In the document management system, computer system and software are used to store, manage, and track electronic documents and electronic images of paper-based information. In addition, through document management solution, enterprises can control production, storage, management, and distribution of electronic documents. A document management system also has the option of managing documents of multiple enterprises, which reduces the time and cost incurred for document management.
Factors Driving Growth of the Global Document Management System Market:
Increasing number of paperless work at organizations and the need to increase working efficiency are boosting the adoption of document management system across all end-use industries. Moreover, document management system requires less space for storage of documents, which further boosts the adoption of document management system.
Moreover, the need for systematic document management is increasing across all industries, thereby increasing demand for document management system. Document management system streamlines the document storage process, through which organizations can manage their documents safely and it can streamline the process of document sharing from one point to another.
However, implementation cost of the document management system and data security concerns are major factors that restrain growth of the document management system market.
Regional Analysis of Document Management System Market:
On the basis of region, the global document management system market is segmented into North America, Europe, Latin America, Asia Pacific, and Middle East and Africa.
In 2018, North America held dominant position in the global document management system market and is expected to maintain its dominance over the forecast period, owing to the presence of large players such as Microsoft Corporation and Google Inc in the region.
The U.S. is one of the major countries that largely used document management software in the world in the past few years and it is expected to grow over the forecast period. According to Coherent Market Insights’ analysis, the U.S. accounted for around 39.5% share in the document management system market globally in 2018, which is expected to create lucrative opportunities for document management system providers, owing to increasing adoption of document management system in various end-use industries such as healthcare and BFSI.
Key players in the Global Document Management System Market:
Some of the key players operating in the global document management system market include Atlassian, OpenText Corporation, Xerox Corporation, IBM Corporation, eFileCabinet Inc., SpringCM, Oracle Corporation, Hyland Software Inc., Ricoh USA, Inc., Open Document Management System S.L., Microsoft Corporation, Synergis Technologies, R2 Technologies Limited, and Zoho Corporation.
Global Document Management System Market: Taxonomy
The global document management system market is segmented on the basis of component, deployment type, end-use industry, and region:
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