April 25, 2022 08:09 ET | Source: Fortune Business Insights Fortune Business Insights
Pune, India, April 25, 2022 (GLOBE NEWSWIRE) — The global document management system market size was USD 5.00 billion in 2021 and reached USD 5.55 billion in 2022. The market is anticipated to reach USD 16.42 billion by 2029, exhibiting a CAGR of 16.8% during the forecast period. The rising demand for paperless government and offices due to the extensive adoption of cloud services is expected to propel the market development. Fortune Business Insights™ provides this information in its report titled “Document Management System Market Growth, 2022-2029.”
A document management system is a solution developed to systematically manage documents and files and simplify data management. The rising demand for paperless government and offices may enhance the market growth. Further, the extensive adoption of cloud-based services may enhance the product adoption. These factors may propel the industry’s growth in the coming years.
Key Industry Development
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Drivers and Restraints
Robust Demand for Workplace Efficiency to Enhance Market Growth
The incorporation of advanced technology such as artificial intelligence, real-time tracking solutions, and cloud computing solutions is expected to surge the product demand. For example, eGrove Systems Corporation announced an integrated advanced agile document and time tracking project management. This factor increased workplace efficiency by using advanced software solutions. Further, incorporating the software enables companies to manage the workplace environment and achieve their goals. These factors may propel the document management system market growth.
However, increasing data privacy concerns and regulatory compliances may hinder market growth.
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Presence of Major Players to Propel Market Progress in North America
North America is expected to dominate the document management system market share due to the presence of several major players. The market in North America stood at USD 2.25 billion in 2021 and is expected to gain a huge portion of the global market share. Further, the presence of a developed digital infrastructure is expected to boost the industry progress.
In Asia Pacific, the rising adoption of DMS solutions by government, manufacturing, and other sectors is expected to boost the document management system adoption. These factors may propel the market growth.
In Europe, rising investments in digital platforms may boost the adoption of the document management system. Further, rising digital platform investments are expected to boost industry progress.
By component, the market is segmented into solution and services. As per deployment, it is bifurcated into cloud and on-premises. Based on organization size, it is clubbed into large enterprises, and small and medium enterprises. By industry, it is classified into BFSI, IT and telecommunication, government, manufacturing, retail, healthcare, and others. Regionally, it is classified into North America, Europe, Asia Pacific, Middle East & Africa, and South America.
Players Announce Novel Services to Boost Brand Image
The prominent players operating in the market announce novel services to enhance their sales and boost brand image. For example, Google LLC announced an AI-based Lending DocAI service for the mortgage industry. The AI tool helps several mortgage companies in speeding up their document processing. It helps automate routine document reviews by extracting the data required. It is a civilized document that may enable the company to boost its brand image. Further, companies adopt research and development, mergers, acquisitions, and expansions to boost their annual revenues and global market position.
Quick Buy – Document Management System Market:
The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market’s key players.
Rising Dependence Upon Digitization to Foster Market Growth
This Document Management System Market is expected to be negatively affected during the COVID-19 pandemic because of the rising dependence on digitization. The alarming spike in COVID-19 cases leads to restrictions on manufacturing and the closure of activities. Companies focus on developing digital infrastructure to continue their activities and enhance their annual revenues. The accumulation of digital data loads leads to the adoption of effective data management, thereby enhancing the adoption of the product. These factors may propel the market progress during the pandemic.
Companies Profiled in the Document Management System Market Report
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Major Points of Table:
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