Global Document Management Systems market was estimated at 4.6 (USD Billion) in 2019 and is set to record a CAGR of nearly 12% over 2020-2026.
The global Document Management Systems market was estimated at 4.6 (USD Billion) in 2019 and is set to record a CAGR of nearly 12% over 2020-2026. The report offers valuation and analysis of Document Management Systems market on a global as well as regional level. The study offers a comprehensive assessment of the industry competition, limitations, sales estimates, avenues, current & emerging trends, and industry-validated market data. The report offers historical data from 2016 to 2019 along with a forecast from 2020 to 2026 based on value (USD Billion).
Document management system helps in handling, storing, managing and tracking documents. Moreover, it helps in reducing paper work and maintains the record of myriad types generated as well as modified by users. In the case of managing of digital documents, these systems are embedded in computers or laptops. It draws parallelism and similarity to digital asset management, record management systems, document imaging, and workflow systems. Furthermore, document management system is also considered to be the part of enterprise content management systems.
Market Growth Dynamics
Surging cloud computing trends and increase in acceptance of big data analytics by firms will create huge demand for document management systems over the projected timespan. In addition to this, large-scale use of software as a service as well as data analyzing tools by various companies will define the market growth over the forecast timespan. Apparently, need for paperless work in offices and massive requirement of digitizing the work will steer the business growth. Nonetheless, high costs of integrating document management systems with in-house apps along with data security issues will inhibit the market growth over the years ahead.
North American Market To Witness Stupendous Growth Over 2020-2026
The growth of the market in the sub-continent during forecast timespan is due to large-scale acceptance of document management systems in healthcare as well as financial sectors in the region. In addition to this, presence of key industry players in the region will aggrandize the market growth in the region over the forecasting years.
Key players influencing the industry growth and profiled in the report are Xerox Corporation, Oracle Corporation, eFileCabinet Inc., OpenText Corporation, SpringCM, IBM Corporation, and Hyland Software Inc.
The global Document Management Systems Market is segmented as follows:
By Deployment Mode
Surging cloud computing trends and increase in acceptance of big data analytics by firms will create huge demand for document management systems over the projected timespan.
The CAGR of the market is projected at nearly 12% during forecast period.
North America is likely to make noteworthy contributions towards overall market revenue.
The key players profiled in the report include Xerox Corporation, Oracle Corporation, eFileCabinet Inc., OpenText Corporation, SpringCM, IBM Corporation, and Hyland Software Inc.
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