Document Management Systems Market Worldwide Trend Growing CAGR of 12.78% with Top Players | Agiloft, Alfresco Software, Asite, DocSTAR, Ecrion Software, EMC Corp, FileHold, HP, Hyland Software, IBM Corp

The global document management systems market was valued at USD 3.44 billion in 2017 and is expected to reach a value of USD 7.07 billion by 2023 at a CAGR of 12.78% over the forecast period of 2018–2023. The scope of the report includes insights on the solutions offered by major players including the providers of hardware, professional services, and integration solutions. The regions included in this study are North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. The study offers insights on various end users, such as accounting, banking, commercial organizations, entertainment, government, healthcare, insurance, legal, etc. It also covers deployment segmentation as cloud-based DMS and on-premise DMS.

DMS includes all actions with respect to the creation, distribution, and deletion of documents. It helps to centralize all unorganized documents. As unorganized content makes it difficult for larger organizations to extract business related information and use available data, DMS proves to be very effective in order to overcome these challenges.

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Increased Operational Efficiency and Improvement of Performance

The document management system market is ever-changing, which is driven by the need of increasing efficiency in the workplace. The improving technology and efficient execution of the document management system will shy away from the traditional paper files concept. Information management plays a vital role in the global business services. It can be implemented and incorporated across business and functional units. Additionally, document management provides extensive tools and techniques for data retrieval. Retrieving information and data is one of the imperative parts of any process operation. This involves facets such as time, accuracy as well as the integrity of records and information, affecting the whole process in terms of resource, labor, and money.

Key Developments in the Market

December 2017: LogicalDOC made further progress to strengthen document management security by supporting two-factor authentication (2FA), in which Google Authenticator and YubiKey have a major role in its implementation. Two-factor authentication is recommended to secure login of Internet services and protect against phishing attacks and credential theft. This kind of authentication generates an on-the-fly token for the users, thereby increasing the security of accounts by requiring a second verification key/code during login.

Top Players:

The major players include Agiloft, Alfresco Software, Asite, DocSTAR, Ecrion Software, EMC Corp., FileHold, HP, Hyland Software, IBM Corp., inFORM Decisions, Logical DOC, Microsoft Corp., Nextide, Open Text Corp., Oracle Corp., Scrypt, SmartFile, and SpringCM, among others.

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Healthcare Segment Having Drastic Influence in Operation Due to DMS

Healthcare organizations around the world are increasing productivity and improving customer service quality. Healthcare organizations of all types and sizes face intense economic, regulatory, and competitive pressures. To maintain a competitive advantage, organizations are required to deliver high-quality patient care while lowering operational costs. The typical office handles tens of thousands of documents and images each year, requiring the allocation of physical space to store patient charts, patient information forms, insurance claim forms, and explanation of benefits, treatment authorization forms, HR materials, and more. These all are also required to be accessed as needed making DMS a necessity.

The majority of this information is handled through inefficient, manual processes. The requirement is for an easy-to-use yet powerful, integrated document and workflow management system, which enables healthcare providers to store, access, manage, and share critical documents across a broad range of functions, departments, and locations.

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