Vancouver, Sept. 18, 2023 (GLOBE NEWSWIRE) -- The global document management systems market size is expected to reach USD 14.16 Billion in 2030 and register a steady revenue CAGR of 11.2% over the forecast period, according to latest analysis by Emergen Research. Steady document management systems market revenue growth can be attributed to increasing need to streamline business operations. Businesses can go paperless to streamline their operations and make them more effective and efficient with the help of contemporary scanning technology and the appropriate document management software.
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All sizes of businesses are overburdened by the volume of incoming files, which include both paper and electronic papers. Before office managers and business owners know it, they are drowning in paper and electronic papers and unable to find the documents they need with any speed. The flood of documents frequently begins quietly. The alternative is better. Modern document management software can let companies run more smoothly by giving staff fast access to crucial papers and giving a way to better organize both paper and electronic documents. Finding the document management solution that would work best for the company is difficult as there are so many solutions available. Companies must weigh their options to determine which is the greatest fit before making a decision.
The increasing use of document management systems to digitize workflows is a recent trend in the market. The key to managing erratic costs and availability scenarios will be to accelerate end-to-end supply chain digitization and make sure one can get necessary services quickly and on demand. One can protect their company from the shock of potential changes to their supply chain by having the flexibility to switch to new suppliers and even forge new connections with non-conventional partners. In a competitive market, businesses that possess the document management technologies to support, regulate, and automate a wide range of virtual development, collaboration, and customer service activities are more likely to succeed.
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Scope of Research
| Report Details | Outcome |
| Market size in 2021 | USD 5.40 Billion |
| CAGR (2022-2030) | 11.2% |
| Revenue forecast to 2030 | USD 14.16 Billion |
| Base year for estimation | 2021 |
| Historical data | 2021-2030 |
| Forecast period | 2022-2030 |
| Quantitative units | Revenue in USD Million and CAGR in % from 2022 to 2030 |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Segments covered | Offering, Deployment Mode, Organization, Application, and Region |
| Regional scope | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa |
| Country scope | U.S., Canada, Mexico, Germany, U.K., France, Spain, BENELUX, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, U.A.E., Israel, Rest of MEA |
| Key companies profiled | Open Text Corporation, Xerox Corporation, IBM Corporation, Canon Inc., Hyland Software, Inc., Oracle Corporation, Ricoh, M-Files, eFileCabinet, Inc., and Newgen Software Technologies Limited |
| Customization scope | 10 hours of free customization and expert consultation |
Major Companies and Competitive Landscape
The global document management systems market is fairly fragmented, with many large and medium-sized players accounting for the majority of market revenue. Major players are deploying various strategies, entering into mergers and acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective document management system products. Some major players included in the global document management systems market report are:
- Open Text Corporation
- Xerox Corporation
- IBM Corporation
- Canon Inc.
- Hyland Software, Inc.
- Oracle Corporation
- Ricoh
- M-Files
- eFileCabinet, Inc.
- Newgen Software Technologies Limited
Strategic Development
On 30 July 2022, AVEVA, which is a global industrial software, driving digital transformation and sustainability, announced that its engineering information management solutions, the core of its digital twin, now deliver greater time and value gains for capital projects and operations. With the seamless integration of the AVEVA point cloud manager and AVEVA asset information management in the cloud, visualizing asset information with real-time data has never been faster or easier. AVEVA customers can now experience a complete digital twin within just 60 days, even in the absence of existing models, thanks to deeper contextualization and enhanced visualization.
The offering will be further strengthened by two new industry relationships. NavVis' wearable mobile mapping systems are currently used to collect data for AVEVA's engineering information management solutions, which are then connected with the Assai integrated document management system. With the help of the NavVis cooperation, stationary scanners can be replaced by laser scanners that can produce results much more quickly, and Assai's document control and management solutions can add even more comprehensive document data to AVEVA's already data-rich digital twin capabilities.
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Some Key Highlights From the Report
- The solutions segment is expected to register a rapid revenue growth rate during the forecast period. This is attributed to increasing demand for document management, digital asset management, and eDiscovery by enterprises to achieve strategic advantage and streamline their document management operations to minimize risks. E-discovery is the process of locating, safeguarding, gathering, reviewing, analyzing, and producing case-relevant material during civil or criminal judicial procedures. The material produced during e-discovery can be useful for both the pre-trial motions and the trial itself. During e-discovery, any electronic documents, testimony, or other information that the court deems necessary may be requested. Document management systems help businesses prepare for e-discovery with the use of features such as document profiling or metadata preservation, version control, audit trail, security, and document retention. Data export functionality is a fundamental requirement of a DMS that supports eDiscovery. This may seem like an easy question, but it is important to ask because some DMS use proprietary formats that cannot be exported, increasing the cost of eDiscovery.
- The hybrid segment is expected to register rapid revenue growth in the global market over the forecast period owing to its various benefits. The main advantage of using hybrid mode is having many sources for getting and storing documents. If one system breaks, one will have backups (hard disc, paper format, etc.) with which to continue functioning (such as a cloud server failure). In addition, it enables greater security, higher compliance standards adherence, and better technological management. Businesses have used technology to change business processes during the past few decades. Due to a service that manages documents in a single location, which is made simpler with a hybrid mode, users may work and collaborate wherever they are. Discussions and processes that take place in the same location as the document can help to increase collaboration and maintain communications among distant workers.
- The SMEs segment is expected to register a rapid revenue growth rate over the forecast period. This is attributed to the deployment of innovative technologies such as Social, Mobility, Analytics, and Cloud (SMAC) by new entrants in the market, which is leading to existing players to modernize their conventional Information Technology (IT) infrastructures to meet changing customer requirements. Social, Mobility, Analytics, and Cloud technologies are currently propelling company innovation. SMAC is a concept that integrates social connections, mobile, and analytics powered by cloud technology and Big Data to expedite customer interactions and boost productivity. Together, the four SMAC pillars create an ecosystem that helps firms cut costs while boosting operations and customer engagement. The fundamental advantage of SMAC is that businesses that put it into practice increase their level of productivity, connectivity, and linkage while getting real-time information.
- The market in North America is expected to account for largest revenue share during the forecast period, which is primarily attributed to the region's governments increasingly adopting document management systems to better their workflows. Organizations in the public sector are under pressure to keep their operations in compliance with regulatory standards while securely storing old data and documents. Meeting deadlines could be challenging if a government agency still processes papers manually. Results and production will suffer as a result. This pattern has long been anticipated to be followed by government agency processes, but it is evolving. Document management for government use is crucial because it protects the integrity of sensitive data. Government records are defined as both physical records and digital information, according to the National Archives and Records Administration (NARA), a U.S. entity. Due to the massive amount of data and information that government institutions are responsible for, solutions that improve processes and ensure the security of these documents are required.
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Emergen Research has segmented the global DMS market on the basis of offering, deployment mode, organization, application, and region:
- Offering Outlook (Revenue, USD Billion; 2019-2030)
-
- Solution
- Services
- Implementation Services
- Training and Education
- Support and Maintenance
- Deployment Mode Outlook (Revenue, USD Billion; 2019-2030)
-
- On-Premises
- Cloud-Based
- Hybrid
- Organization Outlook (Revenue, USD Billion; 2019-2030)
-
- Small and Medium-Sized Enterprises
- Large Enterprises
- Application Outlook (Revenue, USD Billion; 2019-2030)
-
- Banking, Financial Services, and Insurance
- Government
- Education
- Healthcare
- Corporate
- Industrial Manufacturing
- Retail
- Other Applications
- Regional Outlook (Revenue, USD Billion; 2019-2030)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Sweden
- BENELUX
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- U.A.E.
- South Africa
- Israel
- Rest of MEA
- North America
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