Dublin, April 01, 2024 (GLOBE NEWSWIRE) -- The "Document Management Systems - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts 2019 - 2029" report has been added to ResearchAndMarkets.com's offering.
The Document Management Systems (DMS) market is anticipated to experience a robust expansion from USD 7.52 billion in 2024 to USD 14.82 billion by 2029, according to the latest industry analysis. With a Compound Annual Growth Rate (CAGR) of 14.50% during the forecast period, the market is experiencing a surge propelled by advances in technologies and the increasing implementation of efficient document management solutions.
Tech-savvy businesses acknowledge the significance of ditching obsolete paper files and embracing digitalization to enhance their operational efficiency. The integration of DMS with commonly used software suites is further streamlining corporate workflows, enabling easy and swift access to documents when required.
Security Measures in Document Management
Despite the numerous advantages offered by DMS, security remains a considerable concern. Organizations are advised to employ robust data security technologies, which include Data Auditing, Data Real-time Alerts, and proactive risk assessment measures to preclude breaches and maintain stringent data security.
The Impact of COVID-19 on Document Management
The pandemic has significantly altered the traditional workplace, with virtual environments becoming the new norm. Document management systems have become a cornerstone in delivering comprehensive online solutions and services, facilitating a critical element for organizations striving in the post-COVID era.
Healthcare Sector: Poised for Substantial Growth
The healthcare sector is envisaged to experience the most substantial growth within the DMS market. Digital transformations, backed by government initiatives and a surge in digital tool adoption by healthcare providers, are bolstering the industry's expansion. The sector's turn towards electronic patient records signifies a pivotal move toward enhancing operational efficiency and data management, making it a primary driver for DMS deployment.
Asia-Pacific: A Potential Leader in DMS Adoption
With substantial growth anticipated in the Asia-Pacific region, governments and educational institutions are pivoting towards DMS for heightened efficiency and compliance. Partnerships and innovations in document management technology are propelling the market forward in this region.
Competitive Landscape and Market Innovation
The competitive edge of the DMS market is intensifying with key players dominating the current landscape and continuous innovation driving market dynamics. New launches and strategic partnerships are indicative of an industry poised for considerable expansion and efficiency in meeting growing digital documentation demands.
As the market landscape evolves with new strategic alliances and cutting-edge technologies, the DMS market is set to redefine operational efficiencies across various sectors. With analyst support backed by extensive research, insights into this thriving market are poised to aid businesses in their strategic planning and decision-making processes.
A selection of companies mentioned in this report includes, but is not limited to:
- Nuxeo
- Open Text Corporation
- IBM Corporation
- Microsoft Corporation (Sharepoint)
- Oracle Corporation
- Hyland Software
- Document360
- Zoho Corporation
- DocLogix
- Integrify
- Kissflow
- Agiloft, Inc.
- Logicaldoc
- Cflowapps
For more information about this report visit https://www.researchandmarkets.com/r/5m1wl
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