Document Management System Market Analysis
The Document Management System Market size is predicted to develop at a healthy CAGR
between 2018- 2023, as per the current Market Research Future (MRFR) analysis.
A document management system helps to handle, store, manage, and track
documents. It helps to reduce paperwork and maintain the record of various
types that is generated and modified by users.
This system
has a couple of benefits such as the reduction in paper wastage, ease to
maintain compliance, growth in digital content generation across enterprises,
cost efficiency, and efficiency that this system offers to the business. It has
wide applications in BFSI, education, retail, healthcare, and others.
On-premise and cloud are its deployment. Document management systems are widely
used in large and small, and medium enterprises owing to its alluring features
and benefits.
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Various
factors are propelling the global document management system market share.
According to the recent MRFR report, such factors include the increasing trend
of software as a service (SaaS) and cloud computing, rising adoption of data
analyzing tools and big data management by enterprises, and the requirement to
maintain data compliance in enterprises.
On the
contrary, integration issues, cybersecurity issues, and the impact of the
current COVID-19 pandemic are factors that may deter the global document
management system market growth over the forecast period.
Market
Segmentation
The MRFR
report highlights an inclusive segmental analysis of the global document
management system market based on end user, organization size, and deployment.
By
deployment, the global document management system market is segmented into
on-premise and cloud. Of these, the cloud deployment segment will lead the
market over the forecast period.
By
organization size, the global document management system market is segmented
into large enterprise and SMEs.
By end
users, the global document management system market is segmented into BFSI,
education, retail, healthcare, and others. Of these, the education end users
segment will dominate the market over the forecast period.
Regional
Analysis
Based on
the region, the global document management system market report covers the
recent trends and growth opportunities across the Asia Pacific (APAC), North
America, Europe, Latin America, & the Middle East and Africa. Of these,
North America will stay at the forefront during the forecast period. Technological
advancements, early adoption of next-gen technologies, increasing awareness
about the benefits of using a document management system, soaring need to track
and maintain the expanding patient records, and different companies offering
and innovating advanced document management systems are adding to the global
document management system market growth in the region. Additional factors
adding market growth include increasing use in financial and healthcare sectors
and the presence of key industry players.
The
document management system market in the APAC region is predicted to grow at a
fast pace over the forecast period. Growing demand for document trail for
students in educational institutes, a growing number of students, rising
deployment in the banking industry to maintain valuable information, and the
increasing awareness about the benefits of advanced digital solutions are
adding to the global document management system growth in the region.
The global
document management system market in Europe is predicted to have sound growth
over the forecast period. Increasing adoption in healthcare and financial
industries is adding to the global document management system market growth in
the region.
The
document management system market in the LAMEA is predicted to have steady
growth over the forecast period.
Key
Players
Leading
contenders profiled in the global document management system industry report
include Ricoh Company Ltd, Hyland Software Inc., Asite, Canon Inc., eFile
Cabinet Inc., Oracle Corporation, IBM Corporation, Alfresco Softwre Inc., Xerox
Corporation, Microsoft Corporation, OpenText Corporation, SpringCM, and
Agiloft, HP.
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