A document management system (DMS) is a software solution that collects, tracks, and stores electronic documents such as word processing files and PDFs, as well as digital pictures of paper-based information. Document scanning and imaging, record management, workflow management, and automation are the five forms of DMS. Enterprises, both public and private, get various benefits from employing such software, including easy document retrieval, decreased storage space, greater security, improved collaboration, higher productivity, better backup with disaster recovery, and others. DMS improves document visibility by letting various employees and departments throughout the organization see the same documents at the same time, which is especially important when working remotely.
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The growing number of data breaches and cyberattack incidents around the globe is a significant element driving the growth of the DMS market. Furthermore, growing demand for DMS has increased across a wide range of end-user sectors, including IT & telecommunications, education, manufacturing, travel, education, retail and consumer goods, and government, among others. As a result of these considerations, market participants are also focusing on building an upgraded and advanced solution for document management in order to promote workplace productivity. Due to the benefits and innovations of the DMS market, according to OMR Research, the market is expected to grow at a CAGR of 16.9% during the forecast period (2022–2028).
Segments of the Market
The global document management systems market is divided based on deployment mode, component, and end-user. Based on deployment mode, the market is subdivided into cloud-based and on-premises. Based on component, the market is subdivided into solutions and services. Based on end-user, it is subdivided into BFSI, IT and telecommunication, government, retail, healthcare, and others.
Recent Developments
Companies such as IBM Corp., Microsoft Corp., Oracle Corp., DocuSign, Inc., Open Text Corp., Hyland Software, Inc., Canon Inc., Consensus Cloud Solutions Inc., Asite Solutions Ltd., Technologies, Inc., Konica Minolta Business Solutions U.S.A., Inc., and others are significantly contributing to the global DMS market through various mergers, partnerships, and new product launch activities. Some of the recent developments in the market include:
- In January 2023, SutiSoft launched its new SutiCLM software, an addition to the company’s expanding array of company management software tools. SutiCLM is an online contract lifecycle management system that allows customers to develop and manage a wide range of commercial contracts on a single platform. The includes several capabilities, such as the ability to produce contracts, negotiate contracts, obtain approvals, collect online signatures, and store contracts in a single repository.
- In August 2022, CloudFronts partnered with Cybernetik Technologies Pvt. Ltd. Through this collaboration, Cybernetik intends to deploy DMS to create a centralized system for managing and monitoring the company’s documents, approvals, and versions.
- In June 2022, Consilio, a supplier of eDiscovery, document review, risk management, and legal consulting services, opened offices in Gurgaon, Bengaluru, and Hyderabad in order to extend its presence in India. Furthermore, the company intends to collaborate with other legal firms and corporate groups to provide assistance with massive volumes of documents, on-demand litigation, and data protection, among other things.
- In March 2021, Lupin Ltd. and JIFFY.ai announced a cooperation in which JIFFY.ai pledged to assist Lupin in strategically expanding its automation activities. Lupin was able to adapt its internal processes due to JIFFY.ai’s AUTOMATE platform, which delivers cloud-native, low-code integrated solutions. JIFFY.ai aids in the digitization of Lupin data and processes by combining robotic process automation (RPA), built-in machine learning, and intelligent document processing. The AUTOMATE platform from JIFFY.ai improves Lupin’s back-end operational efficiency by saving employees’ time, increasing productivity, and enhancing process quality results.
Conclusion
Digitalization is critical to transforming the way businesses run. The increasing use of new technologies such as artificial intelligence, machine learning, and others has assisted businesses in improving the efficiency of their business operations. For instance, workflow automation is becoming more popular across industries and departments. Workflow automation is used by healthcare providers to establish staff work schedules and on-call rotations, facilitate patient admission and discharge, and transmit patients’ electronic health information. Workflow automation is used by law firms to automate billing, enter new client information, submit and track contract reviews, and manage case deadlines. Workflow automation is also utilized in information technology, finance, marketing, sales, cyber security, human resources, operations, and other industries. Such innovations and the growth of digitalization and the internet in the industry are propelling the growth of the DMS market further.
Market Segmentation
By Deployment Mode
- Cloud based
- On-premises
By Component
- Solution
- Services
By End-User
- BFSI
- IT & Telecommunication
- Government
- Retail
- Healthcare
- Other (Education and Manufacturing)
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Document Management Systems Market– Segment by Region
North America
- United States
- Canada
Europe
- Germany
- United Kingdom
- France
- Spain
- Italy
- Rest of Europe
Asia-Pacific
- China
- Japan
- India
- Rest of Asia-Pacific
Rest of the World
- Middle East & Africa
- Latin America
Company Profiles
- Agiloft Inc.
- Altirnao Inc.
- Asite Solutions Ltd.
- Canon Inc.
- Consensus Cloud Solutions Inc.
- DocuSign, Inc.
- eFileCabinet, Inc.
- Epicor Software Corp
- Exela Technologies, Inc
- Konica Minolta Business Solutions U.S.A., Inc.
- KYOCERA Document Solutions Inc.
- Newgen Software Technologies Ltd.
- Synergis Technologies, LLC
- Ricoh Co, Ltd.
- Xerox Corp.
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