With a CAGR of 16.8%, the document management systems market size

Pune, India, April 25, 2022 (GLOBE NEWSWIRE) — The world Document Management Systems Market the size was USD 5.00 billion in 2021 and reached $5.55 billion in 2022. The market should reach $16.42 billion by 2029, posting a CAGR of 16.8% during the forecast period. Rising demand for government and paperless offices due to mass adoption of cloud services is expected to propel the development of the market. Fortune Business Insights™ provides this information in its report titled “Document Management Systems Market Growth, 2022-2029”.

A document management system is a solution developed to systematically manage documents and files and simplify data management. Growing demand for government and paperless offices may drive the growth of the market. Also, the mass adoption of cloud-based services can improve product adoption. These factors could propel the growth of the industry in the years to come.

Development of key industry

  • February 2022- iManage, in partnership with Microsoft Corporation, to leverage cloud services for its email and document management platform.

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Report Scope:

Report cover Details
Forecast period 2022-2029
Forecast Period 2022 to 2029 CAGR 16.8%
2029 value projection $16.42 billion
Year of reference 2021
Document Management System Market Size in 2021 $5.00 billion
Historical data for 2018-2020
Number of pages 180
Segments Covered By Component, Deployment, Organization Size, Industry, and Region
Growth engines Robust Demand for Workplace Efficiency to Enhance Document Management System Market Growth
Growing regulatory compliance and data privacy concerns are limiting growth

Drivers and Restrictions

Strong Demand for Workplace Efficiency to Drive Market Growth

The integration of advanced technologies such as artificial intelligence, real-time tracking solutions and cloud computing solutions are expected to increase the demand for the products. For example, eGrove Systems Corporation announced advanced agile management integrated with document and project time tracking. This factor has increased the efficiency of the workplace by using advanced software solutions. Moreover, the integration of the software allows companies to manage the work environment and achieve their goals. These factors can propel the growth of the document management systems market.

However, growing concerns over data privacy and regulatory compliance may hamper the market growth.

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Regional outlook

Presence of major players to propel the progress of the market in North America

North America is expected to dominate the document management systems market share owing to the presence of several major players. The market in North America was worth USD 2.25 billion in 2021 and is expected to gain a huge share of the global market share. Also, the presence of a developed digital infrastructure is expected to boost the progress of the industry.

In Asia-Pacific, the growing adoption of DMS solutions by government, manufacturing, and other sectors is expected to drive the adoption of the document management system. These factors can propel the growth of the market.

In Europe, rising investment in digital platforms could boost the adoption of document management system. Additionally, increasing investment in digital platforms is expected to boost the progress of the industry.


segments

By component, the market is segmented into solutions and services. According to the deployment, it is divided into cloud and on-premises. Depending on the size of the organization, it is divided into large enterprises and small and medium enterprises. By industry, it is categorized into BFSI, IT & Telecom, Government, Manufacturing, Retail, Healthcare, and Others. Regionally, it is categorized into North America, Europe, Asia-Pacific, Middle East & Africa, and South America.

Competitive landscape

Players announce new services to boost brand image

Major players operating in the market are announcing new services to improve their sales and boost their brand image. For example, Google LLC announced an AI-powered Lending DocAI service for the mortgage industry. The AI ​​tool is helping several mortgage companies speed up their document processing. It helps automate routine document reviews by extracting required data. It is a civilized document that can allow the company to boost its brand image. Moreover, companies are adopting research and development, mergers, acquisitions, and expansions to increase their annual revenue and position in the global market.

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Report cover

The report provides a detailed analysis of major segments and latest market trends. It discusses in detail the driving and restraining factors and the impact of COVID-19 on the market. Moreover, it examines the regional developments and the strategies undertaken by the major market players.

Impact of COVID-19

Growing reliance on digitalization to drive market growth

This document management systems market is expected to be negatively affected during the COVID-19 pandemic owing to the growing reliance on digitization. The alarming spike in COVID-19 cases is leading to manufacturing restrictions and business closures. Businesses are focusing on developing digital infrastructure to continue their business and increase their annual revenue. The accumulation of digital data loads leads to the adoption of effective data management, thereby improving product adoption. These factors can propel the progress of the market during the pandemic.

Companies Profiled in the Document Management System Market Report

  • Microsoft Corporation (USA)
  • Oracle Corporation (USA)
  • Open Text Corporation (Canada)
  • Hyland software (USA)
  • IBM Corporation (USA)
  • Xerox Corporation (USA)
  • Adobe Inc. (US)
  • Kyocera Document Solutions Inc. (Japan)
  • Konica Minolta, Inc. (Japan)
  • Exela Technologies Inc. (USA)

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Main points of the table:

  • Introduction
    • Definition, by segment
    • Methodology/Research Approach
    • Information source
  • Summary
  • Market dynamics
    • Macro and micro economic indicators
    • Drivers, constraints, opportunities and trends
    • Impact of COVID-19
      • Short term impact
      • Long term impact
  • Competition Landscape
    • Business strategies adopted by key players
    • Consolidated SWOT analysis of key players
    • Overview and Market Share Analysis of Global Document Management System Key Players, 2021
  • Global document management system market size estimates and forecasts, by segments, 2018 – 2029
    • Main findings
    • Per component (USD)
    • Per deployment (USD)
    • By organization size (USD)
      • Small and medium enterprises
      • Big business
    • By industry (USD)
      • BFSI
      • IT and Telecommunications
      • Government
      • Manufacturing
      • Retail
      • Health care
      • Others (Education and others)
    • By region (USD)
      • North America
      • South America
      • Europe
      • Middle East and Africa
      • Asia Pacific
  • North America Document Management System Market Size Estimates & Forecasts, By Segments, 2018-2029
    • Main findings
    • Per component (USD)
    • Per deployment (USD)
    • By organization size (USD)
      • Small and medium enterprises
      • Big business
    • By industry (USD)
      • BFSI
      • IT and Telecommunications
      • Government
      • Manufacturing
      • Retail
      • Health care
      • Others (education and others)
    • By country (USD)
      • United States
      • Canada
      • Mexico
  • South America document management system market size estimates and forecast, by segments, 2018 – 2029

TOC Continued…!

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