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Exploring the Stellar Growth: Global Document Management System Market Set To Soar to $12.93 Billion During 2023-2032 with a Robust CAGR of 13% || OpenText Corporation, Xerox Corporation, Ricoh USA Inc., International Business Machines Corporation
Document Management System Market
The Business Research Company's Document Management System Global Market Report 2023 identifies the emergence of paperless offices is the major driver for the document management system market's growth in the forecast period. A paperless office refers to a workplace that operates with minimal paper-based processes and relies more on digitized documents to carry out daily business operations. Document management solutions in paperless offices provide for easier management and storage of digital files, allowing employees to effortlessly exchange and review digital files.
The global document management system market is expected to grow from $6.95 billion in 2022 to $7.91 billion in 2023 at a compound annual growth rate (CAGR) of 13.7%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The market size of global document management system market is expected to reach $12.93 billion in 2027 at a CAGR of 13%.
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Major competitors in the document management system market are OpenText Corporation, Xerox Corporation, Ricoh USA Inc., International Business Machines Corporation, Canon Inc., eFileCabinet, SpringCM, Oracle Corporation, Hyland Software, Microsoft Corporation, Asite Solutions, M-Files, Synergis Technologies.
A key trend in the document management system market includes technological advancement. Major companies operating in the market are focused on developing advanced innovations in document management systems which work on artificial intelligence (AI) and machine learning capabilities. For instance, in August 2020, Emprint, a US-based full-service provider of printing and document solutions, launched EmprintWeb, a cloud-based document management system that aims to decrease paperwork, cut costs, and enable to work more efficiently. The system allows healthcare providers to experience significant bottom-line savings and substantial process efficiency.
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The document management system market is segmented -
• By Offering: Solutions, Services
• By Deployment Mode: On-Premise, Cloud-Based, Hybrid
• By Organization: Small And Medium-Sized Enterprises (SMEs), Large Enterprises
• By Application: Banking, Financial Services, And Insurance, Government, Education, Healthcare, Corporate, Industrial Manufacturing, Retail, Other Applications
• By Geography: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. North America was the largest region in the document management system market share.
The Business Research Company's "Global Document Management System Market Report 2023" provides a thorough understanding of the market across 60 geographies. The report covers market size, growth rate, segments, drivers and trends in every region and country. In addition, the report offers insights on historical and forecast growth, helping players analyze and strategize better.
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The Table Of Content For The Document Management System Market Include:
1. Executive Summary
2. Document Management System Market Characteristics
3. Document Management System Market Trends And Strategies
4. Document Management System Market - Macro Economic Scenario
5. Document Management System Market Size And Growth
……………
27. Document Management System Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Document Management System Market
29. Document Management System Market Future Outlook And Potential Analysis
30. Appendix
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