Document Management Systems Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

Market Overview

The global document management system market was valued at USD 5.51 billion in 2020 and expected to reach USD 11.47 billion by 2026 and grow at a CAGR of 13.05% over the forecast period (2021 - 2026). The document management system (DMS) market is ever-changing, driven by the need for increased efficiency in the workplace. The improving technologies and efficient execution of DMS are expected to gradually eliminate the traditional paper files concept.

• The document management systems market is ever-changing, driven by the need for increased efficiency in the workplace. The improving technologies and efficient execution of the DMS are expected to gradually eliminate the traditional concept of paper files. ​According to Xerox, 46% of employees of small- and medium-sized businesses still waste time on inefficient, paper-related workflows daily. This signifies that smart document management systems can improve these processes. Companies that already deploy sophisticated document management systems gain a significant competitive edge.
• The banking sector is also one of the most regulated sectors of the economy. Ensuring compliance with legal norms and regulations, as well as providing updates, is essential for any financial or credit company. This calls for a bank DMS to support the execution of the regulatory and legal framework. In December 2019, Deutsche Bank partnered with NetDocuments for its cloud-based legal DMS. This is likely to ensure secure and fast access to relevant documents for all legal department employees of the bank.
• Virtual learning environments amidst the COVID-19 pandemic have gained popularity. Managing and delivering complete online training solutions for volunteers are being observed, combined with document management systems to control the validation and publication of those training procedures and safety documents.
• In the healthcare sector, the lack of cohesive data across patients amidst the prevalence of electronic health records is further aiding adoption of such tools. COVID-19 cases have led to a lot of data being generated, due to the increasing number of patients being treated and the rising number of medical facilities. The effective and reliable management of documents generated, along with the need to minimize the use of paper to reduce operational costs and storage issues, is significantly driving the market studied.

Scope of the Report

A document management system or DMS is a system or process, which is used to capture, track, and store e-documents, such as PDFs, word processing files, and digital images of paper-based content. The study offers an analysis of various end-users who utilize DMS, and the latest developments by companies, which is driving the growth of the market. As unorganized content makes it difficult for larger organizations to extract business-related information and use available data, DMS proves very effective in overcoming these challenges.

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Key Market Trends

Healthcare to Register the Highest Market Growth

• The healthcare industry is on the verge of complete turnaround augmented by digitalization drives driven by government initiatives in regions such as North America and Europe, along with growing consumer propensity towards the physicians that adopt digital documentation systems. According to a recent study which studied over 650 healthcare consumers found that a prominent share (over 90%) of patients wish to use digital tools to interact with their care providers. 
• With the advent of IoT and growing internet penetration, the demand for various AAL solutions and services such as telehealth, telecare, telemedicine, telecoaching, and mHealth are gaining traction. Also, the physician acceptance of digital healthcare tools is increasing into their practices owing to improved efficiency and safety. According to a study done by American Medical Association (AMA) conducted in 2016 and repeated in 2019 showed, tele-visits/virtual visit adoption increased to 28% from 14%, remote monitoring and management adoption grew from 13% to 22%, and remote monitoring efficiency adoption grew from 28% to 37%.
• 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. ​The 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 workflow management. These applications involve an enormous paper trail.
• Trust in hospitals and physicians to keep digital healthcare information secure is increasing, which is further augmenting the demand; however, the trust decreases when it comes to tech companies and government. According to a study by Accenture in 2019, 89% of healthcare consumers trusted their doctor or other providers "very much" or "some" to keep their digital healthcare information, such as electronic medical records.
• Additionally, open source tools are gaining traction in the healthcare industry, which has propelled many practitioners to adopt open-source technologies, for establishing a DMS. Moreover, Big Data and AI are further revolutionizing the healthcare sector. The players are also integrating these technologies within the RPA platform, in order 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), which allows hospitals to scan, index, and archive paper medical records and access them through a user interface.

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