Document Management System Market to Grow at 12.50% CAGR During 2022-2027 | Industry Size, Share, Trends and Forecast
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What are the growth prospects of the document management system market industry?
The global document management system market size reached US$ 6.25 Billion in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 13.22 Billion by 2027, exhibiting a growth rate (CAGR) of 12.50% during 2022-2027.
What is a Document Management System Market?
A document management system (DMS) represents an automated software solution created to manage documents and files and simplify data administration systematically. It assists in capturing, tracking, and storing electronic documents, including word processing files, PDFs, and digital images of paper-based content. DMS provides access control, centralized storage, audit trails, record security, and streamlined search and retrieval.
It also makes sharing information and collaborating easier, holds files in the cloud, and allows documents from various sources to be accessible from multiple locations via an internet connection. As a result, DMS finds widespread applications across several sectors, such as BFSI, healthcare, IT and telecommunication, government, retail, manufacturing, etc.
Impact of COVID-19:
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
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What are the major market drivers in the document management system market?
The escalating demand for web-based services to address consumer concerns is among the primary factors driving the document management system market. Besides this, the growing popularity of remote work models is inflating the need for workforce mobility and other integrated facility administration solutions to access official assets and decrease the physical infrastructure requirements of the organization, which is further augmenting the market growth.
Moreover, the elimination of the traditional concept of paper files, owing to the improving technologies and efficient execution of the DMS, is also catalyzing the global market. Additionally, the elevating usage of this solution to eradicate human error in the healthcare industry, on account of the lack of cohesive data on patients, is acting as another significant growth-inducing factor.
Apart from this, the practical and reliable managing of records generated reduces operational costs and storage issues, which is also stimulating the market growth. Furthermore, the rising sales of smartphones and the development of cloud technology, including artificial intelligence (AI), machine learning (ML), virtual and augmented reality (VR/AR), and point of sale (POS) platforms, are expected to bolster the document management system market in the coming years.
The report has segmented the market into the following categories:
Breakup by Offering:
Breakup by Deployment Mode:
Breakup by Organization:
• Small and Medium-sized Enterprises
• Large Enterprises
Breakup by Application:
• IT and Telecommunication
• North America (United States, Canada)
• Europe (Germany, France, United Kingdom, Italy, Spain, Others)
• Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
List of Major Key Players:
The major players in the market are
• Agiloft Inc.
• DocuSign Inc.
• Hyland Software
• International Business Machines Corporation
• OpenText Corporation
• Oracle Corporation
• Ricoh Company Ltd.
• Scrypt Inc.
• Synergis Technologies LLC
• Xerox Holdings Corporation
• Zoho Corporation.
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