The document management system market allows organizations to digitize paper documents, manage electronic documents in a centralized database, and provides security features to restrict access. Document management systems help organizations reduce paper usage, improve searchability of documents, and streamline collaboration. They provide features for document version control, metadata tagging, workflow automation and integrations.
The global document management system market is estimated to be valued at US$ 7.03 Bn in 2024 and is expected to exhibit a CAGR of 4.8% over the forecast period 2024 to 2030.
Key Takeaways
Key players operating in The Document Management System are Arkema, BASF SE, China Petroleum & Chemical Corporation (SINOPEC), Dow, Formosa Plastic Corporation, LG Chem, Merck KGaA, Mitsubishi Chemical Corporation, NIPPON SHOKUBAI CO. LTD, Sasol, Shanghai Huayi Acrylic Acid Co. Ltd, Satellite Chemical Co. Ltd, and Wanhua. Growing digitization across industries and strict regulations around document retention is driving increased demand for document management systems. Major players are focusing on partnerships and acquisitions to expand their product portfolio and global footprint.
Key players operating in the document management system are Arkema, BASF SE, China Petroleum & Chemical Corporation (SINOPEC), Dow, Formosa Plastic Corporation, LG Chem, Merck KGaA, Mitsubishi Chemical Corporation, NIPPON SHOKUBAI CO. LTD, Sasol, Shanghai Huayi Acrylic Acid Co. Ltd, Satellite Chemical Co. Ltd, and Wanhua. The growing demand for paperless workflows and need to improve accessibility of documents is driving increased adoption of document management systems across Small and Medium enterprises.
Major players are focusing on partnerships and acquisitions with technology companies and cloud providers to expand their product capabilities and global presence. North America and Europe currently dominate the market however Asian markets are expected to exhibit highest growth over the forecast period.
Market drivers
The growing need for compliance and security of enterprise documents is a key driver for the document management system market. Strict data privacy laws like GDPR necessitate securely storing documents with access restrictions. Document management systems allow organizations to audit document access and fulfill compliance requirements. They prevent unauthorized sharing and leakage of confidential data. The market is also driven by increasing adoption of cloud-based solutions that provide collaboration features and accessibility from any device.
The current geopolitical situation around the world is expected to impact the growth of the Document Management System market over the forecast period in multiple ways. With rising geopolitical tensions between major economies like the US, China and Russia, international trade barriers are increasing. This will make cross-border collaboration and sharing of documents more challenging for organizations operating globally. Many companies in industries like banking, insurance and healthcare have offices spread across different countries and regions. Stringent export/import controls on certain technologies can hamper their ability to share and securely manage critical documents using centralized DMS solutions. Further, political uncertainties and regional conflicts are also contributing to an elevated risk environment. Organizations now need robust document control and compliance features within their DMS to minimize risks from unauthorized access or leakages. This is driving greater demand for advanced security protocols, digital signatures, version control and audit trails within document management platforms. With changing relationships between world powers, data localization is also becoming an important consideration for the Document Management System industry. Vendors need to focus on offering region-specific instances of their solutions to address client needs for geographically storing and processing documents. The evolving geopolitical situation underscores the need for agility and adaptability within DMS to tackle geo-political fluctuations and support global data accessibility in a compliant manner.
In terms of value, the Document Management System market in North America is currently the most concentrated region globally. This is due to strong demand from major industries like banking, legal and healthcare that have well-established processes around document control. North America accounts for over 35% of the current DMS market value driven by presence of leading vendors as well as mature adoption across enterprise & government organizations. However, going forward the Asia Pacific region is anticipated to witness the fastest growth during the forecast period on account of increasing digitization initiatives of governments as well as rapidly expanding corporates in countries like China, India and Japan. Rising adoption of cloud-based solutions is also spurring the Asia Pacific DMS market led by small & medium enterprises aiming for paperless workflows. The availability of localized, cost-effective solutions will further support the Asia Pacific region to become one of the largest DMS markets globally by 2030.
Get more insights on Document Management System Market
Market Snapshot:Market Research Future (MRFR)’s latest analysis of the document management system market projects that the market is poised to witness considerable growth over the next couple of years.
The endeavors directed towards digitization of documentation process is likely to augment the market in the forthcoming years.Document management system centralizes the storage, extraction, and utilization of the organized as well as unorganized documents.
Furthermore, the storage and management of digital documents facilitates cost reduction and eliminates the probability of human error.
With the boom witnessed in the global startup ecosystem, a boost in the sales of document management system software is predicted.
Favorable pricing and subscription fee policy is the key area of focus for the market participants for capitalizing on the startup culture.The product has developed application across a wide spectrum of end-user industries such as healthcare, BFSI, and others.
This report also covers the global Document Management System Market across North America, Asia Pacific, Europe, and the Rest of the world.Key Players:Some of the key players operating in the global document management system market include Agiloft, HP, SpringCM, OpenText Corporation, Microsoft Corporation, Xerox Corporation, Alfresco Softwre Inc., IBM Corporation, Oracle Corporation, eFile Cabinet Inc., Canon Inc., Asite, Hyland Software Inc., and Ricoh Company Ltd.Market SegmentationMRFR’s report covers key segments that make up the global document management system market.
