Document Management System Market Size, Share, Growth Drivers and Forecast 2027 | Top Players are Canon Inc., eFileCabinet, Hyland Software, IBM Corporation, M-Files Corporation and Newgen Software Technologies Limited

Market Highlights

The market for document management systems is predicted to grow at a CAGR of 11.17 percent, from USD 3.59 billion in 2017 to USD 6.78 billion by 2023. The increasing desire to streamline corporate operations, the advantages of digitizing content across companies, and the growing need to comply with compliance regulations drive growth in this industry.

The market is growing due to the increasing adoption of cloud-based document management services. The Global Document Management System Market study offers a comprehensive analysis of the industry. There is a thorough examination of the factors that significantly impact the market.

Document management systems are primarily used to store and retrieve self-contained electronic information sources in the form of documents. These solutions are intended to assist businesses in managing document generation and flow through a centralized repository. Document management systems are critical for monitoring, sourcing, managing information, and extracting important business insights from the massive amounts of data generated by businesses. As a result, there is a higher demand for document management systems, particularly among businesses, as data is seen as a corporate asset.

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Segmentation:

The market is divided into segments depending on product type, deployment style, organization size, and application.

The document management system market is divided into the following categories:

Based on the Offering

The global market for document management systems is divided into solutions and services.

Based on the Type of Deployment

The global market for document management systems is divided into on-premise and cloud deployment types.

Based on the Enterprise Size

The worldwide document management system market is split into SMEs and major corporations.

Based on the Application

The global DMS market is divided into retail, education, healthcare, BFSI, government, manufacturing, and others based on application.

Regional Classification

North America, Asia Pacific (APAC), Europe, and the Rest of the World make up the document management systems market (RoW). The market is anticipated to develop at the fastest CAGR during the projected period. APAC's market growth could be ascribed to many commercials, government, and public sector activities. Furthermore, the presence of key participants in the environment of document management systems leads to increased adoption of these solutions in APAC. The substantial cost of implementation, on the other hand, is a substantial market barrier.

Industry News

The market for document management solutions is always evolving, driven by the need for better workplace productivity. The old concept of paper files is projected to be phased out as technology advances, and the DMS becomes more efficient. As per Xerox, 46 percent of small and medium-sized business employees waste too much time on ineffective paper-related operations daily. This means that effective document management systems can help these procedures run more smoothly. Companies that have already implemented advanced document management systems have a substantial competitive advantage. The document management systems market gained a competitive edge in recent years. It consists of several major players. In terms of market share, a few major players currently dominate the market. However, the increasing demand to maintain the rapidly growing patient records has enabled companies to innovate and provide strategic document management systems. Many companies are increasing their market presence by securing new contracts by tapping into new markets.

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Document Management System Market Information By Management System (Storage, Extraction, and Utilization) End-User (Healthcare, BFSI, and Others) Forecast till 2027

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