Document Management Systems Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 - 2025

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Document Management Systems Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 - 2025

Status : November, 2021 | Technology & Media

Report Digest


Global Document Management Systems Market: Snapshot

Document management which is often referred to as document management systems (DMS), is the usage of a computer system and software so as to track, manage, and store electronic documents and electronic images of paper based information that has been captured through the use of a document scanner. Document management is how an organization stores, manages and tracks its electronic documents.

Document management is also one of the precursor technologies to content management, and not very long time ago, it was available entirely on a stand-alone basis like its imaging, workflow, and archiving brethren. It also offers a few of the most basic functionality to content management, thereby imposing management capabilities and controls onto otherwise “dumb” documents. This makes it so that when one has documents and need to make use of it, one can do so. A few of the crucial features in document management comprise check-in and check-out and locking in a bid to coordinate and simultaneously edit a document so that one person’s changes don’t overwrite another’s. It also comes with version control, so tabs can be kept on how the current document came to be, and how it differs from the earlier versions.

Document management eventually was subsumed into content management in no small measure because there has been more information available to us today than it was ever before, and most of all, it is not being created by us. Owing to the mainstreaming of an entire range of sources such as smartphones, thumb drives, the Web and so the need has accelerated to deal with information of all kinds: not just in terms of more media types such as text vs. images vs. voice files, but also in terms of how structured and thus how readily managed it all is.

Global Document Management Systems Market: Overview

Document management system encompasses various software and hardware used by businesses for managing, storing, preserving, securing electronic documents and images. The system forms an integral part of enterprise content management. Adopting the system helps companies and organizations secure easy accessibility of vital corporate data and information and further facilitates easy sharing of documents among the concerned teams. The convenient searching ability, unparalleled security against loss, and the easy editing of documents are some of the key capabilities possible with document management system. Together with this, cloud computing capabilities combined with the software lessens the cost of storage and ensures the accessibility of the documents anytime and from any location. Further, it enables business to consolidate all its documents onto a single platform.

Global Document Management Systems Market: Key Trends

The digitization of business assets consisting of content, data, and documents, in various end-use industries world over is a key factor providing a robust underpinning to the evolution of the market. The ever-intensifying need for better storage, management, and distribution of documents for streamlining business processes is bolstering the demand for document management systems. The adoption of the system helps business garner substantial benefits of digitization of content across the enterprises such as easy-to-use interface, accessibility through mobile apps, and handy integrations. Several compliance regulations put in place in numerous countries for preserving vital business documents over certain time span are also driving the application. The market is also benefitting immensely from the rising popularity of cloud-based document management system.

Global Document Management Systems Market: Market Potential

The market in recent years is witnessing exciting launches of document management systems with intuitive features for the end users in the banking, financial services, and insurance sector. AccuSystems LLC., a U.S.-based company developing document management systems focused on the banking and finance industries, has in April 2018 unveiled a new, intuitive user interface (UI) for its software AccuAccount.  The new refurbished UI will raise the convenience a notch higher for end users as they can now easily manage customer information, apart from the advanced features of scanning and indexing key documents. Its document management system caters to the digital management of commercial loan portfolios and credit files, equipped with the capability to integrate with over 30 core banking systems, simplifying document tracking.

A few game-changing document management solution based on blockchain technology have also emerged in the market. To leverage the potential of these technologies, end-use businesses are entering into partnerships with providers. A renowned Polish bank PKO Bank Polski has in March 2018 entered into a partnership with a blockchain company Coinfirm to access to blockchain-based verification tools for bank documents. This is enabled by the Trudatum tool powered by real-world application of blockchain. Such solutions are considered as game changing as they enable end users higher level of security of documents from any modification or removal.

Global Document Management Systems Market: Regional Outlook

Regionally, North America is a prominently lucrative market for document management systems. The widespread adoption of content management system among business in various industry segments is fueling the growth of this regional market. The substantial demand is attributed to the need for cost-effective solutions for streamlining business processes. The strict compliance of regulatory compliance and policy thrust in key economies is also accentuating the regional market. Some of the other regional markets presenting potential growth avenues for players are Asia Pacific and Europe.

Global Document Management Systems Market: Competitive Analysis

The report offers detailed profiling of innovators, startups, and other solution providers and evaluates the key strategies adopted by them to get a better hold over the market. Several players are offering document management systems on hybrid deployment model to offer the combination of benefits of public and private cloud, in a move to consolidate its position in the market. Some of the players holding a prominent position in the market include Lucion Technologies, Everteam, Maxxvault, Alfresco, SpringCM, Newgen Software, Efilecabinet, Ricoh Company, Oracle, Canon, IBM, and Opentext.

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5-Point Growth Formula

The 5-point growth formula developed by TMR Research provides an insight to the stakeholders and CXOs about the current situation in the market. The growth formula makes the report a perfect companion for the stakeholders and CXOs.

The 5-point growth formula includes the following points:

  • Current and Future Threats
  • Accurate Trend Analysis
  • Regional Assessment
  • Industrial Analogy
  • COVID-19 Impact

Current and Future Threats

Along with studying the opportunities necessary for growth, threats are also an important aspect to look upon for the companies and stakeholders in a specific sector. TMR Research studies every negative aspect that will hinder the growth of a specific area of business and includes it in the report. The stakeholders and CXOs will have the benefit of assessing the threat and take the necessary steps to prevent the hindrance caused due to the threats.

Accurate Trend Analysis

Keeping up with the latest trends is crucial in any business or sector. While stakeholders are aware of the trends that are on the surface, TMR Researchers find trends that are deeply entrenched in the particular market or sector. The reports are constantly updated with the latest trends so that the stakeholders and CXOs can derive benefits from the trends and generate good revenues.

Regional Assessment

Demography forms an important part of the growth pattern of all the markets. Diving deep into the demographics enables maximum output from specific areas. The TMR Research team assesses every region and picks out the vital points that have a large impact on the growth of a market.

Industrial Analogy

The analysts at TMR Research conduct an all-round analysis on the competitive landscape of the market. The observations recorded by the analysts are added to the reports so that every stakeholder gets a glimpse of the competitive scenario and frame their business plans according to the situation.

COVID-19 Impact

The COVID-19 outbreak has changed the growth projections of numerous sectors and businesses. The analysts at TMR Research have conducted a conscientious survey on the markets after the pandemic struck. The analysts have put forth their brilliant and well-researched opinions in the report. The opinions will help the stakeholders to plan their strategy accordingly.

The reports offer answers to the top 7 questions that revolve around the growth of the market

  • What are the diverse growth parameters influencing the market?
  • Which regions will contribute largely to the growth of the market
  • What are the recent innovations and technological advancements in the market?
  • What are the emerging trends across the market?
  • How has COVID-19 affected the market?
  • What will be the post-pandemic scenario of the market?
  • What are the major threats that will dent the growth prospects of the market?