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The global document management system market size was valued at USD 5.52 billion in 2022 and is projected to grow from USD 6.23 billion in 2023 to USD 18.97 billion by 2030, exhibiting a CAGR of 17.2% during the forecast period.
The report includes software 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. In services, the scope includes documents offered by market players. The DMS 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 software 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 expected to surge the demand for document management solutions and services over the forecast period.
Decline in IT Spending Amid COVID-19 Pandemic Slightly Hampered the Market Growth
The emergence of COVID-19 pandemic has declined the demand for DMS software and services. As per the Gartner Report in 2020, the global IT spending in 2020 was USD 3.6 trillion, which declined by 3.2% in 2020 and reached USD 3.9 trillion in 2021. Also, key players operating in the market recorded a noteworthy 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. Thus, with increase in advanced cloud-based solutions, the market is expected to witness substantial growth over a long-term period.
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Rising Adoption of Cloud-based Solutions by Businesses Aids the Market Growth
Document printing and archiving solutions based on the cloud allow end-users to securely organize, monitor, 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,
Rising Demand for Workplace Efficiency with Advanced DMS System Drives the Market Growth
The rising integration of technologies, such as cloud computing, AI, real-time tracking systems, and others, is driving the document management system market growth. For instance, in August 2021, eGrove Systems Corporation launched an integrated advanced time tracking project management and agile document service. 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 extensively adopted for paperless digital transformation of businesses across industries, including healthcare, BFSI, government, and others. For instance,
Rising demand for paperless offices for increasing workforce productivity and developing environment-friendly offices drives the market growth. As per Xerox Corporation, approximately 46% of professional 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 Data Privacy Concerns and Regulatory Compliance to Limit Market 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 security & data breach, data privacy, cyber-attacks, identity theft, 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 retail, BFSI, government, and others may hinder market growth.
Implementation of Advanced DMS Solutions in Organizations to Propel Market Growth
By component, the market is bifurcated into software and services. The software segment is expected to hold the largest market share during the forecast period. The rising development and implementation of advanced DMS software 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-premise. Among these, the cloud segment held the larger market share in 2022 and is expected to continue its dominance by growing at a highest CAGR during the forecast period. It is owing to the surge in adoption of DMS solutions by small and medium-scale organizations worldwide. 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 Boosts the Market Growth
The market is bifurcated into large enterprise and Small & Medium Enterprise (SME) based on enterprise type. Large enterprise 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, SME segment is expected to grow with the highest CAGR during the forecast period, owing to rising demand for DMS systems across startups. For instance,
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Rising Adoption of Advanced Management Solutions across BFSI and Healthcare Sectors to Foster Market Growth
Based on industry, the market is divided into BFSI, IT and telecommunication, government, manufacturing, real estate, retail, healthcare, and others (education). BFSI is expected to hold the largest share in the global market, as the use of DMS solutions helps banks to save money by reducing its paper consumption and associated costs. Also, it helps banks to provide efficient customer service and easily review multiple documents during audit.
IT and 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, 2022 (USD Billion)
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Geographically, the market is studied across North America, Asia Pacific, Europe, South America, and the Middle East & Africa. They are further categorized into countries.
North America is expected to dominate the document management system market share during the forecast period due to the presence of prominent players such as Oracle Corporation, Microsoft 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 noteworthy 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 rising investments in digital platforms and rapid digitalization. In addition, leading players adopt strategies, such as partnerships, mergers, collaborations, and acquisitions, to expand the document management solutions offerings in European countries.
The market in the Middle East & Africa is projected to exhibit growth with a significant CAGR over the forecast period. GCC, South Africa, the UAE, and others are gaining popularity to adopt advanced document management systems. Government authorities are investing in adopting paperless offerings to eliminate paper waste. For instance,
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Key Players Focus on Reinforcing their Market Position with Continuous Advancements
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
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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.
CAGR of 17.2% from 2023 to 2030
Value (USD Billion)
By Component, Deployment, Enterprise Type, Industry, and Region
By Enterprise Type
The market is projected to reach USD 18.97 billion by 2030.
In 2022, the market was valued at USD 5.52 billion.
The market is projected to grow at a CAGR of 17.2% during the forecast period.
The software segment held the largest market share in 2022.
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 2.49 billion in 2022.
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