LONDON, April 06, 2023 (GLOBE NEWSWIRE) -- The Business Research Company’s research on the document management system market forecasts the global document management system market size to grow from $6.9 billion in 2022 to $7.9 billion in 2023 at a compound annual growth rate (CAGR) of more than 13%. The document management software market size is expected to reach $12.9 billion in 2027 at a CAGR of more than 13%.
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The rise of paperless offices is expected to fuel future growth in the document management systems market. A paperless office is a workplace that uses digitised documents to carry out daily business operations rather than paper-based processes. Document management solutions in paperless offices make digital file management and storage easier, allowing employees to easily exchange and review digital files. For example, in June 2021, Prasar Bharathi, an Indian public broadcaster, implemented 100% e-office operations, which increased the organization's speed and transparency and resulted in the creation of over 50 thousand e-Files with the status of every file available online. As a result, the rise of paperless offices is expected to fuel the expansion of the document management systems market.
Major players in the document management system market are OpenText Corporation, Xerox Corporation, Ricoh USA Inc., International Business Machines Corporation, Canon Inc., eFileCabinet, SpringCM, Oracle Corporation, Hyland Software.
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Technological advancement is a key trend that is gaining traction in the document management system for manufacturing industry. Major market participants are focusing on advanced innovations in document management systems based on artificial intelligence (AI) and machine learning capabilities. Emprint, a full-service provider of printing and document solutions based in the United States, will, for example, launch EmprintWeb in August 2020, a cloud-based document management system aimed at reducing paperwork, cutting costs, and enabling more efficient work. The system enables healthcare providers to save money and improve process efficiency.
North America was the largest region in the document management system market in 2022. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the document management system report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The global document management system market is segmented By Offering into Solutions, Services; By Deployment Mode into On-Premise, Cloud-Based, Hybrid; By Organization into Small And Medium-Sized Enterprises (SMEs), Large Enterprises; By Application into Banking, Financial Services, And Insurance, Government, Education, Healthcare, Corporate, Industrial Manufacturing, Retail, Other Applications.
Document Management System Global Market Report 2023 by The Business Research Company provides insights on the document management system market size, document management system market segments, document management system market trends, drivers and restraints, major competitors’ market positioning, revenues and document management system market share.
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