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Global Document Management System Market Overview 2033 : Forecasted Market Size And Growth Rate
Document Management System Global Market Report 2024
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According to The Business Research Company's, The document management system market size has grown rapidly in recent years. It will grow from $8 billion in 2023 to $9.16 billion in 2024 at a compound annual growth rate (CAGR) of 14.5%. The growth in the historic period can be attributed to shift from paper-based to digital documentation, regulatory compliance and records management, corporate digitization initiatives, introduction of document imaging and scanning , emergence of enterprise content management (ecm) solutions.
The document management system market size is expected to see rapid growth in the next few years. It will grow to $14.95 billion in 2028 at a compound annual growth rate (CAGR) of 13.1%. The growth in the forecast period can be attributed to adoption in emerging markets and smes, focus on user experience and mobile accessibility, migration to hybrid and cloud-centric models, rise in data security concerns, increasing demand for remote work solutions. Major trends in the forecast period include integration with business applications, emphasis on remote work and collaboration tools, implementation of blockchain technology, adoption of mobile-friendly interfaces, focus on cybersecurity and compliance.
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Market Drivers and Trends:
The shift towards remote work is expected to propel the growth of the document management system market going forward. Remote work is a work arrangement where employees perform their job duties from a location outside the physical office, often using digital tools to stay connected with their colleagues and employers. Document management systems facilitate seamless collaboration and organization of files, ensuring efficient remote work by providing centralized access to documents from any location. For instance, in 2022, a survey conducted by FlexJobs' Career Pulse, a US-based provider of platforms serving the freelance community, gathered responses from 4,000 participants between July and August 2022. The survey revealed that 65% of the respondents expressed a strong preference for full-time remote work, while 32% expressed a desire for a hybrid work arrangement. This high percentage of 97% indicates that most workers wish to have the option of working remotely in some capacity. Therefore, the shift towards remote work is driving the document management system market.
Major companies operating in the document management system market are innovating cutting-edge document management tools, such as Documents SE, to address the need for efficient management of policies and procedures. Documents SE is a document management tool designed to assist organizations in efficiently managing policies and procedures. For instance, in March 2022, ShipNet, a Norway-based provider of cloud ERP software solutions for the maritime industry, launched Documents SE, a new document management tool designed to assist organizations in handling policies and procedures, such as the ISM Code or OCIMF recommendations, ensuring safety, and environmental compliance. The tool allows for efficient management, distribution, and tracking of different policies across fleets, providing visibility into the progress and status of documents. With an easy-to-use search function and flexible structure, Documents SE enhances user experience, and its notification mechanism ensures users stay informed about revisions or assignments. Integrated into the ShipNet One ecosystem, it offers web-based accessibility, platform independence, and seamless file management.
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Major Key Players of the Market:
OpenText Corporation, Xerox Corporation, Ricoh USA Inc., International Business Machines Corporation (IBM), Canon Inc., eFileCabinet Inc., DocuSign Inc., Oracle Corporation, Hyland Software Inc., Microsoft Corporation, Asite Solutions, M-Files Corporation, Synergis Technologies LLC, Atlassian Corporation plc, Hewlett-Packard Development Company LP, FileHold Systems Inc., Ecrion Software Inc., Dell EMC, Laserfiche Corporation, DocuWare GmbH, Nuance Communications Inc., Adobe Inc., Box Inc., Alfresco Software Inc., Ever Team Software, Nuxeo Ltd., Zoho Corporation Private Limited, Pioneer It Solutions Private Limited, ELO Digital Office GmbH, Fabasoft AG
Document Management System Market 2024 Key Insights:
• The document management system market size is expected to see rapid growth in the next few years. It will grow to $14.95 billion in 2028 at a compound annual growth rate (CAGR) of 13.1%.
• Rise Of Paperless Offices Drives Growth In Document Management Systems Market
• A Cutting-Edge Document Management Tool For Maritime Compliance
• North America was the largest region in the document management system market share in 2023
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