Pune, India, April 2020, MRFR Press Release/- Market Research Future has published a Half-Cooked Research Report on the Global Document Management System Market.
Market Research Future (MRFR)’s latest research on the document management system market 2020 indicates towards its significant growth prospects during the review period (2018 to 2023).
Primary Drivers and Top Challenges
Unorganized or unstructured content makes it challenging for large-sized organizations to gather business-related information and use it efficiently in a short period. Therefore, a document management system or DMS is deployed significantly across enterprises, in order to tackle these issues. At present, the document management systems market is driven by the mounting need to boost the efficiency of the overall workplace. Advanced technologies along with effective execution of DMS can gradually lead to elimination of the conventional concept of paper files, leading to more business growth in the near future.
The rising focus on holding on to historical records of the company, combined with the soaring adoption of paperless solutions, has been notable growth boosters in the market. Cloud-based computing solutions are considered to be significant enablers that can help the document management system market size expand in the approaching period.
In the healthcare sector, open source tools have gained immense prominence, prompting the practitioners to make extensive use of open-source technologies to establish a DMS. Also, AI and Big Data are touted to revolutionize the healthcare industry in the very near future. Many of the companies are integrating these next-gen technologies in the RPA platform to enhance the efficiency of patient care, while bringing down the chances of administrative errors. To illustrate, in September 2019, Imperial College Healthcare NHS Trust started using IMMJ Systems Mediviewer, which is an electronic document management system or EDMS. EDMS helps hospitals index, archive and scan the paper medical records, in addition to accessing these records using a user interface.
Document management system industry has been dissected based on the primary segments of deployment, organization size and end-user.
The deployment of the document management system is generally done either over the cloud or on-premise.
Large and small & medium enterprises (SMEs) are the organization size-based segments listed in the report.
With respect to end-users, document management systems are being increasingly deployed across healthcare, retail, education, BFSI, and others. The healthcare industry involves significant amounts of data being collected manually through contrasting internal IT systems and numerous collections of documents, databases, and forms. The adoption of document management systems enables players in the healthcare industry to create electronic patient records, thus, minimizing the risk of important documentation being misplaced and increasing security access.
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Top markets for document management system are North America, Asia Pacific (APAC), the Middle East and Africa or MEA and Europe.
Being a highly advanced region and an early adopter of next-gen technologies; North America rides high on the massive awareness about the benefits of using document management systems. Given the soaring need to maintain and track the rapidly expanding patient records, various companies in the region are innovating and offering advanced document management systems that can increase the consumer base. To cite a reference, in February 2020, Agiloft (US) added a new AI Engine that consists of prebuilt AI features for contract management along with an open AI integration, which allows customers to integrate several custom-built AI tools right into the no-code-platform.
APAC is observing a growing number of students in universities, making it imperative for educational institutes to maintain a document trail for each student. With the number of student surging every year in the region, DMS providers are presented with an opportunity to gain more prominence in the market. Apart from the education sector, banking industry is also increasingly deploying DMS to maintain valuable information. Sensing the opportunity in the market, leading banks in the region are adopting marketing hacks like product launch and more. For instance, Citi Bank, in the year 2019, started digital onboarding for all the institutional clients in the region. This advanced digital solution has successfully taken over courier-based and manual legacy paper-driven documentation processes.
HP, Ricoh Company Ltd., Asite, Hyland Software Inc., Oracle Corporation, OpenText Corporation, SpringCM, Xerox Corporation, Alfresco Softwre Inc., IBM Corporation, Microsoft Corporation, Agiloft, eFile Cabinet Inc., Canon Inc., are some of the top contenders in the document management system market.
The document management system industry is extremely competitive, with the rising use of cloud technology projected to boost the number of startups entering the market. Strategic collaborations, product launches and mergers and acquisitions are some of the most effective hacks being adopted by leading companies in the market.