Press release
Exploring the Global Document Management System Market: A Comprehensive Overview
The document management system market size is expected to see rapid growth in the next few years. It will grow to $14.95 billion in 2028 at a compound annual growth rate (CAGR) of 13.1%. The growth in the forecast period can be attributed to adoption in emerging markets and smes, focus on user experience and mobile accessibility, migration to hybrid and cloud-centric models, rise in data security concerns, increasing demand for remote work solutions. Major trends in the forecast period include integration with business applications, emphasis on remote work and collaboration tools, implementation of blockchain technology, adoption of mobile-friendly interfaces, focus on cybersecurity and compliance.
Market Overview -
A document management system refers to an automated software solution for organizing, securing, and digitizing an organization's files for centralized storage, access, editing, and sharing. It can store, manage, and track electronic documents in addition to electronic images of paper-based information.
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Rise Of Paperless Offices Drives Growth In Document Management Systems Market
The emergence of paperless offices is expected to drive the growth of the document management systems market going forward. A paperless office refers to a workplace that operates with minimal paper-based processes and relies more on digitized documents to carry out daily business operations. Document management solutions in paperless offices provide for easier management and storage of digital files, allowing employees to effortlessly exchange and review digital files. For instance, in June 2021, Prasar Bharathi, a public broadcaster in India, adopted 100% e-office operations that have enhanced the speed and transparency in the working of the organization and have created more than 50,000 e-files with the status of every file available online. Therefore, the emergence of paperless offices is expected to propel the growth of the document management systems market.
Competitive Landscape -
Major companies operating in the document management system market report are OpenText Corporation, Xerox Corporation, Ricoh USA Inc., International Business Machines Corporation (IBM), Canon Inc., eFileCabinet Inc., DocuSign Inc., Oracle Corporation, Hyland Software Inc., Microsoft Corporation, Asite Solutions, M-Files Corporation, Synergis Technologies LLC, Atlassian Corporation plc, Hewlett-Packard Development Company LP, FileHold Systems Inc., Ecrion Software Inc., Dell EMC, Laserfiche Corporation, DocuWare GmbH, Nuance Communications Inc., Adobe Inc., Box Inc., Alfresco Software Inc., Ever Team Software, Nuxeo Ltd., Zoho Corporation Private Limited, Pioneer It Solutions Private Limited, ELO Digital Office GmbH, Fabasoft AG
A Cutting-Edge Document Management Tool For Maritime Compliance
Major companies operating in the document management system market are innovating cutting-edge document management tools, such as Documents SE, to address the need for efficient management of policies and procedures. Documents SE is a document management tool designed to assist organizations in efficiently managing policies and procedures. For instance, in March 2022, ShipNet, a Norway-based provider of cloud ERP software solutions for the maritime industry, launched Documents SE, a new document management tool designed to assist organizations in handling policies and procedures, such as the ISM Code or OCIMF recommendations, ensuring safety, and environmental compliance. The tool allows for efficient management, distribution, and tracking of different policies across fleets, providing visibility into the progress and status of documents. With an easy-to-use search function and flexible structure, Documents SE enhances user experience, and its notification mechanism ensures users stay informed about revisions or assignments. Integrated into the ShipNet One ecosystem, it offers web-based accessibility, platform independence, and seamless file management.
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Key Segments -
The document management system market covered in this report is segmented -
1) By Offering: Solutions, Services
2) By Deployment Mode: On-Premise, Cloud-Based, Hybrid
3) By Organization: Small And Medium-Sized Enterprises (SMEs), Large Enterprises
4) By Application: Banking, Financial Services, And Insurance, Government, Education, Healthcare, Corporate, Industrial Manufacturing, Retail, Other Applications
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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