The
document management systems market is expected to reach USD 6.78 Billion by 2023
from USD 3.59 Billion in 2017, at a CAGR of 11.17% during the forecast period.
Growth in this market is mainly driven by factors such as the increasing need
to streamline business operations, benefits of digitalizing content across
enterprises, and the increasing need to adhere to compliance requirements.
Document
management systems are mainly used for the storage and retrieval of
self-contained electronic data sources in the document form. These systems are
designed to help organizations manage the creation and flow of documents
through a centralized repository. Document management systems play a pivotal
role in sourcing, monitoring, and managing content and extracting intelligible
strategic business insights from the voluminous content generated by
enterprises. Owing to this, there is an increased demand for document
management systems mostly among enterprises as data is regarded as a corporate
asset in enterprises.
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In
this report, the size of the document management systems market has been
arrived at based on segments such as offerings, deployment mode, organization,
applications, and regions. Depending on the organization, document management
systems can be installed in both small and medium-sized enterprises (SMEs) as
well as large enterprises. Based on deployment mode, the market is further
segmented into on-premise, cloud-based, and hybrid models. On the basis of
applications, the market is further classified into banking, financial
services, and insurance (BFSI); government; healthcare; education; corporate;
industrial manufacturing; retail; and other applications.
On
the basis of geography, the document management systems market has been
segmented into North America, Europe, Asia Pacific (APAC), and the Rest of the
World (RoW). The market in APAC is expected to grow at the highest CAGR during
the forecast period. Market growth can be attributed to several initiatives by
the governments as well as private and public sectors in APAC. Moreover, the
presence of major players in the document management systems ecosystem results
in the increasing adoption of these systems in APAC. However, the high cost of
implementation is a major restraint for the market.
Key
players in this market focus on inorganic strategies such as mergers and
acquisitions to expand their business and related offerings. In January 2017,
OpenText Corporation (Canada) acquired the enterprise content division of Dell
EMC.
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