The Document Management Systems market was valued at USD 3.88 billion in 2019 and is expected to reach USD 7.65 billion by 2025, at a CAGR of 12% over the forecast period 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 growing emphasis on retaining historical company records coupled with the sustained increase in the adoption of paperless solutions have 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).
- The emergence of paperless offices where the use of paper is greatly reduced or entirely eliminated is one of the major factors driving the expansion of the DMS market. With this emergence, there is a rising need to manage online documents, which can be served by the development of cloud-based DMS.
- The document management system implementation costs and data security are the major concerns which hinder the market growth.
Scope of the Report
The market is segmented by mode of deployment and end users. The deployment type is further segmented by cloud-based DMS and on-premises DMS. TheDMS includes all actions with respect to the creation, distribution, and deletion of documents. It helps to centralize all unorganized documents. 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 study offers insights on various end users, such as accounting, banking, commercial organizations, entertainment, government, healthcare, insurance, legal, etc. It also covers deployment segmentation as cloud-based DMS and on-premise DMS.
Key Market Trends
Healthcare to Hold Significant Share
- Healthcare organizations around the world are increasing productivity and improving customer service quality. Healthcare organizations of all types and sizes face intense economic, regulatory, and competitive pressures. To maintain a competitive advantage, organizations are required to deliver high-quality patient care while lowering operational costs.
- The typical office handles tens of thousands of documents and images each year, requiring the allocation of physical space to store patient charts, patient information forms, insurance claim forms, and explanation of benefits, treatment authorization forms, HR materials, and more. These all are also required to be accessed as needed, making DMS a necessity.
- The need for a systematic document management system enhances the market for this industry in the healthcare sector. DMS streamline the document storage, features, such as time stamp, patient history, test reports can all be accessed from one point and are required to be moved physically adds to the adoption. Further, the healthcare system on these systems can be built on a data warehouse for similar diseases and can build AI based capabilities to assist the healthcare personnel.
North America to Hold Major Share
- Every year, on average, America’s office workers print out or photocopy around one trillion pieces of paper. If all of the other paper produced by other businesses like utility bills, bank statements invoices are added, etc., the figure rises to almost 1.6 trillion.
- For the first time in 2016, there has been a decrease in the amount of paper used in the office. This decrease can be attributed to the rise of mobile devices, tablets, and electronic signatures, etc.
- This trend coupled with the rise in the awareness among people and various initiatives taken up by several organizations and the government is expected to increase the need for DMS in the region.
- For instance, Xerox employed a team to research the reason why people print and the coalition of companies in North America to start a paperless campaign are expected to transform the way organizations use paper.
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.
- May 2019 - OpenText recently announced new OpenText content services will be delivered through SAP Cloud Platform and other SAP solutions. It is planned for availability in Q4 2019 and developed on OpenText OT2, the new services will aim to address the need to manage structured data and unstructured content across applications and intelligent business processes.
- April 2019 - Dell EMC announced new and enhanced storage, data management and data protection solutions that directly affect an organization’s data capital. With these new offerings, Dell Technologies is empowering businesses on their digital transformation journey to preserve essential information and become more adaptive, competitive and innovative.
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