"Smart Strategies, Giving Speed to your Growth Trajectory"
The global document management system market size was valued at USD 5.00 billion in 2021. The market is projected to grow from USD 5.55 billion in 2022 to USD 16.42 billion by 2029, exhibiting a CAGR of 16.8% during the forecast period. The global COVID-19 pandemic has been unprecedented and staggering, with experiencing lower-than-anticipated demand across all regions than pre-pandemic levels. Based on our analysis, the market exhibited a decline of -0.9% in 2020 as compared to 2019.
The report includes solutions and services offered by players such as Adobe Inc., Oracle Corporation, Microsoft Corporation and others. The products and services offered by these companies include WebCenter Content by Oracle Corporation and OpenText Corporation’s OpenText documents management solution. These solutions offer secure and convenient storage for documents and provide document-shredding services. The document management system software is witnessing potential demand from the government sector, owing to surge in demand for paperless government and offices around the globe. Several organizations are implementing advanced solutions and services to digitize their business processes, reduce costs, and streamline workflows. The leading players in the market are developing advanced document management system open source solutions for small, medium, and large scale enterprises. For instance,
Such development activities by the major players in the market are likely to propel the demand for document management solutions and services during the forecast period.
Decline in IT Spending Amid COVID-19 Pandemic Slightly Hampered Market Growth
The emergence of COVID-19 pandemic has declined the demand for document management system solutions and services. According to the Gartner Report in 2020, the global IT spending in 2020 was valued at USD 3.6 trillion, declined by 3.2% in 2020 and reached around USD 3.9 trillion in 2021. Also, key players operating in the market recorded a significant decline in their revenues owing to the COVID-19 pandemic. In terms of revenue, the market witnessed a decline of around 0.9% in 2020.
During the pandemic, end-use organizations adopted digital technologies worldwide. Customers have adopted digital platforms such as social media, e-commerce, and knowledge platforms. The companies in the market are focused on developing advanced document management solutions for businesses to increase workplace efficiencies. For instance,
On a long-term basis, the market is anticipated to witness strong growth attributed to the rising adoption of cloud-based solutions across developing countries. For instance,
With such an increase in advanced cloud-based solutions, the market is expected to witness substantial growth over a long-term period.
Request a Free sample to learn more about this report.
Rising Adoption of Cloud-based Solutions by Businesses Aids Growth
The rising adoption of cloud-based solutions by end-use organizations is an emerging global document management system market trends. Document archiving and printing solutions based on the cloud allow end-users to securely monitor, organize, and retain business-critical documents. Key Players in the market, such as Salesforce, SAP SE, Microsoft Corporation, and Oracle Corporation, are developing cloud-based solutions. For instance,
Increasing Demand for Workplace Efficiency with Advanced DMS System Drives Growth
The rising integration of emerging technologies such as AI, cloud computing, real-time tracking systems, and other solutions is considered as the drivers of the document management system market growth. For instance, in August 2021, eGrove Systems Corporation launched an integrated advanced agile document and time tracking project management services. The document management solutions are used to manage employees and projects remotely. This has increased workplace efficiency with the use of advanced software solutions.
Further, the DMS solution is widely adopted for paperless digital transformation of businesses across industries, including BFSI, healthcare, government, and others. For instance,
Rising demand for paperless offices for increasing workforce productivity and developing environment-friendly offices drives the growth of the market. According to Xerox Corporation, approximately 46% of business employees waste their time owing to paper-related workflows. This can be reduced by using advanced document management solutions to improve business efficiencies and reduce the overall processing time.
Rising Regulatory Compliance and Data Privacy Concerns to Restrict Growth
The increasing utilization of digital platforms has increased data privacy and security concerns. With modern technology-based document management services and systems, several information privacy concerns and other vulnerabilities are rising. Vulnerabilities such as data privacy, security & data breach, identity theft, cyber-attacks and others are a few hindering factors for market growth. According to the Cybersecurity Ventures Report in 2019, the damage cost of cyber-attacks reached 6 trillion in the year. Such an increase in cyber-attacks in various sectors such as BFSI, retail, government, and others may hinder market growth.
Implementation of Advanced DMS Solutions in Organizations to Boost Market Growth
By component, the market is bifurcated into services and solutions. The solutions segment is expected to hold the largest market share in 2021 during the forecast period. The rising development and implementation of advanced DMS solutions across BFSI, retail, and government sectors for digitalizing businesses aided the market growth. For instance,
The services segment is expected to grow with the highest CAGR over the forecast period. Organizations are launching services across various regions for better customer experience.
Rising Adoption of Cloud Computing Solutions to Fuel the Market Growth
As per deployment, the market is divided into cloud and on-premises. Among these, the on-premises segment is expected to hold the largest share in 2021, owing to the surge in adoption of DMS solutions by small and medium-scale organizations worldwide. The cloud is expected to grow with the highest CAGR during the forecast period. Key players in the market are providing solutions based on the cloud for their customers to enhance their storage capabilities. Cloud services adoption is increasing rapidly, owing to the surge in leading player’s investments in cloud-based infrastructure. For instance,
Adoption of DMS Solution across Large Enterprises Boost the Market Growth
The market is fragmented into large enterprises and small & medium enterprises (SMEs) based on organization size. Large enterprises segment is expected to hold the largest market share over the forecast period. Large enterprises are investing considerable amounts in implementing solutions to ensure data security and privacy. Document management solutions features include workflow automation, document security, and facilitating document storage.
Further, SMEs are expected to grow with the highest CAGR during the forecast period, owing to rising demand for these systems across the startups. For instance,
To know how our report can help streamline your business, Speak to Analyst
Rising Adoption of Advanced Management Solutions across BFSI and Healthcare Sectors to Foster Growth
Based on industry, the market is divided into BFSI, IT & telecommunication, government, manufacturing, retail, healthcare, and others. BFSI is expected to hold the largest share in the global market during the forecast period. In this sector, DMS solutions are used to ensure compliance with the legal norms and meet the required regulations required for any financial company.
IT & telecommunication, government, manufacturing, and retail are growing moderately due to advancements across digital technologies. Leading players in these sectors adopt document management solutions to digitalize their business processes.
Further, virtual learning demands have gained popularity in the education sector amidst the COVID-19 pandemic. Document management solution is used to manage and deliver complete online learning and training solutions for students and teachers to control and validate the documents.
North America Document Management System Market Size, 2021 (USD Billion)
To get more information on the regional analysis of this market, Request a Free sample
Geographically, the market is studied across five major regions such as North America, Europe, Asia Pacific, the Middle East & Africa, and South America. They are further categorized into countries.
North America is expected to dominate the market share during the forecast period due to leading players such as Microsoft Corporation, Oracle Corporation, and others. These players invest and develop advanced DMS solutions to meet the growing data demand. For instance,
Asia Pacific is estimated to exhibit a remarkable growth rate during the forecast period. The market is growing with a significant CAGR during the forecast period, owing to the adoption of DMS solutions by the manufacturing, government, and other sectors.
Furthermore, Europe is growing moderately owing to rapid digitalization and rising investments in digital platforms. In addition, leading players adopt strategies such as partnerships, collaborations, mergers, and acquisitions to expand the document management solutions offerings in European countries.
The market in Middle East & Africa is projected to exhibit growth, exhibiting a significant CAGR during the forecast period. GCC, the UAE, South Africa, and others are gaining popularity to adopt advanced document management systems. Governments’ authorities are investing in adopting the paperless offering to eliminate paper waste. For instance,
To know how our report can help streamline your business, Speak to Analyst
Key Players Focus on Strengthening their Market Position with Continuous Developments
The key players in the market are investing in developing advanced technology-based document management systems and solutions. The prominent companies’ offerings include ClickUp, pCloud, HubSpot, Alfresco, LogicalDOC, Feng Office, and Nuxeo. Also, the prominent players are adopting various business strategies such as mergers, acquisitions, partnerships, and collaborations to expand their market presence.
An Infographic Representation of Document Management System Market
To get information on various segments, share your queries with us
The report highlights leading regions worldwide to offer a better understanding of the user. Furthermore, the report provides insights into the latest industry, market research, competitive landscape, and market growth trends and analyzes technologies deployed at a rapid pace at the global level. It further highlights some of the growth driving factors and restraints, helping the reader gain in-depth knowledge about the market.
ATTRIBUTE | DETAILS |
Study Period | 2018-2029 |
Base Year | 2021 |
Estimated Year | 2022 |
Forecast Period | 2022-2029 |
Historical Period | 2018-2020 |
Unit | Value (USD Billion) |
Segmentation | By Component, Deployment, Organization Size, Industry, and Region |
By Component |
|
By Deployment |
|
By Organization Size |
|
By Industry |
|
By Region |
|
The market is projected to reach USD 16.42 billion by 2029.
In 2021, the market was valued at USD 5.00 billion.
The market is projected to grow at a CAGR of 16.8% during the forecast period.
The solution segment held the largest market share in 2021.
North America is expected to hold the highest market share.
Asia Pacific is expected to grow with a remarkable CAGR.
North America is expected to hold a significant market share in the market. The market in this region was valued at USD 2.25 billion in 2021.