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The document management systems market size is forecast to increase by USD 7.12 billion at a CAGR of 15.2% between 2023 and 2028. The market is experiencing significant growth due to the shift from traditional on-premise to cloud-based solutions and the rising demand for digitalization in various industries, including telemedicine and mHealth. The adoption of DMS is particularly crucial in these sectors as they deal with large volumes of sensitive patient data. However, data privacy concerns remain a major challenge, necessitating security measures and compliance with regulations such as HIPAA. Additionally, the integration of Big Data management and advanced data analyzing tools from companies like Oracle Corporation is transforming DMS into intelligent information management systems, enabling businesses to derive valuable insights from their data and gain a competitive edge.
The global IT spending on document management systems is projected to experience significant growth due to the increasing adoption of cloud-based solutions. According to a recent Cybersecurity Ventures report, the market is expected to witness a compound annual growth rate of over 10% during the forecast period. This growth can be attributed to the rising demand for secure and efficient document management systems from various industries, including banking and finance. Banks such as Indian Bank and Bank of India are investing in document management systems to streamline their operations and improve data security. MSME loan segments are also adopting these systems to digitize their loan application process.
Large enterprises like Xerox Corporation and Exela Technologies Inc. Are leveraging document management systems for data auditing, real-time alerts, and risk assessment. Cloud-based document management solutions from providers like Salesforce, Laserfiche, and Egrove Systems Corporation are gaining popularity due to their flexibility, cost-effectiveness, and enhanced security features. The market is segmented based on end-users, deployment models, and geography. Other emerging trends include the integration of document management systems with virtual learning environments, IoT, telehealth, and AAL solutions. Data minimization and data privacy concerns are also driving the market's growth.
The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD billion" for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.
The software segment is estimated to witness significant growth during the forecast period. The market is witnessing significant growth due to the increasing adoption of advanced software solutions in various sectors such as retail, BFSI, and government. According to the Cybersecurity Ventures Report, data privacy concerns and cybersecurity threats have fueled the demand for document management systems. Xerox Holdings Corp., a key player in the market, recently announced the expansion of its document management offerings to cater to the needs of small-, medium-, and large-scale enterprises. This trend is reflected in the software segment, which holds the largest share in The market. Organizations across industries are digitizing their business processes to reduce costs, streamline workflows, and ensure data security.
For instance, the Bank of India implemented a document management system to manage its MSME loan segment more efficiently. This shift towards advanced document management systems is expected to continue, as more organizations seek to go paperless and improve operational efficiency.
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The software segment was valued at USD 3.02 billion in 2018 and showed a gradual increase during the forecast period.
North America is estimated to contribute 40% to the growth of the global market during the forecast period. Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
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The market in North America has witnessed significant growth in recent years, with Xerox Corporation and other key players driving innovation. According to the Cybersecurity Ventures Report, the cloud-based delivery of DMS solutions has been a major factor fueling market expansion. Enterprises in the region have allocated approximately 70% of their IT budgets towards cloud-based solutions. The US and Canada are the leading contributors to market growth in North America, with industries such as manufacturing, telecommunications, infrastructure development, BFSI, and retail exhibiting expansion. To cater to the unique needs of these industries, companies offer specialized products.
For instance, Bank of India, serving the MSME loan segment, has implemented a DMS to manage and secure customer data. Market segmentation analysis by industry and region reveals that the market is diverse and dynamic, presenting opportunities for companies to expand their offerings.
Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Shift from on-premise to cloud-based solutions is the key driver of the market. Cloud-based Document Management Systems (DMS) are gaining traction in the IT spending landscape as companies shift from traditional on-premises solutions. These systems provide user-friendly features such as drag-and-drop functionality and mobile accessibility. companies cater to businesses of all sizes by offering cost-effective options for managing digital assets. The primary advantage of cloud-based DMS is the pay-per-use pricing model, allowing clients to pay only for the services they utilize. Cloud-based DMS solutions come in three deployment models: Infrastructure-as-a-Service (IaaS), Platform-as-a-Service (PaaS), and Software-as-a-Service (SaaS), enabling businesses to customize their cloud infrastructure according to their unique requirements. Notable companies in this market include Salesforce, Laserfiche, and eGrove Systems Corporation.
Indian Bank, for instance, has implemented a cloud-based DMS solution to streamline its document management processes.
Rising demand for digitalization is the upcoming trend in the market. The digitalization trend is gaining momentum across various sectors, including consumer goods, healthcare, manufacturing, and retail. This shift towards digitization increases the IT spending of industries, making their resources more vulnerable to cyberattacks. In response, there is a growing demand for document management systems as effective tools to mitigate cybersecurity risks. Technological advancements, such as the integration of chatbots in customer support applications and the implementation of the bring-your-own-device (BYOD) policy, have further accentuated the need for cybersecurity measures. The popularity of the BYOD policy is on the rise, enabling employees to access enterprise data using personal devices like smartphones and laptops.
Further, cloud-based document management solutions from providers like Salesforce, Laserfiche, and eGrove Systems Corporation are increasingly being adopted to address these challenges. These systems offer secure access, version control, and easy integration with other business applications, making them indispensable for modern enterprises.
Data privacy concerns are a key challenge affecting the market growth. The market is witnessing significant growth due to the increasing adoption of IT spending on cloud-based solutions. Companies like Salesforce, Laserfiche, and eGrove Systems Corporation are leading this trend. The Indian Bank, for instance, recently implemented a document management system to digitize its operations and enhance efficiency. However, as conversational AI, such as chatbots and virtual agents (VAs), gain popularity, data privacy becomes a major concern. With cybercrimes on the rise, the security of these AI technologies is under scrutiny. Despite this, most customers prioritize convenience and cost-benefit analysis over security and data privacy. During interactions with chatbots or VAs, customers share sensitive information, making it crucial for companies to prioritize data security measures.
The market forecasting report includes the adoption lifecycle of the market, covering from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Adobe Inc. - The company offers document management systems through home document management systems.
The market research and growth report includes detailed analyses of the competitive landscape of the market and information about key companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market is experiencing significant growth due to the increasing adoption of cloud-based solutions by various industries. IT spending on document management systems is projected to increase, driven by the need for efficient data management and compliance with regulatory requirements. The market is segmented into large enterprises and small and medium-sized enterprises (SMEs). The banking sector, particularly in regions like India, is a major contributor to the market growth, with a focus on MSME loan segments and data privacy concerns. Cloud-based document management systems offer benefits such as real-time data access, data auditing, and data risk assessment.
Further, the healthcare industry is also adopting document management systems for telehealth, telecare, telemedicine, and mHealth applications. The retail and e-commerce sector, industrial manufacturing, and IoT are other significant markets. Data privacy concerns and cybersecurity are key challenges for the market. Cybersecurity Ventures report predicts that cybercrime damages will cost the world USD10.5 trillion annually by 2025. Market players are addressing these concerns by offering data minimization, data real-time alerts, and data minimization. Big data management and data analyzing tools are also gaining popularity. The market is witnessing innovation in deployment modes, including hybrid and multi-cloud, and component offerings from major players like Oracle Corporation, Hyland Software Inc, and Exela Technologies Inc.
Cloud computing is a major component of the market's growth, with AAL Solutions, Xerox Corporation, and Laserfiche also contributing. Virtual learning environments are also adopting document management systems for effective content management.
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Market Scope |
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Report Coverage |
Details |
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Page number |
180 |
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Base year |
2023 |
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Historic period |
2018-2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 15.2% |
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Market Growth 2024-2028 |
USD 7.12 billion |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
12.86 |
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Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
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Performing market contribution |
North America at 40% |
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Key countries |
US, Germany, Japan, UK, and China |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Adobe Inc., Canon Inc., Crown Worldwide Group, DocuSign Inc., Exela Technologies Inc., FileHold Systems Inc., GRM Information Management Systems Inc., Hyland Software Inc., Inspectorio Inc., International Business Machines Corp., Konica Minolta Inc., KYOCERA Corp., Microsoft Corp., OpenText Corp., Oracle Corp., PandaDoc Inc., Primeleaf Consulting P Ltd., Revver Inc., Ricoh Co. Ltd., and Xerox Holdings Corp. |
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Market dynamics |
Parent market analysis, market growth inducers and obstacles, market forecast, fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, market condition analysis for the forecast period |
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Customization purview |
If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Component
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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