Document Management System Market 2020 Segmentation and Forecast 2023
Posted by Akash Sangshetti on December 16th, 2020
Document Management System Market Overview
The data experts at Market Research Future Reports (MRFR), the global document management system market is anticipated to hold a substantial value, thriving at a promising CAGR by the end of 2023. The increasing advancement of cloud-based systems is predicted to be one of the most crucial factors driving the global document management system market 2020. The market is likely to exhibit significant growth, resulting in an upward trajectory during the review period. The surge in the number of global startups is projected to be one of the most important factors leading to market growth. Besides, the affordability of and the subscription fee policy is the primary area of focus for the market participants for capitalizing on the startup culture. In addition, the Document management system Market is influenced by the increasing demand to increase the efficiency of the workplace. Developed technologies with efficacious execution of DMS can result in the elimination of the traditional theory of using paper files. Also, unstructured content makes it ambiguous to monitor the large-sized organizations, which increases the demand for DMS. The cloud-based computing solutions are estimated to be a consequential factor leading to market expansion. Moreover, the DMS phases out the probability of human errors. The DMS market is extremely vying with the growing usage of cloud technology anticipated to boost the market.
However, market dynamics are estimated to change significantly due to the spread of COVID-19. Various regions have been affected due to the outbreak of coronavirus. Due to the pandemic, various companies in the market have temporarily shut their daily operations. The halt caused in business operations is estimated to bring a considerable impact on market revenue. We will provide an impact analysis report on COVID-19.
Document management system industry has been dissected based on the primary segments of deployment, organization size and end-user.
The deployment of the document management system is generally done either over the cloud or on-premise.
Large and small & medium enterprises (SMEs) are the organization size-based segments listed in the report.
With respect to end-users, document management systems are being increasingly deployed across healthcare, retail, education, BFSI, and others. The healthcare industry involves significant amounts of data being collected manually through contrasting internal IT systems and numerous collections of documents, databases, and forms. The adoption of document management systems enables players in the healthcare industry to create electronic patient records, thus, minimizing the risk of important documentation being misplaced and increasing security access.
Important market players have been included in MRFR’s assessment of the competitive landscape of the document management system global market; these include Agiloft, HP, SpringCM, OpenText Corporation, Microsoft Corporation, Xerox Corporation, Alfresco Softwre Inc., IBM Corporation, Oracle Corporation, eFile Cabinet Inc., Canon Inc., Asite, Hyland Software Inc., and Ricoh Company Ltd. The market is highly competitive, and the use of cloud technology is expected to be highly conducive to the entry of startups. Mergers and acquisitions, strategic collaborations and product launches are among the leading growth strategies adopted by prominent market players.
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Top markets for document management system are North America, Asia Pacific (APAC), the Middle East and Africa or MEA and Europe.
Being a highly advanced region and an early adopter of next-gen technologies; North America rides high on the massive awareness about the benefits of using document management systems. Given the soaring need to maintain and track the rapidly expanding patient records, various companies in the region are innovating and offering advanced document management systems that can increase the consumer base. To cite a reference, in February 2020, Agiloft (US) added a new AI Engine that consists of prebuilt AI features for contract management along with an open AI integration, which allows customers to integrate several custom-built AI tools right into the no-code-platform.
APAC is observing a growing number of students in universities, making it imperative for educational institutes to maintain a document trail for each student. With the number of student surging every year in the region, DMS providers are presented with an opportunity to gain more prominence in the market. Apart from the education sector, banking industry is also increasingly deploying DMS to maintain valuable information. Sensing the opportunity in the market, leading banks in the region are adopting marketing hacks like product launch and more. For instance, Citi Bank, in the year 2019, started digital onboarding for all the institutional clients in the region. This advanced digital solution has successfully taken over courier-based and manual legacy paper-driven documentation processes.
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About the AuthorAkash Sangshetti
Joined: October 1st, 2019
Articles Posted: 322
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