Electronic Document Management System Global Market Report 2024

The electronic document management system market size has grown rapidly in recent years. It will grow from $5.5 billion in 2023 to $6.37 billion in 2024 at a compound annual growth rate (CAGR) of 16%. The expansion observed in the historical period can be attributed to several factors, including the shift towards digital workflows, adherence to compliance and regulatory requirements, realization of efficiency and productivity gains, the demand for centralized information, implementation of document version control, initiatives for creating paperless offices, as well as a focus on risk mitigation and ensuring data security.

The electronic document management system market size is expected to see rapid growth in the next few years. It will grow to $11.17 billion in 2028 at a compound annual growth rate (CAGR) of 15%. The anticipated growth in the forecast period can be ascribed to a heightened emphasis on collaboration and remote work, the integration of advanced search and metadata capabilities, the infusion of artificial intelligence (AI) and machine learning (ML) technologies, rising demands for enhanced data governance, and a focus on sustainable and eco-friendly practices. Noteworthy trends during the forecast period encompass the adoption of cloud-based solutions, seamless integration with collaboration tools, implementation of advanced security measures, incorporation of artificial intelligence (AI), enhanced mobile accessibility, and alignment with compliance and regulatory standards.

The surge in remote work and flexible working arrangements is anticipated to drive growth in the electronic document management system (EDMS) market. Remote work and flexible hours are gaining popularity due to the benefits they offer to businesses and employees alike, including increased productivity, improved work-life balance, and enhanced access to talent. EDMS plays a pivotal role in supporting these work arrangements by enabling seamless collaboration, access, and management of documents and data from any location. These systems are equipped with advanced search functionalities, facilitating swift retrieval of specific documents. For example, reports from Forbes Media LLC in June 2023 indicate a substantial increase in remote and hybrid work models, with millions of employees expected to work remotely by 2025. Consequently, the rise in remote work is fueling demand for electronic document management systems.

Key players in the electronic document management system market are witnessing significant growth attributed to the integration of artificial intelligence (AI) and machine learning (ML) technologies. This integration enhances various aspects of document management, including data processing, decision-making, security, and quality. AI and ML technologies enable effective problem-solving, compliance adherence, historical data analysis, outcome prediction, and data security enhancement. For instance, in October 2021, MasterControl Inc. introduced MasterControl Insights, an AI-integrated solution designed to empower customers with quick data evaluation for informed decision-making. Tailored for quality and manufacturing professionals in regulated industries, MasterControl Insights facilitates data analysis and visualization to drive business improvements. With its foundation in AI and ML, this product sets the stage for advanced data analytics, propelling innovation and growth in the electronic document management system market.

In June 2021, Xerox Corporation, a leading provider of document management technologies and services based in the United States, completed the acquisition of Document Systems for an undisclosed sum. This strategic move is anticipated to bolster customer satisfaction, drive productivity gains, and stimulate growth within the small and medium-sized business (SMB) sector. By integrating Document Systems' electronic document management (EDM) solutions with Xerox's existing portfolio, the company aims to deliver comprehensive SMB-focused offerings that facilitate collaboration, streamline communication, enable remote IT support, ensure security, and promote automation.

Major companies operating in the electronic document management system market report are Microsoft Corporation, Oracle Corporation, Xerox Corporation, OpenText Corporation, Zoho Corporation, Ideagen Plc, MasterControl, M-Files DMS, DocuWare, Seismic, eFileCabinet, DocuPhase, DocSTAR, Optix, CGI Group Inc., Lucion Technologies, LogicalDOC, Formstack Documents, FileCenter, Fluix, DocOrigin, Alfresco One Software, Dokmee, Evernote Corporation, QT9 QMS.

North America was the largest region in the electronic document management system market in 2023. Asia-Pacific is expected to be the fastest growing region in the forecast period. The regions covered in the electronic document management system market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the electronic document management system market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The Electronic Document Management System (EDMS) is a comprehensive solution designed to streamline the creation, storage, control, and organization of both digital and paper documents within a business framework. Functioning as a centralized digital platform, the EDMS facilitates efficient management, retrieval, tracking, and archiving of documents in diverse formats. This system serves as an integral tool for optimizing document-related processes and enhancing overall operational efficiency.

The primary solutions encompass software and services. Services denote the array of functionalities offered by the software to assist organizations in processing, capturing, storing, managing, and tracking documents. These solutions are deployed either on-premises or in the cloud and find application across diverse sectors including government, healthcare, education, legal, banking, financial services, and insurance (BFSI), among others.

The electronic document management system market research report is one of a series of new reports that provides electronic document management system market statistics, including electronic document management system industry global market size, regional shares, competitors with an electronic document management system market share, detailed electronic document management system market segments, market trends and opportunities, and any further data you may need to thrive in the electronic document management system industry. This electronic document management system market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The electronic document management system market includes revenues earned by entities by providing consulting, integration, and support. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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