Document Management System Market
The global document management system market size is predicted to expand its valuation by a considerable degree by 2027, asserts Market Research Future (MRFR) in its report. Document management systems are used by companies for tracking, capturing, and storing documents in an electronic form for centralized storage and rapid access. MRFR’s report on the document management system market focuses on rapid changes in technologies and latest evolutions. It offers drivers, opportunities, and restraints for the forecast period (2020-2027). The COVID-19 pandemic and its implications are explored in depth in the market.
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Market Scope
The global document management system market is driven by need for paperless systems and reduction of operational costs. Compliance to digitization of data and adoption of cloud services for storage of huge volumes of data can drive market demand. Organizations can use it to hold licenses of latest software and secure it against cyberattacks. Rise of portable devices and acceptance of electronic documents at checkpoints can bode well for the market.
Huge adoption of document management systems to curb illegal logins of personnel and trade of information can lead to transparency and protection of intellectual property. Large number of students attending universities and linking of social security numbers through a paperless route for faster identification can boost market demand.
But high implementation costs of document management systems on all machines in an organization can stymie market growth.
COVID-19 Impact Analysis
The COVID-19 pandemic did initially affect the document management system market owing to travel bans caused by international lockdowns. However, development of vaccines and ease of travel restrictions can create demand in the market. This is evident with various travel agencies offering travel and vaccination proofs to be accepted through a single mobile application.
Segmentation Analysis
Large Enterprises to Register Huge Growth
The large enterprises segment is set to register huge growth over the forecast period due to need to lower paper burden and alleviate the work of staff.
Government to be Biggest Application of Global DMS Market
The government is set to be the fastest adopter of document management system in the market and boost revenues by the end of the forecast period. This is primarily to shift to digitization of documents and efforts of governments to embrace virtualization. This is exemplified by the recent memorandum of understanding (MoU) between the Sharjah Documentation and Archive Authority (SDAA) and Expo Centre Sharjah for collection, preservation, and organization of electronic documents.
Competitive Analysis
The Ricoh Company, Ltd., Canon Inc., Xerox Holdings Corporation, IBM Corporation, Newgen Software Technologies Limited, eFileCabinet, OpenText Corporation, M-Files Corporation, Oracle Corporation, and Hyland Software are key players in the global document management system market.
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Regional Analysis
APAC to Capture Considerable Market Share by 2027
Asia-Pacific (APAC) is set to lead in the global document management system market due to a large swath of students heading to the region for higher students. The need for a proper trail for authentication of students as well as adoption of digital solutions among organizations can bode well for the market.
Industry News
IBM Digital Health Pass, a software for maintaining documents essential for travel during the COVID-19 pandemic, has been integrated by Amadeus, a travel company for integrating health passes.