Global Document Management Software Technology Market, By Offering (Solutions and Services), Deployment Mode (On-Premises, Cloud-Based and Hybrid), Organization (Small and Medium-Sized Enterprises and Large Enterprises), Application (Banking, Financial Services, and Insurance (BFSI), Government, Education, Healthcare, Corporate, Industrial Manufacturing, Retail and Others) – Industry Trends and Forecast to 2030.
Document Management Software Technology Market Analysis and Size
Manual documentation process is time-consuming and arduous. This surges the probability of human error that can lead to loss of files and damaged files. Hence industries normally automate this process by using effective document management software. It allows user to access, store and transform documents in numerous formats, such as video format, audio format, PDFs and other. It also handles other responsibilities, for instance, distribution, archiving and creation of documents. It has allowed organizing files in digital format, supporting businesses in achieving effective documentation.
Data Bridge Market Research analyses that the document management software technology market is expected to reach USD 12.21 billion by 2030, which is USD 5.18 billion in 2022, at a CAGR of 11.30% during the forecast period. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and pestle analysis.
Document Management Software Technology Market Scope and Segmentation
2023 to 2030
2021 (Customizable to 2015 - 2020)
Revenue in USD Billion, Volumes in Units, Pricing in USD
Offering (Solutions and Services), Deployment Mode (On-Premises, Cloud-Based and Hybrid), Organization (Small and Medium-Sized Enterprises and Large Enterprises), Application (Banking, Financial Services, and Insurance (BFSI), Government, Education, Healthcare, Corporate, Industrial Manufacturing, Retail and Others)
U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, Israel, Egypt, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America
Market Players Covered
M-Files (U.S.), Newgen Software Technologies Limited. (India), Microsoft (U.S.), Blue Project Software (Canada), DocPoint Solutions. (U.S.), Ideagen (U.K.), Lucion Technologies LLC (U.S.), MasterControl, Inc (U.S.), IBM (U.S.), Orcale (U.S.), Open Text Corporation (Canada), Hyland Software, Inc. (U.S.), Agiloft Inc. (U.S.), SpringCM (U.S.), Xerox Corporation(U.S.), eFile Cabinet Inc. (U.S.), Canon Inc. (Japan), Asite (U.K.), Ricoh (Japan), EVER TEAM SOFTWARE (U.S.)
Document management software is a type of system which is used for managing, organizing and storing documents to reduce the usage of paper. This software is mainly used to keep track of the numerous versions which have been modified and created by several users. This software helps businesses in controlling the storage, management, production and distribution of electronic documents, resulting in, the ability to reuse information, greater effectiveness and the ability to control the flow of the documents.
Document Management Software Technology Market
- Increasing demand of Document management software technology in healthcare sector
The healthcare industry involves large amounts of important data collected by hand through contrasting internal IT systems and several collections of databases, documents and forms. The adoption of document management systems allows major market players to create electronic patient records in the healthcare industry, thus, minimalizing the risk of increasing security access and misplaced documentation. On the basis of y IBM on Data Breaches survey, Healthcare Industry is one the top industry, so a proper document management system is very important, which prevents misplaced and fraudulent data.
- Numerous advantages associated with document management software technology
Document management software technology aids in managing, handling, storing and tracking documents. It also helps in decreasing paperwork and maintains the record of myriad types generated and modified by users. In the case of managing of digital documents, these systems are embedded in laptops or computers. It draws similarity and parallelism to record management systems, document imaging, digital asset management and workflow systems. Moreover, document management software market is also measured to be significant part of enterprise content management systems.
- Increasing adoption of document management software technology to improved safety and efficiency
With the advent of internet of things (IoT) and increasing internet penetration, the demand for the Document management software technology increase in various application, such as telemedicine, telehealth, telecare, and mHealth. Also, increasing acceptance of digital healthcare tools among physicians in their practices owing to improved safety and efficiency will create lucrative opportunities for market growth. According to an analysis which has done by American Medical Association (AMA) conducted in 2019 and repeated in 2022 exhibited, remote monitoring and management adoption grew from 13% to 22%, tele-visits/virtual visit adoption augmented from 14% to 28%, and remote monitoring efficiency adoption grew from 28% to 37%.
- Lack of technical expertise
Dearth of technical expertise and expert knowledge particularly in the developing and developed economies and lack of awareness and skilled professionals among management level individuals will create problems for the market. Further, lack of skilled professionals and low experience quotient will yet again hinder the market's growth rate.
This document management software technology market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the document management software technology market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
- In 2021, IBM has acquired six companies for instance BoxBoat Technologies for DevOps and Kubernetes container expertise, Bluetab Solutions Group for multi-cloud and hybrid cloud data migration expertise, Salesforce cloud consulting partner Waeg, and Turbonomic, Catalogic Software for data protection and storage tools an application resource management company (ARM).
- In 2021 – OpenText has declared its most important technological update, which comprises a significant growth of EIM cloud capabilities. This newest release advances the vision of companies of fully governing, exchanging, capturing and utilizing information, thus unlocking the information advantage for its customers
- In 2020. Amazon Web Services and OpenText have declared a new global strategic collaboration agreement. Through this agreement, OpenText will give customers more options fororganizing business-critical information management solutions.
Global Document Management Software Technology Market Scope
The document management software technology market is segmented on the basis of offering, deployment mode, organization and application. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
- Professional Services
- Managed Services
- Small and Medium-Sized Enterprises
- Large Enterprises
- Banking, Financial Services, and Insurance (BFSI)
- Industrial Manufacturing
Document Management Software Technology Market Regional Analysis/Insights
The document management software technology market is analyzed and market size insights and trends are provided by country, offering, deployment mode, organization and application as referenced above.
The countries covered in the document management software technology market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, Israel, Egypt, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
North America dominates the document management software technology market in terms of revenue and market because of the increasing adoption of document management systems in the financial and healthcare industries.
Asia-Pacific will continue to project the highest compound annual growth rate during the forecast period of 2023-2030 owing to government adoption of such systems for numerous government portals in economies such as India.
The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of Global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Document Management Software Technology Market Share Analysis
The document management software technology market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, Global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to document management software technology market.
Some of the major players operating in the document management software technology market are:
- M-Files (U.S.)
- Newgen Software Technologies Limited. (India)
- Microsoft (U.S.)
- Blue Project Software (Canada)
- DocPoint Solutions. (U.S.)
- Ideagen (U.K.)
- Lucion Technologies LLC (U.S.)
- MasterControl, Inc (U.S.)
- IBM (U.S.)
- Orcale (U.S.)
- Open Text Corporation (Canada)
- Hyland Software, Inc. (U.S.)
- Agiloft Inc. (U.S.)
- SpringCM (U.S.)
- Xerox Corporation (U.S.)
- eFile Cabinet Inc. (U.S.)
- Canon Inc. (Japan)
- Asite (U.K.)
- Ricoh (Japan)
- EVER TEAM SOFTWARE (U.S.)