NEW
YORK, June 25, 2024 /PRNewswire/ -- The global
document management systems market size is estimated to grow by
USD 7.11 billion from 2024-2028,
according to Technavio. The market is estimated to grow at a CAGR
of 15.2% during the forecast period. Shift from
on-premise to cloud-based solutions is driving market
growth, with a trend towards rising demand for
digitalization. However, data privacy concerns poses a
challenge. Key market players include Adobe Inc., Canon Inc., Crown
Worldwide Group, DocuSign Inc., Exela Technologies Inc., FileHold
Systems Inc., GRM Information Management Systems Inc., Hyland
Software Inc., Inspectorio Inc., International Business Machines
Corp., Konica Minolta Inc., KYOCERA Corp., Microsoft Corp.,
OpenText Corp., Oracle Corp., PandaDoc Inc., Primeleaf Consulting P
Ltd., Revver Inc., Ricoh Co. Ltd., and Xerox Holdings Corp..
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Document Management
Systems Market Scope
|
Report
Coverage
|
Details
|
Base year
|
2023
|
Historic
period
|
2018 - 2022
|
Forecast
period
|
2024-2028
|
Growth momentum &
CAGR
|
Accelerate at a CAGR of
15.2%
|
Market growth
2024-2028
|
USD 7116.3
million
|
Market
structure
|
Fragmented
|
YoY growth 2022-2023
(%)
|
12.86
|
Regional
analysis
|
North America, Europe,
APAC, South America, and Middle East and Africa
|
Performing market
contribution
|
North America at
40%
|
Key
countries
|
US, Germany, Japan, UK,
and China
|
Key companies
profiled
|
Adobe Inc., Canon Inc.,
Crown Worldwide Group, DocuSign Inc., Exela Technologies Inc.,
FileHold Systems Inc., GRM Information Management Systems Inc.,
Hyland Software Inc., Inspectorio Inc., International Business
Machines Corp., Konica Minolta Inc., KYOCERA Corp., Microsoft
Corp., OpenText Corp., Oracle Corp., PandaDoc Inc., Primeleaf
Consulting P Ltd., Revver Inc., Ricoh Co. Ltd., and Xerox Holdings
Corp.
|
Market Driver
The global document management systems market is experiencing
significant growth due to the increasing digitalization trend in
various industries, including consumer goods, healthcare,
manufacturing, and retail. This shift towards digitalization makes
IT resources more susceptible to cyberattacks, leading to a
heightened demand for document management systems as preventative
measures. Technological advancements, such as chatbot integration
and the BYOD policy, have further amplified the need for robust
cybersecurity solutions. The popularity of the BYOD policy, which
enables remote work and cost savings, has resulted in an influx of
companies offering BYOD solutions, such as VMware's Workspace ONE.
Consequently, industries are integrating digital processes, driving
the growth of the document management systems market.
The Document Management Systems (DMS) market is experiencing
significant growth due to the increasing need for efficient and
secure document management solutions. Real-time access, alterts,
and versioning are key trends in this market. Cloud solutions are
popular as they offer convenience and scalability. Corporations and
small businesses alike are adopting DMS to manage their documents
effectively. Privacy and security are essential considerations.
Cybersecurity measures are crucial to protect sensitive
information. Markets for DMS are segmented by size, deployment
model, and end-user industry. The industry is expected to continue
growing due to the increasing demand for digital transformation and
automation.
Research report provides comprehensive data on
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Market Challenges
- The document management systems market faces significant
challenges due to data privacy concerns in conversational AI. With
the rise of chatbots and virtual agents, enterprises are adopting
these technologies for business simplification. However,
cybersecurity and data privacy are becoming major concerns as
customers share sensitive information. Regulations are tightening,
but cybercrimes persist, raising fears about data misuse and
potential brand damage. Organizations generate vast amounts of
data, which must be secured against evolving cyber threats and
interoperability issues. Data security and integrity are crucial
challenges for the document management systems market.
- In today's business landscape, effective document management is
crucial. However, implementing a Document Management System (DMS)
comes with challenges. Data and audit trails are essential for
compliance and accountability. Ensuring security and access to the
right information at the right time is a challenge. The complexity
of modern systems can be overwhelming, especially for smaller
organizations. Integration with other business systems is also a
concern. Additionally, ensuring data consistency and minimizing
errors is a challenge. Cloud-based solutions offer flexibility but
come with their own set of security concerns. Overall, selecting
the right DMS and overcoming these challenges can lead to increased
efficiency and productivity.
For more insights on driver and
challenges - Request a sample report!
Segment Overview
This document management systems market report extensively
covers market segmentation by
- Component
- 1.1 Software
- 1.2 Solutions
- Type
- 2.1 Large enterprises
- 2.2 Small and medium-sized enterprises
- Geography
- 3.1 North America
- 3.2 Europe
- 3.3 APAC
- 3.4 South America
- 3.5 Middle East and
Africa
1.1 Software- The document management systems
market is primarily driven by the software segment due to the
increasing adoption of advanced software in retail, BFSI, and
government sectors. This trend is fueled by the global push towards
paperless workplaces, enabling businesses to digitize processes,
cut costs, and enhance workflow efficiency. Notable developments
include Xerox Holdings Corp.'s electronic document management
system launch in March 2022 and
DocuSign's AI-backed live video ID verification tool in
July 2023. These advancements are
expected to significantly contribute to the software segment's
growth during the forecast period.
For more information on market segmentation with
geographical analysis including forecast (2024-2028) and historic
data (2017-2021) - Download a Sample Report
Research Analysis
The Document Management Systems (DMS) market is experiencing
significant growth due to the increasing adoption of cloud-based
solutions by various industries. IT spending on DMS is projected to
expand at a robust rate, driven by the demand for advanced features
such as Salesforce's document management capabilities and
Laserfiche's workflow automation. Indian Bank and Bank of
India, among others, are
leveraging DMS to streamline their operations and serve their MSME
loan segment and large enterprises more effectively. Data privacy
concerns are a critical factor influencing the DMS market.
Cybersecurity Ventures Report highlights the importance of data
security in the digital age. Exela Technologies, Inc, and other DMS
providers offer data auditing, real-time alerts, and risk
assessment solutions to mitigate data risks. Data minimization is
another essential aspect, with virtual learning environments and
IoT applications requiring secure data management. AAL solutions
and telehealth are emerging sectors driving the DMS market. These
industries generate vast amounts of data and require efficient
document management systems to manage and secure their data
effectively. Overall, the DMS market is poised for substantial
growth, driven by the need for advanced document management
capabilities, data security, and regulatory compliance.
Market Research Overview
The Document Management Systems (DMS) market encompasses
solutions and technologies designed to optimize the creation,
management, and dissemination of documents. These systems offer
features such as version control, security, and search
capabilities, enabling organizations to streamline processes and
enhance productivity. DMS solutions are integral to various
industries, including legal, finance, and healthcare, where the
handling of large volumes of documents is a necessity. The market
for DMS is driven by the increasing digitization of business
processes and the need for efficient document management.
Additionally, advancements in artificial intelligence and machine
learning are leading to intelligent document processing and
automation, further enhancing the value proposition of DMS
solutions.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
- Component
-
- Type
-
- Large Enterprises
- Small And Medium-sized Enterprises
- Geography
-
- North America
- Europe
- APAC
- South America
- Middle East And Africa
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory
company. Their research and analysis focuses on emerging market
trends and provides actionable insights to help businesses identify
market opportunities and develop effective strategies to optimize
their market positions.
With over 500 specialized analysts, Technavio's report library
consists of more than 17,000 reports and counting, covering 800
technologies, spanning across 50 countries. Their client base
consists of enterprises of all sizes, including more than 100
Fortune 500 companies. This growing client base relies on
Technavio's comprehensive coverage, extensive research, and
actionable market insights to identify opportunities in existing
and potential markets and assess their competitive positions within
changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
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SOURCE Technavio