Pune,India, May 04, 2023 (GLOBE NEWSWIRE) -- According to Fortune Business Insights, the global Document Management System Market Size was valued at USD 5.52 billion in 2022 and is projected to grow from USD 6.23 billion in 2023 to USD 18.97 billion by 2030, exhibiting a CAGR of 17.2% during the forecast period.
DMS is a secure and convenient storage for documents and it also includes digitization, data capture, document scanning, and other services. Development activities by the major players in the market are also expected to push market growth. Fortune Business Insights™ shares this information in its report titled, Global Document Management System Market Forecast, 2023-2030.
Key Industry Development
I Manage partnered with Microsoft Corporation to utilize the cloud technology for managing document and email platforms. The partnership is aimed to develop advanced solutions and deliver better customer business outcomes.
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Key Takeaways-
- Document Management System Market is expected to flourish & reach USD 18.97 Billion in 2030
- Growing Business Adoption of Cloud-based Solutions Promotes Market Expansion
- Growing Demand for Advanced DMS Systems in the Workplace Drives Market Growth
- Over the forecast period, the services segment is anticipated to grow at the highest CAGR.
- Document Management System Market Size in North America was USD 2.49 Billion 2022
Discover the Leading Players Featured in the Report-
“Microsoft Corporation (U.S.), Oracle Corporation (U.S.), Open Text Corporation (Canada), Hyland Software (U.S.), IBM Corporation (U.S.), Xerox Corporation (U.S.), Adobe Inc. (U.S.), Kyocera Document Solutions Inc. (Japan), Konica Minolta, Inc. (Japan), Exela Technologies Inc. (U.S.)”
Report Scope & Segmentation-
| Report Coverage | Details |
| Forecast Period | 2023 to 2030 |
| Forecast Period 2023 to 2030 CAGR | 17.2% |
| 2030 Value Projection | USD 18.97 Billion |
| Base Year | 2022 |
| Document Management System Market Size in 2022 | USD 5.52 Billion |
| Historical Data for | 2019 to 2021 |
| No. of Pages | 180 |
| Segments covered | Component, Deployment, Enterprise, Industry, Regional |
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Drivers and Restraints-
Rising Demand for Workplace Efficiency Along with Advanced DMS Systems to Drive Market Trajectory
Rising demand for workplace efficiency and advanced DMS systems are anticipated to drive the document management system market growth. There is rising integration of emerging technologies such as AI, cloud computing, real-time tracking systems, and other solutions. The systems are used to manage employees and projects remotely, which has increased workplace efficiency with the use of advanced software solutions.
However, increasing utilization of digital platforms which has led to data privacy and security concerns is anticipated to hinder market development.
Leading Segments Covered in this Report-
By Component
- Software
- Services
By Deployment
- Cloud
- On-premise
By Enterprise Type
- Small & Medium Enterprise
- Large Enterprise
By Industry
- BFSI
- IT and Telecommunication
- Government
- Manufacturing
- Real Estate
- Retail
- Healthcare
- Others (Education)
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FAQs
How big is the Document Management System Market?
Document Management System Market size was USD 5.52 Billion in 2022. It is expected to reach USD 18.97 Billion by 2030.
How fast is the Document Management System Market growing?
The Document Management System Market will exhibit a CAGR of 17.2% during the forecast period, 2023-2030
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