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.
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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.
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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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