New York, Oct. 10, 2023 (GLOBE NEWSWIRE) -- The global document management system market size is slated to expand at ~ 14.9% CAGR between 2023 and 2035. The market is poised to garner a revenue of USD 42.22 billion by the end of 2035, up from a revenue of ~USD 7.14 billion in the year 2022. Around 92% of businesses are currently involved in initiatives and according to 88% of senior business leaders digitalization is a key priority. Furthermore, 87% of all companies have either already implemented[R1] a digital first approach or have intentions to do so, in the near future. Businesses are increasingly undergoing digital transformation to streamline operations, reduce paper-based processes, and enhance efficiency. DMS plays a pivotal role in this transformation by enabling organizations to digitize, store, and manage documents electronically.
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Document Management System Market: Key Takeaways
- Market in North America to propel highest growth
- Hybrid segment to garner the highest growth
- Market in Asia Pacific to grow at a significant rate
Rise In Data Explosion to Boost Market Growth
The data explosion is caused by the increasing use of technology, such as cloud computing, smartphones, and IoT devices, and by the development of new technologies and applications. This has resulted in a huge increase in the amount of data generated, stored, and accessed. Over 92% of the global data has been created in just the past two years. The amount of data generated in 2023[R2] which reached a 122 zettabytes is projected to surge by more, than 152% by 2025 reaching an impressive total of 183 zettabytes. Digital data growth has made document management a priority. DMS solutions help organizations efficiently handle and organize vast volumes of data, ensuring easy retrieval and accessibility. DMS solutions also help organizations reduce costs and increase efficiency by automating manual data entry processes, as well as providing centralized storage for data across multiple locations. Additionally, DMS solutions can help organizations comply with data protection regulations by securely storing and providing access to data.
Document Management System Market: Regional Overview
The global document management system market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Increasing Adoption Of Cloud Technology to Drive the Growth in the North America Region
The document management system market in North America region is expected to grow at a CAGR of 14.6% and hold the largest market revenue of USD 14.46 billion owing to the presence of a large customer base in the region and the increasing adoption of cloud technology. Around 94% of decision-makers in the US enterprise infrastructure are utilizing one form of cloud deployment. Furthermore, in October 2021 EFileCabinet introduced a state of the art document management system featuring a Point of Presence (PoP) in[R3] regions across Canada. This expansion by EFileCabinet was a response to the increasing need from customers for document management and workflow automation solutions not only, in Canada but also globally.
Increasing Need For Efficient And Secure Collaboration Among Stakeholders to Drive the Growth in the Asia Pacific Region
The Asia Pacific document management system market is projected to grow 16.0% between 2023 and 2035. This is largely due to the need to comply with regulations such as the Digital[R4] Personal Data Protection (DPDP) Act, 2023, The Personal Information Protection[R5] Law (PIPL). Additionally, governments in the region are also investing more in document management systems to ensure the safety and security of their sensitive information. Furthermore, the increasing need for efficient and secure collaboration among stakeholders is also driving the adoption of document management systems. For instance, in 2022 Cybernetik[R6] Technologies Pvt. Ltd., an India based company collaborated with CloudFront to implement their document management system.
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Document Management System Segmentation by Offering
- Solution
- Services
- Implementation Services
- Training and Education
- Support and Maintenance
The solution segment is anticipated to hold the largest revenue by the end of 2035. This is largely due to the growing need for organizations to manage their documents in a more efficient way, as well as the need for more secure document storage. As organizations look to automate their document management processes, they are looking for solutions that offer features such as automation, scalability, and ease of use. It has been observed that the accuracy of data increases[R7] by 89% when utilizing workflow automation surpassing any method of document processing.
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Document Management System Segmentation by Deployment Mode
- Cloud
- On-Premise
- Hybrid
The Hybrid segment is anticipated to hold the largest revenue by the end of 2035. Hybrid cloud platforms allow organizations to quickly deploy and scale applications while also enabling them to take advantage of cloud services such as elastic scalability, automated updates, and cost savings. In 2020, it was noted that a majority of enterprises[R8] 82% implemented a hybrid cloud strategy. Additionally, hybrid platforms offer organizations the ability to customize their deployments to meet their exact needs, as well as the flexibility to migrate from one platform to another as their business evolves.
Document Management System Segmentation by Organization Size
- Small and Medium Sized Enterprises
- Large Enterprises
Document Management System Segmentation by Application
- BFSI
- Government
- Education
- Healthcare
- Enterprise
- Industrial Manufacturing
A few of the well-known market leaders in the global document management system market that are profiled by Research Nester are IBM Corporation, Microsoft, Oracle Corporation, Open Text Corporation, Xerox Corporation, Cannon, Hyland Software, Inc., Ricoh USA, Inc., MFiles, eFileCabinet, Inc., FUJITSU, Mitsubishi Logistics Corporation, BE ONE SOLUTION, FUJIFILM Business Innovation Co., Ltd., and other key market players.
Recent Development in the Market
- Oracle Corporation and HSBC have recently joined forces in a partnership, with the goal of expediting HSBCs transformation efforts. As part of this collaboration HSBC will be. Migrating database systems, to Oracle Exadata Cloud@Customer, a cloud platform that will be managed within HSBCs own data centers.
- In another development Ricoh USA, Inc. has introduced RICOH Claims Management Services. This innovative service is designed to address a challenge faced by insurance providers; the need to expedite claims resolution in order to enhance client satisfaction and improve retention rates.
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