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Document Management System Market Trends

ID: MRFR//5036-HCR | 100 Pages | Author: Shubham Munde| July 2024

Global Document Management System Market Overview:

Document Management System Market Size was valued at USD 6.1 billion in 2023. The Document Management System market industry is projected to grow from USD 6.9 billion in 2024 to USD 17.7 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 12.6% during the forecast period (2024 - 2032). The increasing demand to streamline corporate operations, the benefits of digitalizing content across companies, and the increasing need to adhere to compliance regulations are driving growth in this industry.

FIGURE 1: Document Management System Market 2018-2032

Document Management System Market

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Covid-19 Analysis

The pandemic of COVID-19 has reduced demand for document management system solutions and services. According to the Gartner Report for 2020, global IT investment was valued at USD 3.6 trillion in 2020, fell by 3.2% in 2020, and is expected to reach around USD 3.9 trillion in 2021. Furthermore, leading industry participants saw a large drop in revenue as a result of the COVID-19 epidemic. In addition, due to shut down of various end users of document management system have impacted market growth.

Document Management System Market Trends

  • Rising efficiency at workplace due to advanced document management system

The increasing incorporation of emerging technologies such as Al, cloud computing, real-time tracking systems, and other solutions is thought to be driving the growth of the document management system market. For example, eGrove Systems Corporation launched an integrated advanced agile document and time tracking project management service in August 2021. Employees and projects are managed remotely using document management tools. The usage of innovative software solutions has boosted workplace productivity.

In addition, the DMS solution is widely used for paperless digital transformation of enterprises in a variety of industries, including BFSI, healthcare, government, and others. The market is expanding due to rising demand for paperless offices in order to increase employee productivity and establish environmentally friendly offices. According to Xerox Corporation, paper-related operations waste around 46% of business employees' time. This can be minimized by implementing advanced document management solutions to increase company efficiencies and decrease total processing time.

Document Management System Market Segment Insights:

Document Management System Offering Insights

Based on the Offering, the Document Management System market has been divided into solution and service. The solutions category is expanding rapidly as organizations seek to gain a strategic advantage through document management, digital asset management, and eDiscovery while also streamlining their document management operations to reduce risks.

March 2022: Xerox Corporation launched an electronic document management system that enhances efficiency and smart workplace post-pandemic. The system is designed for customers across private and public establishments for an efficient workplace.

FIGURE 2: Document Management System Market SHARE BY OFFERING 2021 (%)

Document Management System Market SHARE BY OFFERING 2021

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Document Management System Organization Size Insights

Based on organization size, the Document Management System market has been segmented into large enterprises and small & medium enterprises (SMEs). Large enterprises holds a largest market share, however the market for SMEs is likely to increase faster. Growth in this segment is expected to be consistent over the next five years, owing to new entrants' deployment of innovative technologies such as Social, Mobility, Analytics, and Cloud (SMAC), which is compelling existing players to modernize their traditional IT infrastructures to meet changing customer requirements.

June 2021: Exela Technologies, Inc. launched 'Digital Mailroom (DMR) Platform,' the document management system for online sign-ups and SMEs and professionals in the U.K. The Exela DMR platform catches a virtual office address and receives incoming mail as digitized documents accessible through its DMR portal.

Document Management System Deployment Insights

Based on deployment mode, the Document Management System market has been segmented into cloud-based, on-premise, and Hybrid. The hybrid category is expected to be the fastest-growing of all deployment options due to benefits such as greater flexibility, technical control, enhanced security, and better adherence to compliance requirements.

September 2021: Laserfiche launched Laserfiche, a cloud-based solution across the Middle East & Africa and Europe. The cloud-based solution is based on intelligent business process automation and content management cloud offering that delivers secure content and automates the business processes.

Document Management System Vertical Insights

Based on vertical, the Document Management System market has been divided into BFSI, Government, Education, Industrial Manufacturing, Healthcare, Others. During the projection period, the BFSI segment is expected to have the biggest market share. Document management systems are critical in the BFSI business for acquiring and managing all financial data. 

Document Management System Regional Insights

The Global Document Management Software Market is divided into four regions: North America, Europe, Asia Pacific, and the Rest of the World. During the projected period, the market in APAC is expected to develop at the fastest CAGR. Several initiatives by governments, as well as the private and public sectors in APAC, have contributed to market growth. Furthermore, the presence of key participants in the ecosystem of document management systems results in increased adoption of these systems in APAC.

Furthermore, due to fast digitalization and rising investments in digital platforms, Europe is developing considerably. Additionally, top firms use tactics like as alliances, collaborations, mergers, and acquisitions to increase their document management system offerings in European countries. For example, in November 2021, France's Digital Affairs Secretary announced a USD 2.00 billion investment in the country's digital and cloud computing technology.

The Middle East and Africa market is expected to develop at a substantial CAGR during the forecast period. The GCC, the UAE, South Africa, and other countries are increasingly adopting modern document management systems. Governments are investing in paperless offerings in order to reduce paper waste. As an example,

FIGURE 3: Document Management System Market SHARE BY REGION 2021 (%)

Document Management System Market SHARE BY REGION 2021

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Document Management System Key Market Players & Competitive Insights

In recent years, the market for document management solutions has gained a competitive advantage. It is made up of several key players. In terms of market share, a few major firms now dominate the market. However, the growing demand for firms to develop and provide strategic document management systems has enabled organisations to innovate and deliver strategic document management systems. Many businesses are expanding their market presence by gaining new contracts and entering new areas. For nstance, Advanced collaborated with Xperate in November 2022 to provide cloud-based document management integration with practise and case management solutions. The full version is scheduled to be released in early 2023. Syndifi Inc, the cloud-based syndication software designed specifically for the Equipment Finance industry, launched a new document management platform functionality in September 2022, making it easier for sellers to perform actions such as uploading, renaming, deleting, sorting, and reorganising documents with a drag and drop feature and can upload 4 gigabytes of files in a fraction of seconds.

Key Companies in the Document Management System market include

  • Nuxeo

  • Open Text Corporation

  • IBM Corporation

  • Microsoft Corporation (Sharepoint)

  • Oracle Corporation

  • Hyland Software

  • Document360

  • Zoho Corporation

  • DocLogix

  • Integrify

  • Kissflow

  • Agiloft, Inc.

  • Logicaldoc

  • Cflowapps

  • Other Players

Document Management System Industry Developments

May 2023- One of Europe's top platforms for digital construction, real estate, and facilities management, PlanRadar, has added a new document management feature to its extensive collection of digital management solutions. In response to requests from current PlanRadar subscribers for an easy-to-use, intuitive, and simplified approach to gather and manage data amid the in-field & back-office teams, the intuitive Document Management tool has been created. In order to maintain tamper-proof audit trail & a comprehensive image of all sign-offs during projects, it fulfills the request by providing a simple approach to track, plan, and document approvals.

March 2023- For quicker and better customer service, BRAC Bank chooses Newgen to implement a document management system (DMS). The contextual content services platform from Newgen, of which DMS is a component, will assist the bank in streamlining end-to-end client journeys and delivering transformed experiences. With the implementation, the bank now has a central location for managing all of its electronic and physical data securely while maintaining their integrity and authenticity. The solution helps the bank maintain compliance, enables instant document uploading, sets off automated email alerts and notifications, and guarantees smooth connectivity with third-party systems and the bank's core banking services.

December 2022- Whip Around Wallet, a document management tool that makes it easier for drivers to save and handle papers while on the road, was just released by Whip Around, a cloud-based fleet maintenance software platform. A system developed by Whip Around enables businesses and drivers for storing documentation digitally within a single area and to classify those papers according to the kind of document for quick and simple access. The Wallet functionality was also incorporated into the application for driver side of management for addressing the issues associated with roadside enforcement by enabling drivers to easily access and exchange digital papers. In order to ensure timely renewal, drivers can also set their respective reminders and submit their own paperwork, such as medical certificates.

November 2022 - Inspectorio, the leading cloud-based AI-powered SaaS solution for supply chain organizations, released Inspectorio DocuFlow, a document management solution that allows supply chain partners to automate and streamline document management workflows, collaborate with users both inside and outside the boundaries of the organization, and ensure proper document control.

August 2022 - India based industrial automation company Cybernetik Technologies Pvt Ltd is looking to deploy a Document Management System to create a centralized system of truth to manage & track their company documents, versions & approvals by partnering with CloudFronts.

March 2022 - ShipNet launched a DMS Tool, Documents SE, to help organizations manage policies and procedures. Documents SE is a native web solution that has all the advantages expected from a modern web-based solution, including access anywhere, non-dependency on the platform (windows, Mac), and provides flexibility in today's “work from home” culture by making it easier to log in and use the solution.

Document Management System Market Segmentation:

Document Management System Offering Outlook

  • Solution

  • Services

Document Management System Deployment Outlook

  • Cloud-Based

  • On-Premises

  • Hybrid

Document Management System Organization Size Outlook

  • Small & Medium Enterprises

  • Large Enterprises

Document Management System Vertical Outlook

  • BFSI

  • Government

  • Education

  • Industrial Manufacturing

  • Healthcare

  • Others

Document Management System Regional Outlook

  • North America

    • US

    • Canada

    • Mexico

  • Europe

    • Germany

    • France

    • UK

    • Rest of Europe

  • Asia-Pacific

    • China

    • Japan

    • India

    • Rest of Asia-Pacific

  • Middle East & Africa

  • South America

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