The Global Document Management Systems Market- Growth, COVID-19 impact and Forecast (2021-2025)
The Document Management Systems Market is segmented by Deployment Type (Cloud, On-premises); End-users (IT and telecom, Government, BFSI, Medical, and Others); Geography (North America, Europe, APAC, and ROW).
Introduction
Document management systems (DMS) enable companies to manage, store, track electronic files & documents, and electronic images through document scanners for business operations. They advanced DMS offers with social integration, cloud computing, workflow collaboration, and smartphone accessibility to employees.
Factor such as increasing adoption of cloud-based services and cloud computing, rising need to streamline business operations are fueling the market growth. However, the high implementation cost, data security, and privacy concerns are some of the factors that are hampering the growth of document management systems market.
The COVID-19 pandemic has severely impacted importance of document management systems in healthcare industry as it is widely used in smooth operation of maintaining the patient’s health record. Moreover, the need for this DMS is also increased in other essential end-user industries during this pandemic situation.
Table of Contents
Executive Summary
Scope of the report
Research Methodology
Executive Summary
Introduction
5.1 Parent Market/ TAM
5.2 Market Outline
5.3 Market Segmentation
6. Five Force analysis
7. Market Sizing
8. Market segmentation
9. Geographical Landscape
9.1 APAC
9.2 Europe
9.3 North America
9.4 ROW
10. Growth drivers
10.1 Increasing need to streamline business operations
10.2 Benefits of digitalizing content across enterprises
11. Key Market Trends
12. Impact of Covid-19
13. Challenges
14. Customer Insights analysis
15. Major Market Players
15.1 IBM
15.2 Microsoft
15.3 Xerox
15.4 OpenText
15.5 Hyland Software
15.6 Oracle
15.7 Altirnao
15.8 SpringCM
15.9 Newgen Software Technologies
15.10 DocSTAR
16. Recent Developments
17. Future Scope
18. Strategic Recommendations
Market Overview
The global document management systems market is expected to grow to $11,216.80 million by 2025
Growth momentum is expected to accelerate during the forecast period with a 13.52% CAGR.
The increasing need to streamline business operations and adhere to compliance requirements is fueling market growth.
North America is dominating due to the increasing penetration of advanced technologies and the need for cost-efficient business solution
Key Trends
The increasing need to adhere to the compliance requirements and the benefits of digitalizing the content across the firm for easy accessibility are anticipated to drive the market in the near future
The storage and management of digital documents facilitate cost reduction and eliminates the probability of human error is expected to fuel the market demand during the forecast period.
Key Market Players
Some of the key players in the market are IBM, Microsoft, Xerox, OpenText, Hyland Software, Oracle.
In recent years, the key market players are adopting various strategies initiatives such as new product launches and focus on continuous technology innovations, M&A to increase their market share. For instance, the increasing demand for DMS in recent times to maintain the rapidly growing patient records has enabled companies to innovate new DMS products.
Growth Drivers and Challenges
Evolving industrialization in growing economies is resulting in the increasing need to streamline business operations is driving the market.
The emergence of paperless offices and the need for increased efficiency are also key drivers that are fueling market growth.