Document Management Systems Market - Growth, Trends, and Forecast (2020 - 2025)
The global document management system market (henceforth referred to as the ‘market studied’ or ‘DMS market’) was valued at USD 4.89 billion in 2019, and it is expected to reach USD 10.17 billion by 2025, registering a CAGR of 13.05% during the period of 2020-2025. As unorganized content makes it difficult for larger organizations to extract business related information and use available data, DMS proves to be very effective in order to overcome these challenges.
- The document management system (DMS) market is ever-changing, which is driven by the need for increasing efficiency in the workplace. The improving technologies and efficient execution of the DMS are expected to gradually eliminate the traditional paper files concept.
- DMS systems can be implemented and incorporated across business and functional units. Additionally, document management provides extensive tools and techniques for data retrieval. Storing data in a structured way allows the end users to use it for gaining insights.
- The growing emphasis on retaining historical company records, coupled with the sustained increase in adoption of paperless solutions, has been the major factors driving the growth of the document management industry. Cloud-based computing solutions have emerged as the key enablers of the document management system (DMS).
- Some companies have further security issues, such as company that deals with medical data must comply with the Health Insurance Portability and Accountability Act (HIPAA) requirements. Thus, the ability to manage who can and cannot view and use documents is attained by DMS. eFileCabinet is a DMS, which is fully compliant with standards set forth by HIPAA, FINRA, and the SEC.
Key Market Trends
Healthcare to Register the Highest Market Growth
- The healthcare industry involves significant amounts of data being collected manually through contrasting internal IT systems, and numerous collections of documents, databases, and forms. Adoption of document management systems enable these players to create electronic patient records, thus, minimizing the risk of important documentation being misplaced and increasing security access.
- Healthcare business involves a wide range of applications, such as electronic health record management, drug discovery, health insurance claims, patient appointment scheduling, stimulating account settlements, implementing post-discharge guidelines, and healthcare workflows management. These applications involve enormous paper trail.
- Additionally, the open source tools are gaining traction in the healthcare industry that propelled many practitioners to adopt open-source technologies, for establishing a dynamic Document Management Systems (DMS). Moreover, Big data and AI are further revolutionizing the healthcare sector. The players are also integrating these technologies within the RPA platform that enables them to improve efficiency and patient care, while reducing costly administrative errors.
- In September 2019, the Imperial College Healthcare NHS Trust selected IMMJ Systems Mediviewer, an electronic document management system (EDMS), that allows hospitals to scan, index, and archive paper medical records and access them through a user interface.
Asia Pacific to Register Highest Market Growth
- The increasing need to adopt document management system to curtail the illegal logging in trade and transport sectors is expected to boost the DMS market, over the forecast period.
- For instance, the China National Forest Products Industry Association (CNFPIA) developed the timber legality verification standard, which has been envisaged as an important element of CTLVS. CNFPIA released the standard that sets out the requirements for legality at the forest management level and throughout the chain of custody, which covers timber legality requirements for document management, transport and sales, legality verification for domestic and imported timber, development of a timber legality management system, and for processing and trading.
- The region encounters a heavy chunk of students entering the universities for studies, which makes it imperative for the universities to keep a document trail of every student. The number is increasing every year, thereby, creating an opportunity for the DMS providers to tap the market studied.
- Document management is a priority in the Asia-Pacific region. In 2019, Citi Bank launched digital onboarding for institutional clients in the Asia-Pacific region. The new digital solution is helping to replace manual legacy paper-driven and courier-based documentation process and comes off the back of a global documentation rationalization program that reduced over 70% of service agreements and forms.
The document management systems market is gained a competitive edge in recent years and consists of several major players. In terms of market share, few of the major players currently dominate the market. However, with the increasing demand to maintain the rapidly growing patient records has enabled the company to innovate and provide strategic document management systems. Many of the companies are increasing their market presence by securing new contracts by tapping new markets.
- March 2020 - Hyland has released new capabilities to its Document Filters product offering, launching three separate updates in the last six months. Each release aims to add additional file formats – pursuing its goal of providing the most complete filtering toolkit that can process all the files an organization encounters in a typical day. With the recent releases, Hyland now supports more than 550 file formats, of which over 75 are supported for high-definition renditions.
- Feb 2020 - Agiloft announced the addition of its new Agiloft AI Engine, complete with prebuilt AI Capabilities for contract management and an open AI integration that allows customers to incorporate custom-built AI tools into the no-code-platform.
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- 1 INTRODUCTION
- 1.1 Study Assumptions and Market Definition
- 1.2 Scope of the Study
- 2 RESEARCH METHODOLOGY
- 3 EXECUTIVE SUMMARY
- 4 MARKET DYNAMICS
- 4.1 Market Overview
- 4.2 Industry Attractiveness - Porter's Five Force Analysis
- 4.2.1 Bargaining Power of Suppliers
- 4.2.2 Bargaining Power of Buyers/Consumers
- 4.2.3 Threat of New Entrants
- 4.2.4 Threat of Substitute Products
- 4.2.5 Intensity of Competitive Rivalry
- 4.3 Market Drivers
- 4.3.1 Emergence of Paperless Office
- 4.3.2 Need for Easier Workflow
- 4.4 Market Restraints
- 4.4.1 High Risk for Data Security
- 5 MARKET SEGMENTATION
- 5.1 Mode of Deployment
- 5.1.1 Cloud-based DMS
- 5.1.2 On-premises DMS
- 5.2 End User
- 5.2.1 Government
- 5.2.2 Healthcare
- 5.2.3 Industrial
- 5.2.4 BFSI
- 5.2.5 Media and Entertainment
- 5.2.6 Other End Users
- 5.3 Geography
- 5.3.1 North America
- 5.3.2 Europe
- 5.3.3 Asia Pacific
- 5.3.4 Latin America
- 5.3.5 Middle East and Africa
- 6 COMPETITIVE LANDSCAPE
- 6.7 Company Profiles
- 6.7.1 Synergis Technologies LLC.
- 6.7.2 SpringCM Inc. (DocuSign)
- 6.7.3 Scrypt Inc.
- 6.7.4 Nextide Inc
- 6.7.5 DocStar Inc. (Epicor)
- 6.7.6 ASITE Limited
- 6.7.7 Agiloft Inc.
- 6.7.8 Hyland Software Inc.
- 6.7.9 Oracle Corporation
- 6.7.10 Dell Technologies Inc. (Dell EMC)
- 6.7.11 IBM Corporation
- 6.7.12 Microsoft Corporation (Sharepoint)
- 6.7.13 Open Text Corporation
- 6.8 Investment Analysis
- 7 MARKET OPPORTUNITIES AND FUTURE TRENDS