Document Management Systems Market - Introduction
- Document management systems enable companies to manage, store, track electronic files & documents, and electronic images through document scanners for business operations. Document management systems help to manage the distribution of electronic documents among enterprise networks.
- Solution providers are offering advanced document management systems with social integration, cloud computing, workflow collaboration, and smartphone accessibility to employees that helps to increase the efficiency of the work process and employees.
- Document management systems improve the operation related to content management in enterprises and manage the records of employees to access files and can modified the data content.
- Most technology-based companies and banks are using document management systems to reduce the excess load of managing paper documents manually by employees. Employees are investing their time to manage records and information of clients and projects. Adoption of digital platforms can save employee time and help to increase the productivity of employees and reduce the workload.
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Key Drivers of the Document Management Systems Market
- Increasing demand for Big Data analytics to manage large databases and increasing digitization among industries is expected to drive the growth of the market. Rising awareness about document management systems in banking sectors to maintain records and accounts of customers and also control unauthorized file access is expected to boost the growth of the market.
- Increasing adoption of document management systems in different industries is expected to generate revenue opportunities for solution providers during the forecast period.
Increasing cyber-attacks expected to hinder growth of the document management systems market
- Increasing advancement in document management systems creates multiple ways for cyber-attacks on a company’s confidential customer information, financial records, and banking sales, which may restrain the growth of the market.
- The high cost of integration of the document management system with the existing software network and in-house apps is also expected to hamper the growth of the market.
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Impact of COVID-19 on the Global Document Management Systems Market
- Banks and financial institutes are expanding their geographical presence to capture more market share in Asia Pacific and Middle East & Africa due to the increasing impact of COVID-19 on business growth. Banks and financial institutes are adopting new business strategies which creates opportunities for solution providers of document management systems in different industries.
- Many banks now operate their businesses on online platforms due to the lockdown conditions; companies are adopting document management systems to secure the online platform for their customer database. Demand for document management system solutions is increasing during COVID-19 and is also set to increase during the forecast period.
North America to Hold Major Share of the Global Document Management Systems Market
- North America holds a prominent share of the document management systems market due to the increasing adoption of content management and document management solutions by the banking and insurance service sector to accelerate customer services and also due to the presence of major solution providers in the region.
- The document management systems market in Asia Pacific is expected to expand the fastest during the forecast period due to the increasing adoption of technologically advanced software platforms to manage customer records and enterprise databases on digital platforms in the region.
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Key Players Operating in the Global Document Management Systems Market
- Xerox Holdings Corporation
Xerox Holdings Corporation is engaged in developing, designing, and selling document management technology solutions and higher education solutions. The company offers various software solutions such as workflow automation, document transaction processing, print management software, print production workflow software, XMPie personalization software, and enterprise content management.
- Adobe Systems Inc.
Adobe Systems Inc. provides digital marketing, e-learning, and digital media solutions. The company offers product and software services in digital media, digital marketing, and print & publishing sectors. The company offers Photoshop image editing software, Adobe Flash Web Software Ecosystem, Adobe Illustrator Vector Graphics Editor, Portable Document Format (PDF), Acrobat Reader, Adobe Creative Cloud, and Adobe Creative Suite.
Other key players operating in the global document management systems market include Zoho Corporation, OpenText Corporation, Microsoft Corporation, eFileCabinet Inc., Hyland Software Inc., IBM Corporation, and DocuSign, Inc.
Global Document Management Systems Market: Research Scope
Global Document Management Systems Market, by Component
- Training & Education
- Implementation and integration
- Support & Maintenance
Global Document Management Systems Market, by Enterprise Size
- Small & Medium Enterprises
- Large Enterprises
Global Document Management Systems Market, by Industry
- IT & Telecom
Global Document Management Systems Market Segmentation, by Region
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Middle East & Africa (MEA)
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
- South America
- Rest of South America
- Content Management Software
- Electronic Filing System Software
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.