The Global Document Management System Market size is expected to reach $11.3 billion by 2029, rising at a market growth of 10.7% CAGR during the forecast period.
Cloud-based deployment mode is the most preferred mode because of the dramatic increase in the use of DMS solutions by micro, small, and medium-sized businesses all over the world. Hence, cloud-based deployment mode is anticipated to generate more than 40% share of the market by 2029. Businesses prefer vendors with features like cloud hostage and maintenance services. It becomes crucial for vendors to concentrate on these services and consumer needs. Vendors who offer these features and facilities alongside their software have a significant chance to expand their customer base as the need for document management systems rises. Some of the factors impacting the market are increasing productivity at work owing to a cutting-edge document management solution, the need for increased cybersecurity, and Increasing concerns regarding data privacy.
The market systems is expanding due to the growing adoption of cutting-edge technology like artificial intelligence (AI), cloud computing, real-time tracking systems, and other solutions. Utilizing document management solutions, employees and projects are handled remotely. In addition, the use of cutting-edge software has increased worker efficiency. Cyber risks include hacking, security flaws, and even secret information that is not encrypted. Exposure to these risks might harm a company's brand or hurt its customers. As a result, rules were established, compliance is now expected, and security is even more crucial. This tendency has enhanced the value of document management systems, particularly those with the strongest security features.
However, Document management services and systems based on current technology have given rise to several new problems around the privacy of information and other risks. A few factors that impede the expansion of the market are vulnerabilities. These include security and data breaches, invasions of data privacy, cyberattacks, and identity theft. The total damage caused by cyberattacks was estimated in trillions of dollars. Even though the market is providing cybersecurity solutions to decrease cyber risks, the advancement of technology has increased the risk of cyber security and data piracy, as data can be breached even with a small opening, decreasing the adoption of such solutions and hampering the market growth.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include OpenText Corporation, IBM Corporation, Canon, Inc., Oracle Corporation, Newgen Software Technologies Limited, Xerox Corporation, Hyland Software, Inc., Zoho Corporation Pvt. Ltd., MasterControl, Inc., and Ricoh Company, Ltd.
Cloud-based deployment mode is the most preferred mode because of the dramatic increase in the use of DMS solutions by micro, small, and medium-sized businesses all over the world. Hence, cloud-based deployment mode is anticipated to generate more than 40% share of the market by 2029. Businesses prefer vendors with features like cloud hostage and maintenance services. It becomes crucial for vendors to concentrate on these services and consumer needs. Vendors who offer these features and facilities alongside their software have a significant chance to expand their customer base as the need for document management systems rises. Some of the factors impacting the market are increasing productivity at work owing to a cutting-edge document management solution, the need for increased cybersecurity, and Increasing concerns regarding data privacy.
The market systems is expanding due to the growing adoption of cutting-edge technology like artificial intelligence (AI), cloud computing, real-time tracking systems, and other solutions. Utilizing document management solutions, employees and projects are handled remotely. In addition, the use of cutting-edge software has increased worker efficiency. Cyber risks include hacking, security flaws, and even secret information that is not encrypted. Exposure to these risks might harm a company's brand or hurt its customers. As a result, rules were established, compliance is now expected, and security is even more crucial. This tendency has enhanced the value of document management systems, particularly those with the strongest security features.
However, Document management services and systems based on current technology have given rise to several new problems around the privacy of information and other risks. A few factors that impede the expansion of the market are vulnerabilities. These include security and data breaches, invasions of data privacy, cyberattacks, and identity theft. The total damage caused by cyberattacks was estimated in trillions of dollars. Even though the market is providing cybersecurity solutions to decrease cyber risks, the advancement of technology has increased the risk of cyber security and data piracy, as data can be breached even with a small opening, decreasing the adoption of such solutions and hampering the market growth.
Component Outlook
Based on component, the market is segmented into solution and services. The services segment acquired a significant revenue share in the market in 2022. This is because electronic documents like word processing files, PDFs, and digital photographs of paper-based content can be captured, tracked, and stored with its help. Utilizing document management can result in significant time and financial savings. It provides centralized storage, audit trails, access control, document protection, and the ability to search and retrieve information more quickly. In addition, the ability of a document management platform to mix different documents allows for more control, access, and overall efficiency of the process, which is anticipated to propel the segment's expansion.Deployment Mode Outlook
On the basis of deployment mode, the market is divided into on-premise, cloud and hybrid. The cloud segment held the highest revenue share in the market in 2022. The most important industry participants are now offering cloud-based storage solutions to their customers to help them improve their data-holding capacity. The use of cloud services is accelerating rapidly, which can be attributed to prominent players' increased investments in cloud-based infrastructure. Utilizing a document management system that is hosted in the cloud for an organization can handle various problems and complexity associated with the working environment. This can be accomplished with minimal or no direct monitoring from a human being.Enterprises Size Outlook
By enterprises size, the market is classified into small and medium enterprises and large enterprises. The small and medium enterprises segment garnered a prominent revenue share in the market in 2022. This is due to the fact that a faster pace of growth is anticipated for the SMEs. This is mostly a result of new market entrants' adoption of cutting-edge technologies like Social, Mobility, Analytics, and Cloud (SMAC), pressuring established firms to update their antiquated IT infrastructures to match shifting customer demands.
Application Outlook
Based on the application, the market is bifurcated into BFSI, government, education, healthcare, corporate, industrial manufacturing, retail and other applications. The BFSI segment registered the highest revenue share in the market in 2022. This is due to the fact that DMS solutions enable banks to reduce their usage of paper and related costs. It also allows banks to easily evaluate numerous papers during audits and deliver effective customer service. In the BFSI industry, document management systems are crucial for collecting and maintaining all financial data, aiding the segment's growth in the projected period.Regional Outlook
Region-wise, the market is analyzed across North America, Europe, Asia Pacific, and LAMEA. The North America region led the market by generating the maximum revenue share in 2022. The growth is attributed to the prevalence of significant players in the region. These firms invest in and create cutting-edge DMS solutions to accommodate the rising need for data. In addition, due to the widespread acceptance of the technology in this region, North America is anticipated to account for the biggest percentage of mobile users, one of the biggest users of DMS solutions which will fuel the market growth.The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include OpenText Corporation, IBM Corporation, Canon, Inc., Oracle Corporation, Newgen Software Technologies Limited, Xerox Corporation, Hyland Software, Inc., Zoho Corporation Pvt. Ltd., MasterControl, Inc., and Ricoh Company, Ltd.
Strategies Deployed in the Market
- May-2023: Newgen Software announced the launch of its new product named RMS 4.0, which is an upgraded version of the Records Management System. This new product offers more strict security and enhanced user experience. RMS 4.0 offers a modern user interface that helps in a seamless experience, an easily customizable dashboard, and gives users the flexibility to classify and define records, etc.
- Dec-2022: Oracle announced a partnership with Tata Motor, an Indian automobile manufacturer. This partnership aims to move Tata Motor's entire Dealer Management System (DMS) to Oracle Cloud Infrastructure (OCI) and help Tata Motors with its digital transformation journey and provide its customers with an enhanced experience.
- Oct-2022: Oracle entered into a partnership with HSBC, a well-known financial service provider. Through this partnership, the company aimed to move HSBC's select database systems to Oracle Exadata Cloud@Customer, a cloud platform offered by Oracle Corporation that would lead to more enhanced service and critical system support. This partnership also includes providing the next generation of financial services.
- Oct-2022: Oracle entered into a partnership with NIVIDA, a high-end graphics processing units (GPUs) manufacturer. This partnership aims to assist customers in solving advanced business problems with enhanced computing and Artificial Intelligence, for this purpose, both companies will be combining their technologies. Nvidia would be offering its GPU and software and Oracle will be offering its Oracle Cloud Infrastructure (OCI).
- Aug-2022: Hyland Software, Inc signed a partnership with etherFAX, a company engaged in the business of providing hybrid-cloud fax solutions, a secure document delivery platform, and a suite of applications. This partnership would enable Hyland Software to meet its customer requirements more efficiently and on time with the help of etherFAX’s cloud-based faxing solution support which would further help Hyland Software to achieve its goal of delivering extensive infrastructure for the Hyland Cloud.
- Aug-2022: OpenText took over Micro Focus, a technology company that is engaged in offering solutions, software products, and services. This acquisition would enable OpenText's and Micro Focus's customers to increase their digital transformation journey speed by unveiling the full worth of their core systems and information assets and help OpenText become one of the world's largest cloud and software businesses with a large customer base.
- Feb-2022: IBM joined hands with SAP, a software company that develops enterprise software, for providing technology and consulting expertise to clients and making their hybrid cloud process easier. Additionally, the company aimed at moving mission-critical workloads from SAP solutions to the cloud.
- Oct-2021: Oracle announced to expand of its geographic footprint with the opening of 14 cloud regions across Europe, the Middle East, Asia Pacific, and Latin America. This geographic expansion aimed to assist the growing demand for Oracle Cloud services all over the world.
- Jun-2021: Oracle Content Management expanded its offerings with the launch of its new feature named Capture. This new feature would allow the users to process their business documents and hoard them more effectively and up to date. The users will be allowed to gather documents directly from file folders, physical scanners, and email inboxes within the Oracle Content Management environment, providing them with many ways of entering the former metadata with the help of scanner applications, providing the users with options to select the storage mode, etc.
- Jun-2021: Xerox took over Document Systems, a company engaged in offering document solutions. This acquisition would help Xerox Corporation to enhance its customer experience, increase its productivity and help Small Medium Size businesses to grow.
- Apr-2021: OpenText launched its new content services platforms named OpenText Core Content and OpenText Core Case Management. Core Content and Core Case Management deliver strong records management, case management, APIs, and integration into leading applications that OpenText is recognized for - all delivered as a simple-to-deploy, multi-tenant cloud application.
- Apr-2021: Xerox took over Groupe CT, a Canadian-based document management provider. This acquisition would help Xerox Corporation to offer its services to small and medium-sized businesses efficiently and enhance their digital transformation with the help of Groupe CT's document management services.
Scope of the Study
Market Segments Covered in the Report:
By Component
- Solution
- Services
By Deployment Mode
- Cloud
- On-premise
- Hybrid
By Enterprises Size
- Large Enterprises
- Small & Medium Enterprises
By Application
- BFSI
- Retail
- Healthcare
- Industrial Manufacturing
- Government
- Education
- Corporate
- Others
By Geography
- North America
- US
- Canada
- Mexico
- Rest of North America
- Europe
- Germany
- UK
- France
- Russia
- Spain
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Singapore
- Malaysia
- Rest of Asia Pacific
- LAMEA
- Brazil
- Argentina
- UAE
- Saudi Arabia
- South Africa
- Nigeria
- Rest of LAMEA
Key Market Players
List of Companies Profiled in the Report:
- OpenText Corporation
- IBM Corporation
- Canon, Inc.
- Oracle Corporation
- Newgen Software Technologies Limited
- Xerox Corporation
- Hyland Software, Inc.
- Zoho Corporation Pvt. Ltd.
- MasterControl, Inc.
- Ricoh Company, Ltd.
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Table of Contents
Chapter 1. Market Scope & Methodology
Chapter 2. Market Overview
Chapter 4. Global Document Management System Market by Component
Chapter 5. Global Document Management System Market by Deployment Mode
Chapter 6. Global Document Management System Market by Enterprises Size
Chapter 7. Global Document Management System Market by Application
Chapter 8. Global Document Management System Market by Region
Chapter 9. Company Profiles
Companies Mentioned
- OpenText Corporation
- IBM Corporation
- Canon, Inc.
- Oracle Corporation
- Newgen Software Technologies Limited
- Xerox Corporation
- Hyland Software, Inc.
- Zoho Corporation Pvt. Ltd.
- MasterControl, Inc.
- Ricoh Company, Ltd.
Methodology
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