applications of advanced document management software across the enterprise are digitizing their business processes, reducing costs, and streamlining workflows. The prominent players in the market are developing advanced document management software for small, medium, and large-scale enterprises. For instance, in March 2022, Xerox Holdings Corp. launched an electronic document management system, which plays an important role in making smart workplaces and improves productivity after the pandemic. The system is implemented for customers across the public and private sectors for an effective workplace. Hence such factors are expected to drive the growth of this segment which in turn will drive the growth of the market during the forecast period.
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North America is estimated to contribute 42% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. Some of the key factors which are driving the market growth in North America are the rapid growth of Manufacturing, telecommunications, infrastructure development, BFSI, and retail activities in the region. There is increasing adoption of several companies from such industries to analyze the increasing volume of data generated. Therefore several prominent companies in North America are offering specific products that cater to the needs of such industries. For instance, Magnitude Software, a Texas-based company, offers products and solutions to simplify the management of data to improve the productivity of companies. Hence such factors are expected to drive the growth of the market in the region during the forecast period.
The market is witnessing increased IT spending by organizations like Salesforce, SAP SE, and Laserfiche, along with solutions from companies like eGrove Systems Corporation and Xerox Corporation. The market addresses data privacy concerns and regulatory compliance, highlighted in the Cybersecurity Ventures Report. Market segmentation analysis reveals a focus on industries like banking, with solutions such as Indian Bank's IB-eNote documents management system catering to specific needs. Companies like Bank of India and MAS Financial Services Ltd target the MSME loan segment with offerings tailored for Small & Medium Enterprises (SME). Advanced features like Digital Mailroom Platform (DMP), Data Auditing, Data Real-time Alerts, Data risk assessment, and Data minimization are key in the market. Additionally, the integration of Virtual learning environments, IoT, AAL solutions, and Telehealth enhances document management capabilities across various sectors. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
One of the key factors driving the market growth is process optimization and operational efficiency. One of the key functionality of document management systems is to optimize processes and improve the operational efficiency of organizations. Some of the key applications of document management systems include the collection, management, organization, and storage of organizational data to improve accessibility and usability.
Such document management systems solutions are indeed widely used for operational streamlining and optimization, as well as business process automation. These systems are integrated with platforms like Salesforce to enhance data management and are equipped with features such as data risk assessment and real-time alerts to improve efficiency. Virtual learning environments are also adopting these solutions to facilitate remote learning and collaboration. For instance, document management systems may facilitate automation in business processes by significantly minimizing human involvement and interaction during the data extraction processes. Over the years, due to technological advancement, document management systems have evolved to address technological advances and the generation of complex data sets. Hence, such factors are expected to drive the market during the forecast period.
A key factor shaping the market growth is the rising demand for digitalization. There is increasing adoption of digitization across the world by several industries, such as consumer goods, healthcare, manufacturing, and retail. As a result, IT resources are more prone to cyber-attacks.
Thus, the growing adoption of digitalization is increasing the demand for document management systems, which can be used as tools to tackle cyberattacks. Some of the proactive preventions that are developed due to technological advancement include the integration of chatbots in customer support applications and the implementation of the bring-your-own-device (BYOD) policy across the world. There is a growing popularity for BYOD as it enables the employees of enterprises to access enterprise data using devices such as smartphones and laptops. Hence such developments are expected to drive the market during the forecast period.
The data privacy concern is one of the key challenges hindering the market growth. One of the key issues which pose a significant threat is the data privacy issue in conversational AI. There is an increasing popularity of chatbots and many enterprises are adopting chatbots to simplify their business processes.
As a result, there is a significant increase in the occurrence of cybercrimes around the world, and there is a growing concern about the security of chatbots and virtual agents (VAs). As most of the consumers tend to focus on convenience and prefer cost-benefit analysis, rather than looking at the other aspects, such as security and data privacy, the chances of these systems being prone to cyber-attacks are high. Hence such factors are expected to hinder the market during the forecast period.
The market report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Adobe Inc: The company offers document management systems through home document management systems.
The research report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
The market is influenced by organizations like Indian Bank, which adopts telecare, telemedicine, and mHealth solutions for efficient operations. The market caters to remote and distributed workforces with solutions for big data management and data analyzing tools. Companies like Oracle Corporation offer Robotic Process Automation (RPA) to streamline processes. Integration of AI (Artificial Intelligence) and cloud computing enhances document management capabilities. The market offers various deployment mode to suit different industries such as retail and e-commerce, education, and industrial manufacturing, reflecting the demand for efficient and secure document handling in diverse sectors.
Market Scope |
|
Report Coverage |
Details |
Page number |
172 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 13.05% |
Market growth 2023-2027 |
USD 5.21 billion |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
12.25 |
Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
Performing market contribution |
North America at 42% |
Key countries |
US, Japan, China, Germany, and UK |
Competitive landscape |
Leading companies, Market Positioning of companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Adobe Inc., Canon Inc., Crown Worldwide Group, DocuSign Inc., Exela Technologies Inc., FileHold Systems Inc., Hyland Software Inc., Inspectorio Inc., International Business Machines Corp., Konica Minolta Inc., KYOCERA Corp., Microsoft Corp., Open Text Corp., Oracle Corp., PandaDoc Inc., Primeleaf Consulting P Ltd., Revver Inc., Ricoh Co. Ltd., Xerox Holdings Corp., and GRM information management systems inc. |
Market dynamics |
Parent market analysis, Market Forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the market forecast period |
Customization purview |
If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Component
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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