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
Disclaimer: This ongoing market research study is a meticulously planned activity where a broad array of factors and aspects that shape the marketing environment and industry are taken into account. However, keeping in mind the constantly changing nature of business dynamics and changing strategic intents, we are always actively making iterations and modifications in our approaches. As always, we are ready to tailor our insights and guidance to suit your requirements. Engage with us to know what more is there for your CXOs.