New York, US, April 10, 2023 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “Document Management System Market Research Report: By Offering, Deployment, Organization Size, and Vertical. - Forecast Till 2030, the market is anticipated to acquire a valuation of approximately USD 14.09 billion by the end of 2030. The reports further predict the market to flourish at a robust CAGR of over 12.7 % during the assessment timeframe.
Document Management System Market Key Players:
The major players operating in the Document Management System Market include
- OpenText Corporation,
- Oracle Corporation,
- Xerox Corporation,
- IBM Corporation,
- Microsoft Corporation,
- Adobe Systems Incorporated,
- HP Development Company, L.P.,
- Dell EMC,
- Hyland Software, Inc., and
- Ricoh Company, Ltd.
The market for document management systems is becoming more competitive, with companies focusing on innovation and product development to meet the evolving needs of businesses. The increasing importance of digitalization in document management is a major factor driving market growth.
Get Free Sample PDF Brochure:
https://www.marketresearchfuture.com/sample_request/6498
Report Scope:
| Report Metric | Details |
| DMS Market Revenue forecast in 2030 | USD 14.09 Billion |
| DMS Market Growth Rate | CAGR of 12.7% from 2022 to 2030 |
| Base Year | 2021 |
| Study Period | 2022-2030 |
| Key Market Opportunities | Advanced technologies along with effective execution of DMS. |
| Key Market Drivers | Emergence of paperless offices Digital transformation and increasing adoption of work-from-home culture. Demand from the Healthcare domain due to ongoing measures to digitize records in emerging markets |
Browse In-depth Market Research Report (100 Pages) on Document Management System (DMS) Market:
https://www.marketresearchfuture.com/reports/document-management-system-market-6498
Drivers and Challenges:
The demand for document management systems is increasing due to the growing need for efficient and secure document management. These systems offer several benefits such as easy access, efficient collaboration, and enhanced security, which are driving their adoption across various industries.
However, the high cost of implementation and the lack of awareness about the benefits of document management systems are some of the major challenges faced by the market.
Additionally, the reluctance of some businesses to switch from traditional paper-based systems to digital solutions is hindering the growth of the document management system market.
Market Segmentation:
Based on component, the document management system market is segmented into software and services. The software segment is expected to dominate the market during the forecast period, owing to the increasing adoption of cloud-based software solutions.
On the basis of deployment type, the market is segmented into on-premises and cloud-based solutions. The cloud-based deployment segment is expected to grow at a higher CAGR during the forecast period, due to its lower cost of ownership and ease of deployment.
Regional Analysis:
Geographically, the document management system market is segmented into North America, Europe, Asia-Pacific, and the rest of the world. North America is expected to dominate the market during the forecast period, owing to the high adoption of digital technologies and the presence of key market players in the region. Asia-Pacific is expected to grow at the highest CAGR during the forecast period, due to the increasing demand for digital document management solutions in countries such as China, India, and Japan.
Industry Trends:
The document management system market is witnessing several trends that are expected to shape its growth in the coming years. These trends include the increasing adoption of cloud-based solutions, the integration of artificial intelligence (AI) and machine learning (ML) in document management systems, and the growing popularity of mobile document management solutions.
Ask To Expert:
https://www.marketresearchfuture.com/ask_for_schedule_call/6498
Recent Developments:
In recent years, several key players in the document management system market have undertaken strategic initiatives such as mergers and acquisitions, partnerships, and product launches to strengthen their market position and enhance their product offerings. Some of the notable recent developments in the market include:
In January 2023, OpenText Corporation announced the acquisition of Carbonite, a leading provider of cloud-based backup and recovery solutions. The acquisition is expected to enhance OpenText's cloud-based offerings and strengthen its position in the document management system market.
In December 2022, Oracle Corporation announced the launch of its new Oracle Content and Experience Cloud platform, which is designed to provide businesses with a comprehensive content management solution. The platform offers advanced features such as AI-powered search and automated content classification.
In October 2022, Xerox Corporation announced the launch of its new DocuShare Flex cloud-based document management platform. The platform is designed to provide businesses with an easy-to-use and affordable document management solution.
In September 2022, IBM Corporation announced the launch of its new IBM Digital Business Assistant platform, which is designed to provide businesses with a comprehensive suite of digital tools. The platform includes a document management system that offers features such as advanced search and automated document classification.
Opportunities:
Opportunities in the document management system market are expected to arise from the following factors:
Increasing demand for digital document management solutions in emerging economies: With the increasing adoption of digital technologies in emerging economies such as China, India, and Brazil, the demand for digital document management solutions is expected to grow significantly. This presents a significant opportunity for companies operating in the document management system market.
Growing popularity of mobile document management solutions: With the increasing use of mobile devices in the workplace, the demand for mobile document management solutions is also growing. This presents an opportunity for companies to develop mobile-friendly document management solutions that are easy to use and provide advanced features such as offline access and mobile document capture.
Integration of AI and machine learning in document management systems: The integration of AI and machine learning in document management systems is expected to provide businesses with advanced features such as automated document classification, predictive analytics, and natural language processing. This presents an opportunity for companies to develop document management solutions that offer these advanced features.
Check for Discount:
https://www.marketresearchfuture.com/check-discount/6498
Conclusion:
In conclusion, the document management system market is expected to grow at a significant rate in the coming years, driven by the increasing demand for efficient and secure document management solutions. Recent developments such as mergers and acquisitions, partnerships, and product launches are expected to strengthen the market position of key players and enhance their product offerings. Opportunities in the market are expected to arise from factors such as the increasing demand for digital document management solutions in emerging economies, the growing popularity of mobile document management solutions, and the integration of AI and machine learning in document management systems.
Related Reports:
Smart Factory Market Research Report - Forecast till 2027
Level Sensor Market Research Report - Forecast 2027
Organic Electronics Market Research Report- Global Forecast to 2027
About Market Research Future:
Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis regarding diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
