Document Management System Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

The Document Management Systems Market is Segmented by Component (Software and Services), Mode of Deployment (Cloud and On-Premise), End User (Banking and Financial Services, Healthcare, Manufacturing and Construction, Education, Retail, and Legal), and Geography (North America, Europe, Asia-Pacific, and the Rest of the World). The Market Sizes and Forecasts are Provided in Terms of Value (USD) for all the Above Segments.

Document Management System Market Size

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Document Management Systems Market Summary
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Study Period 2019 - 2029
Market Size (2024) USD 7.52 Billion
Market Size (2029) USD 14.82 Billion
CAGR (2024 - 2029) 14.50 %
Fastest Growing Market Asia Pacific
Largest Market North America

Major Players

Document Management Systems Market Major Players

*Disclaimer: Major Players sorted in no particular order

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Document Management System Market Analysis

The Document Management Systems Market size is estimated at USD 7.52 billion in 2024, and is expected to reach USD 14.82 billion by 2029, growing at a CAGR of 14.5% during the forecast period (2024-2029).

The improving technologies and efficient execution of DMS are expected to eliminate the traditional paper files concept gradually, streamline business operations, and make them more effective and efficient with the help of contemporary scanning technology and the appropriate document management software.

  • A document management system is a solution developed to manage documents and files and simplify data management systematically. The DMS market is ever-changing, driven by the need for increased efficiency in the workplace. According to Xerox, 46% of workers in small and medium-sized firms still waste time daily on ineffective paper-related operations, showing that sophisticated document management solutions can improve these procedures. Businesses with advanced document management systems have a considerable competitive advantage.
  • Due to the widespread use of cloud services, there is an increasing desire for paperless government and workplaces, which is anticipated to drive market growth. Digitizing files using a paperless document management system takes up much less space, making this one of the most significant benefits of going paperless in the workplace for organizations, thereby getting easy access to the files when needed. Software like Microsoft Office and Adobe Acrobat can integrate with the system and have native plugins that allow staff to file documents and access them with just a few clicks.
  • Compliance with rules and regulations is necessary to reduce the store's operational expenses due to automation and digitization in the healthcare sector. Additionally, a paperless workplace is increasingly required. These elements will undoubtedly revolutionize the market for document management solutions shortly. The growing number of multi-specialty hospitals, polyclinics, real-time database organization, transmission, and analysis are on the anvil, and the adoption of document management systems is being influenced by the explosive demand for linked healthcare and the rising use of smartphones and connected medical devices.
  • However, the threat is the security concerns as DMS software is prone to attack to obtain access and manipulate it as they are connected to the network and the internet like any other insecure machine, leading to critical information usage. Implementing data security technologies like Data Auditing, Data Real-time Alerts, Data risk assessment, Data minimization, and Purging of stale data could help organizations prevent breaches, reduce risk, and sustain protective security measures to prevent data loss.
  • Virtual learning environments amidst the COVID-19 pandemic gained popularity. Managing and delivering complete online training solutions for volunteers were observed, combined with document management systems to control the validation and publication of those training procedures and safety documents. Similarly, in the healthcare sector, the lack of cohesive data across patients amidst the prevalence of electronic health records is further aiding the adoption of such tools. The practical and reliable management of generated documents significantly drives the market studied. The software includes features critical to helping organizations survive and thrive in a post-COVID-19 reality to reduce and eventually eliminate paper and paper-based processes that slow operations and service.

Document Management System Market Trends

Healthcare to Register the Highest Market Growth

  • The healthcare industry is on the verge of a complete turnaround augmented by digitalization drives, driven by government initiatives in regions such as North America and Europe, along with a growing consumer propensity toward physicians who adopt digital documentation systems. A recent study that 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, and mHealth, is gaining traction. Also, physician acceptance of digital healthcare tools is increasing due to improved efficiency and safety. According to a study done by the American Medical Association (AMA) conducted in 2019 and repeated in 2022, 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 collecting significant amounts of data manually through contrasting internal IT systems and numerous collections of documents, databases, and forms. Adopting document management systems enables players in the healthcare industry to create electronic patient records, thus minimizing the risk of misplaced documentation and increasing security access. According to the survey by IBM on Data Breaches, the Healthcare Industry is one the top, so a proper document management system is necessary, which prevents fraudulent and misplaced data.
  • The healthcare business involves various 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 secure digital healthcare information is increasing, further augmenting the demand; however, trust decreases when it comes to tech companies and the government. 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 to improve efficiency and patient care while reducing costly administrative errors.
Document Management Systems Market: Average cost of a data breach, In USD Million, By Country, Global, 2022

Asia-Pacific to Register the Highest Market Growth

  • The region's governments' increased adoption of document management systems to stop illicit trade and transportation and improve their workflows. The need for public sector organizations to maintain regulatory compliance while securely archiving old data and documents is anticipated to drive growth in the market for document management systems during 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 essential element of CTLVS. CNFPIA released the standard that establishes 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 processing and trading.
  • Asia-Pacific witnesses a majority of students entering the universities for studies, which makes it imperative for the universities to keep a document trail for every student. The number is increasing yearly, allowing DMS providers to tap into the market. For Instance, In Central Asia, Uzbekistan's education sector transformed into an electronic document management system to avoid overspending state budget allocations to education and achieve greater transparency in the exchange of information among educational institutions and higher authorities.
  • The rising adoption of DMS solutions by the government, manufacturing, and other sectors is expected to boost the adoption in Asia. In 2022, Ameex Technologies partnered with Optimizely to enable transformative experiences and comprehensive Digital document solutions in Asia-Pacific. Such partnerships and trends drive the need for DMS Solutions.
Document Management System Market - Growth Rate by Region

Document Management System Industry Overview

The document management systems market has gained a competitive edge in recent years. It consists of several major players. A few significant players currently dominate the market in terms of market share. However, the increasing demand to maintain the rapidly growing patient records has enabled companies to innovate and provide strategic document management systems. Many companies are increasing their market presence by securing new contracts and tapping into new markets.

In May 2023, Xiao-I Corporation announced the launch of an intelligent document-processing product. The solution is delivered by a smart and efficient platform that streamlines and automates the document management process, empowering businesses toward an era of intelligent operations.

In November 2022, Advanced partnered with Xperate to integrate cloud-based document management with practice and case management solutions. The full version is expected to launch in early 2023.

In September 2022, Syndifi Inc., the cloud-based syndication software built specifically for the Equipment Finance industry, launched a new document management platform functionalities, making it easier for sellers to perform actions such as upload, rename, delete, sort, and reorganize documents with a drag and drop feature and can upload 4 gigabytes of files in a fraction of seconds.

Document Management System Market Leaders

  1. IBM Corporation

  2. Microsoft Corporation

  3. Opentext Corporation

  4. Oracle Corporation

  5. Hyland Software

*Disclaimer: Major Players sorted in no particular order

Document Management System Market Concentration
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Document Management System Market News

  • 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 looked to deploy a Document Management System to create a centralized system of truth to manage & track their company documents, versions & approvals by partnering with CloudFront.
  • 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 flexibility in today's "work from home" culture by making it easier to log in and use the solution.
  • February 2022: iManage partnered with Microsoft Corporation to harness cloud services for its email and document management platform.

Document Management System (DMS) Market Report - Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions and Market Definition

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Market Overview

    2. 4.2 Market Drivers

      1. 4.2.1 Emergence of paperless offices

      2. 4.2.2 Digital transformation and increasing adoption of work-from-home culture

      3. 4.2.3 Demand from the Healthcare domain due to ongoing measures to digitize records in emerging markets

    3. 4.3 Market Challenges

      1. 4.3.1 Security, Privacy & Migration challenges

    4. 4.4 Industry Attractiveness Model - Porter's Five Forces Analysis

      1. 4.4.1 Bargaining Power of Consumers

      2. 4.4.2 Bargaining Power of Suppliers

      3. 4.4.3 Threat of New Entrants

      4. 4.4.4 Threat of Substitute Products

      5. 4.4.5 Intensity of Competitive Rivalry

    5. 4.5 Industry Ecosystem Analysis

    6. 4.6 Pricing Analysis

    7. 4.7 Impact of COVID-19 on the Document Management Market

  5. 5. MARKET SEGMENTATION

    1. 5.1 By Component

      1. 5.1.1 Software

      2. 5.1.2 Services (consulting, integration and support)

    2. 5.2 By Deployment

      1. 5.2.1 Cloud

      2. 5.2.2 On-premise

    3. 5.3 By End-user Industry

      1. 5.3.1 Banking and Financial Services

      2. 5.3.2 Manufacturing and Construction

      3. 5.3.3 Education

      4. 5.3.4 Healthcare

      5. 5.3.5 Retail

      6. 5.3.6 Legal

      7. 5.3.7 Other End-user Industries (Property Management, Logistics, Hospitality etc.)

    4. 5.4 By Geography

      1. 5.4.1 North America

      2. 5.4.2 Europe

      3. 5.4.3 Asia-Pacific

      4. 5.4.4 Rest of the World

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Company Profiles*

      1. 6.1.1 Nuxeo

      2. 6.1.2 Open Text Corporation

      3. 6.1.3 IBM Corporation

      4. 6.1.4 Microsoft Corporation (Sharepoint)

      5. 6.1.5 Oracle Corporation

      6. 6.1.6 Hyland Software

      7. 6.1.7 Document360

      8. 6.1.8 Zoho Corporation

      9. 6.1.9 DocLogix

      10. 6.1.10 Integrify

      11. 6.1.11 Kissflow

      12. 6.1.12 Agiloft, Inc.

      13. 6.1.13 Logicaldoc

      14. 6.1.14 Cflowapps

  7. 7. INVESTMENT ANALYSIS

  8. 8. MARKET OPPORTUNITIES AND FUTURE TRENDS

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Document Management System Industry Segmentation

A document management system or DMS is a system or process used to capture, track, and store e-documents, such as PDFs, word processing files, and digital images of paper-based content. The study analyzes various end-users who utilize DMS and the latest developments by companies driving market growth. 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.

The Document Management Systems Market is segmented by component software and services), mode of deployment (cloud and On-premises), end user (banking and financial services, healthcare, manufacturing and construction, education, retail, and legal), and geography (North America, Europe, Asia-Pacific, and the Rest of the World). The market sizes and forecasts are provided in terms of value in USD for all the segments.

By Component
Software
Services (consulting, integration and support)
By Deployment
Cloud
On-premise
By End-user Industry
Banking and Financial Services
Manufacturing and Construction
Education
Healthcare
Retail
Legal
Other End-user Industries (Property Management, Logistics, Hospitality etc.)
By Geography
North America
Europe
Asia-Pacific
Rest of the World
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Document Management System (DMS) Market Research FAQs

The Document Management Systems Market size is expected to reach USD 7.52 billion in 2024 and grow at a CAGR of 14.5% to reach USD 14.82 billion by 2029.

In 2024, the Document Management Systems Market size is expected to reach USD 7.52 billion.

IBM Corporation, Microsoft Corporation, Opentext Corporation, Oracle Corporation and Hyland Software are the major companies operating in the Document Management Systems Market.

Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).

In 2024, the North America accounts for the largest market share in Document Management Systems Market.

In 2023, the Document Management Systems Market size was estimated at USD 6.43 billion. The report covers the Document Management Systems Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Document Management Systems Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.

Document Management Software Industry Report

Statistics for the 2024 Document Management Systems market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Document Management Systems analysis includes a market forecast outlook for 2024 to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.

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Document Management System Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)