This blog is an update to our blog titled “Global Document Management Systems Market Is Expected To Be Valued At $ 7.07 Bn By 2023“.
Organizations handle large volumes of electronic and paper documents as part of running their business. Along with relying on professional business process outsourcing solutions, many businesses are also investing in effective document management software to manage and store documents and reduce the use of paper. Such software helps the businesses to control the production, storage, management and distribution of electronic documents, reuse information, improve accessibility, enhance security, improve backup and disaster recovery, and manage the flow of the documents.
According to the report from Data Bridge Market Research, the global document management software market is expected to grow at a CAGR of 13.09% in the forecast period of 2020 to 2027. The report identifies the key factors driving the growth of this global market as –
- Increasing need to streamline business operations
- Benefits of digitalizing content across enterprises and
- Increasing need to adhere to compliance requirements
At the same time, the report notes that factors such as high implementation costs and data migration from legacy systems to cloud-based content management are restraining the market growth.
The document management software market is segmented by offering, deployment mode, organization size and application.
- On the basis of offering, the market is segmented into solutions and services.
- Based on deployment mode, the market is divided into on-premises, cloud-based and hybrid.
- Based on organization size, the market is segmented into small and medium-sized enterprises, and large enterprises.
- Based on application, the market includes banking, financial services, and insurance (BFSI), government, education, healthcare, corporate, industrial manufacturing, retail, and others.
The countries covered in the market report are the U.S., Canada and Mexico in North America, Brazil, Argentina and Rest of South America as part of South America, Germany, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe in Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA).
Owing to adopting document management systems in healthcare and financial industries, North America is expected to dominate the document management software market. Asia-Pacific is showing a growth rapidly by adopting such systems by government for various government portals and initiatives in countries like India. Middle East and Africa is also showing a gradual growth in the market.
The major players covered in the document management software market report are Hyland, Oracle, Ricoh Company, M-Files, Efilecabinet, Newgen Software, Alfresco, Springcm, Everteam, Laserfiche, Fabricated Software, Office Gemini, Open Document Management System, Mastercontrol, Lucion Technologies, Ideagen, LSSP, Docpoint Solutions, Blue Project Software, Ademero, Zoho among other domestic and global players. Market share data is available for global, North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South America separately.
Document scanning services are available to convert paper documents in to electronic format which makes them easily retrievable and accessible from any location, and reduces storage costs. Efficient document management can boost productivity and organizational efficiency.
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