Document Management System Market Forecasts to 2030 – Global Analysis By Component (Solutions and Services), Deployment Mode, Organization, Application and By Geography

Document Management System Market Forecasts to 2030 – Global Analysis By Component (Solutions and Services), Deployment Mode, Organization, Application and By Geography

According to Stratistics MRC, the Global Document Management System Market is accounted for $6.06 billion in 2023 and is expected to reach $7.89 billion by 2030 growing at a CAGR of 19.2% during the forecast period. A system for managing, storing, and tracking electronic documents is known as document management. This system organizes the electronic documents' retrieval, processing, printing, storage, routing, and dissemination. Its main objective is to make managing digital documents easier while ensuring that they are safe, compatible with applicable laws, and easily available. Additionally, it addresses the creation and modification of papers and aids in centralizing disorganized records.

According to an analysis which has done by American Medical Association (AMA) conducted in 2019 and repeated in 2022 exhibited, remote monitoring and management adoption grew from 13% to 22%, tele-visits/virtual visit adoption augmented from 14% to 28%, and remote monitoring efficiency adoption grew from 28% to 37%.

Market Dynamics

Driver

Increasing demand to improve corporate company processes

Many businesses are implementing document management processes to gain awareness of and control over the papers and data entering and leaving the organisation. Regardless of whether they are working remotely or in the office, organizations want to make sure that all workers have access to the most recent and updated versions of the document management system. This would enable users to work without any bother or back-and-forth emailing. This is the element driving the market's expansion.

Restraint

Insufficient technological knowledge

Lack of technical knowledge and skills, particularly in emerging and established countries, as well as a lack of awareness and qualified experts among those at the management level would cause issues for the market. Sensitive data may be compromised as a result of inadequate security measures. Furthermore, the market's development rate will once again be hampered by a shortage of qualified specialists and a low experience level.

Opportunity

Increasing demand in healthcare sector

In the healthcare sector, significant volumes of crucial data are manually gathered through various internal IT systems, databases, collections of papers, and forms. Major market participants establish electronic patient records in the healthcare sector due to the use of document management systems, minimizing the risk of increased security access and missing paperwork. This is the factor propelling the growth of the market during the forecast period.

Threat

High Costs

The number of users, the features required, the installation costs, and the system type may all have a considerable impact on the typical pricing of the most widely used document management systems. The price of system installation and maintenance must also be taken into account in addition to the cost of the program itself. Even if the program may have a modest initial cost, there are usually additional charges to take into account. Many of these pricing barriers are a factor in the market's slow expansion.

Covid-19 Impact

The demand for DMS software and services has decreased as a result of the COVID-19 epidemic. End-use businesses all throughout the world utilized digital technology during the epidemic. Digital platforms including social networking, e-commerce, and information platforms have been embraced by consumers. enterprises on the market are concentrating on creating cutting-edge document management solutions for enterprises to boost workplace productivity.

The services segment is expected to be the largest during the forecast period

The services segment is expected to be the largest during the forecast period. A system or service used to collect, monitor, and store electronic documents including PDFs, word processing files, and digital pictures of paper-based material is known as document management. Utilizing document management may help someone save time and money. Centralized storage, audit trails, access control, document security, and quicker search and retrieval are all features it provides. The amount of space needed for paper storage may be substantial. Effective recordkeeping is also increasingly becoming a legal obligation.

The healthcare segment is expected to have the highest CAGR during the forecast period

The healthcare segment is expected to have the highest CAGR during the forecast period. The need for numerous solutions and services, including telehealth, telecare, telemedicine, and mHealth, is on the rise as a result of the Internet of Things and rising internet usage. Players in the healthcare sector may now establish electronic patient records due to the deployment of document management systems, which lowers the possibility of lost paperwork and increases security access.

Region with largest share

North America is projected to hold the largest market share during the forecast period due to fast digitalization and rising investments in digital platforms. Organizations in the public sector are under pressure to keep their operations compliance with regulatory standards while securely storing outdated data and documents. The Content Cloud provides simple connectivity and a useful strategy for expediting approvals and inspiring personnel. These elements support the market's regional revenue development.

Region with highest CAGR

Asia Pacific is projected to hold the highest CAGR over the forecast period. The region's governments' increased adoption of document management systems to stop illicit trade and transportation and improve their workflows. The need for public sector organizations to maintain regulatory compliance while securely archiving old data and documents is anticipated to drive growth in the market for document management systems during the forecast period.

Key players in the market

Some of the key players in Document Management System market include Microsoft Corporation, IBM Corporation, Hyland Software, Opentext Corporation, Oracle Corporation, Logicaldoc, Document360, Nuxeo, Agiloft, Inc. Kissflow, Cflowapps, Integrify, Open Text Corporation, DocLogix, Zoho Corporation, Canon, Hyland and Inspectorio.

Key Developments

In November 2022, Inspectorio, a provider of cloud-based SaaS solutions for logistics enterprises, unveiled Inspectorio DocuFlow, a document management solution.

In March 2022, ShipNet launched Documents SE, a DMS tool to help enterprises manage policies and procedures. This tool can be accessed anywhere, on any platform (Mac OS, Windows OS), and provides flexibility to remote work culture.

In March 2022, Xerox Corporation launched an electronic document management system, which plays a vital role to improve productivity and smart workplace after the pandemic.

Offerings Covered
• Solutions
• Services

Deployment Modes Covered
• Cloud-Based
• Hybrid
• On-Premise

Organizations Covered
• Large Enterprises
• Small and Medium-Sized Enterprises

Applications Covered
• Education
• Corporate
• Banking, Financial Services, and Insurance (BFSI)
• Retail
• Government
• Healthcare
• Industrial Manufacturing
• Other Applications

Regions Covered
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements