Document Management Services: Introduction
- Document management services (DMS) are used for to store, manage, and track electronic documents and images by the use of computer systems & software.
- Electronic documents consist of PDF’s, word processing files, and digital images.
- DMS saves time & money, and provides security to documents.
- DMS has various additional features such as audit trails, access control, centralized storage, searching and retrieval, and it helps to convert paper-based data to electronic data.
- The global document management services market is growing in medical, corporate, and other sectors. This is expected to propel the market during the forecast period.
Global Document Management Services Market: Dynamics
Global Document Management Services Market: Key Drivers
- Rapidly increasing adoption of cloud-based services in a number of sectors is the important growth driver of the global DMS market. DMS improves the efficiency & workflow, and easily handles documentation needs, all of which improves the productivity in an organization.
- Increasing demand for DMS in private sectors as well as government sectors, which help to reduce paper-based documentation and workflow, is expected to expand the market during the forecast years.
- Growing need for better surveillance and monitoring in various business sectors is estimated to expand the DMS market during the forecast period.
- However, data security breaches, identity theft, sharing of sensitive information, and threats of cyber-attacks are some concerning factors which are likely to inhibit the growth of the document management services market.
Impact of COVID-19 on the Global Document Management Services Market
- The global market for IT and other businesses is expected to decline due to COVID-19.
- Social distancing is the key to minimize the spread of COVID-19. Hence, as part of precautions, all private and government organizations started the work from home policy.
- Adoption of DMS is expected to grow globally in the coming years due to huge usage of online modes and digitalization.
North America to Hold Major Share of the Global Document Management Services Market
- The global DMS market is classified geographically into five regions: North America, Europe, Asia Pacific, Middle East & Africa, and South America.
- The DMS market in North America is leading with maximum market share due to penetration of core technologies and presence of technology giants.
- The global DMS market in Asia Pacific is expected to grow during the forecast period due to advancement in business processes and IT infrastructure. India and China are the significant countries which contribute greatly to the Asian economy.
Global Document Management Services Market: Research Scope
Global Document Management Services Market: Competition Landscape
- Various local, regional, and global players are active in the DMS market with a strong presence.
- Rapid technological advancement have developed opportunities in the global DMS market.
Key Players Operating in the Global Document Management Services Market Include:
- Oracle Corporation (US)
- Ricoh Company, Ltd (Japan)
- Xerox Corporation (US)
- Prime Document Ltd. (UK)
- Iron Mountain Incorporated (US)
- Konica Minolta Inc. (Japan)
- Access (US)
- Sumasoft (India)
- Docu- Depot (Canada)
- Exela Technologies Inc. (US)
Global Document Management Services Market, by Deployment
- On Premise
Global Document Management Services Market, by Offering
Global Document Management Services Market, by Enterprise
- Small and medium sized enterprises
- Large enterprises
Global Document Management Services Market, by Application
- Industrial Manufacturing
- Banking, Financial Services and Insurance
Global Document Management Services Market, by Region
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
- South America
- Rest of South America
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.