Document Management System Market Size
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 9.26 Billion |
| Market Size (2029) | USD 17.45 Billion |
| CAGR (2024 - 2029) | 13.51 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Document Management System Market Analysis
The Document Management Systems Market size is estimated at USD 9.26 billion in 2024, and is expected to reach USD 17.45 billion by 2029, growing at a CAGR of 13.51% during the forecast period (2024-2029).
The increasing demand for streamlining corporate operations, the benefits of digitizing content across companies, and the growing need to adhere to compliance regulations drive growth in this industry. An advanced document management method may automate operations, combine information of firms, uncover new experiences, and reduce costs.
- The majority of document management software systems include optical character recognition (OCR) technologies, which convert scanned documents into text-based files, allowing users to search the content they contain quickly. AI advances this technology by reading the material, comprehending its context, and performing precise actions depending on the information. An AI-powered Document Management System (DMS) can streamline invoice processing by automatically recognizing and transferring invoices to designated staff.
- A paperless office, also called a paper-free office, is a work environment that uses minimal paper and instead uses primarily digital documents. A paperless worker who has eliminated or significantly decreased the use of paper in the workplace. The method of converting paper files into electronic files is called digitization.
- Digital transformation is the major driver for the market's growth. Digital transformation uses digital technology to switch from manual to automated systems. Many companies are opting for document management solutions to automate and streamline their business processes. According to the World Economic Forum, USD 100 trillion will be added to the world economy through digital transformation by 2025. Moreover, by 2025, interactions driven by platforms are expected to enable roughly two-thirds of the USD 100 trillion value at stake from digitalization.
- Multiple clients in an organization would require HIPAA or FINRA compliance for the documents they entrust to the company. Therefore, document management systems (DMS) must incorporate features that take extra steps to fully comply with all the applicable privacy laws to protect the company and its clients' information. Non-compliance can lead to hefty fines and legal issues, making it imperative for organizations to stay updated and compliant.
- With more than 80% of global GDP generated in cities, as per Urbanisa, urbanization can contribute toward sustainable growth through increased productivity and innovation. Increased demand due to urban growth and the rising middle class is catering to a positive demand for document management systems. Urbanization increases job opportunities, as several jobs focus on secondary, tertiary, and quaternary activities in urban areas. Such factors lead to major market demand in the countries.
Document Management System Market Trends
Healthcare End-user Industry Segment is Expected to Hold Significant Market Share
- In healthcare, document control pertains to the organization's organized management and tracking of documents. This process encompasses creating, approving, distributing, storing, reviewing, and archiving documents throughout their lifecycle. The significance of document control in healthcare is paramount. Healthcare entities handle extensive information, notably key documents like Policies, Procedures, Protocols, and Guidelines (PPPGs). By adopting a robust document control system, organizations can guarantee document accuracy, accessibility, and security, all while ensuring adherence to regulatory mandates and internal standards.
- A digital document management system ensures adherence to leadership directives and HIPAA compliance. In contrast, traditional paper management systems often allow unauthorized access to files. This lack of oversight means leaders can't easily track document access, leading to uncertainty. However, with a digital document management system, unauthorized viewing is curtailed, minimizing the risk of data theft or leaks. Electronic signatures empower leaders, granting them definitive control when approving new policies or content.
- In the healthcare sector, timely access to information is crucial. Streamlining document management systems for swift retrieval can be a game-changer. Key strategies include adopting uniform naming conventions, indexing documents efficiently, and integrating robust search features into the system. Moreover, version control plays a pivotal role in managing healthcare documents. It guarantees that all stakeholders reference the latest information and provides a clear history of document modifications. This becomes especially critical for patient care records, as relying on outdated data could result in erroneous treatment choices.
- The rise in the number of hospitals in the various regions would create an opportunity for the market studied to grow. For instance, according to MHLW (Japan), in Japan, in January 2024, medical corporations established 5,655 hospitals in Japan, representing approximately 70% of the nation's total hospital count.
- In December 2023, Data Dimensions, the EDI clearinghouse and technology services entity in the Property and Casualty sector, forged a strategic alliance with Greenway Health, a key player in health information technology services. This collaboration leveraged Data Dimensions' Providerflow platform to debut the Greenway Document Manager, a tool designed to simplify document management for healthcare providers and reduce their administrative load.
North America is Expected to Hold Significant Market Share
- North America's document management system market is rapidly expanding, driven by the increasing adoption of cloud-hosted solutions. In recent years, office paper usage has declined, mainly due to the proliferation of mobile devices, tablets, and electronic signatures. This shift, combined with heightened awareness and proactive initiatives from organizations and the government, is poised to boost the demand for DMS in the region.
- There are various transformative trends that are expected to drive the market. For example, cloud-based document management solutions provide unmatched scalability and flexibility. As document volumes increase, organizations can effortlessly modify their storage needs, securing essential resources without facing hefty infrastructure expenses. Nowadays, cloud service providers prioritize security and compliance, offering robust solutions that ease concerns for companies managing regulated or sensitive data. Overall, businesses are transitioning their document management to the cloud, reaping the benefits of its flexibility and collaborative features.
- To cater to the rising needs of customers from various industries, DMS firms are entering the United States. with new solutions. For instance, in May 2024, Aconso, an innovator in HR document management systems and a cloud-based HR software solutions provider, officially entered the US market. Trusted by over 600 HR teams worldwide, including giants like Lufthansa, Siemens, and Porsche, it manages a staggering 1 billion HR documents annually for over 6 million employees. Automating document creation also boosts efficiency and liberates precious time for HR professionals, allowing them to prioritize and invest more in their company's employees.
- Artificial intelligence (AI) revolutionizes document classification and indexing, automating traditionally time-consuming tasks. With the ability to analyze content, extract vital information, and assign relevant tags and metadata, AI enhances document retrieval and organization efficiency and accuracy. Document management solutions powered by AI harness machine learning algorithms to automate the extraction and estimation of data from various documents. By implementing AI systems, processes like invoice processing, contract management, and data validation become streamlined, guiding significant time savings and reducing errors typically linked to manual data entry.
- For instance, in June 2024, Solix Technologies, a global player in cloud data management and AI solutions, introduced Solix ECS - a cost-effective and intelligent document management solution tailored for accounting and finance teams. In the current swift business landscape, reliance on outdated paper systems and disjointed file management can severely impede the productivity of these teams. Leveraging advanced cloud and AI technologies, Solix ECS revolutionizes document management, enabling accounting and finance teams to achieve notable efficiencies in payments, collections, onboarding (vendors and customers), audit queries, compliance, and delivering insights.
Document Management System Industry Overview
The document management system market is highly fragmented, with the presence of major players like Hyland Software Inc., Open Text Corporation, IBM Corporation, Microsoft Corporation, and Oracle Corporation. Players in the market are adopting strategies such as partnerships and acquisitions to enhance their product offerings and gain sustainable competitive advantage.
- July 2024 - OpenText launched its latest product innovations with the debut of Cloud Editions (CE) 24.3. This release signified a major leap forward, seamlessly integrating advanced information management capabilities, dependable cloud services, robust security measures, and cutting-edge artificial intelligence (AI). The result is enhanced data performance, yielding outcomes that are both more straightforward and of higher quality. OpenText remains at the forefront of digital transformation, steering its Titanium X strategic product roadmap, with milestones set for CE 25.2.
- June 2024 - Hyland Software Inc. made strides in its innovative product roadmap, spotlighted by the introduction of Hyland Experience Automate, fresh updates for the Alfresco and Nuxeo Platforms, and upgrades to several healthcare solutions. The cloud-native platform Hyland Experience (Hx) showcased Hyland's dominance in intelligent content solutions. Alongside the soon-to-be-launched Hyland Experience Insight (Hx Insight), Hx Automate is poised to elevate Hyland customers' interaction with intelligent content automation, transforming their approach to artificial intelligence in content and process management and enhancing their platform capabilities.
Document Management System Market Leaders
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Hyland Software Inc.
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Open Text Corporation
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IBM Corporation
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Microsoft Corporation
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Oracle Corporation
*Disclaimer: Major Players sorted in no particular order
Document Management System Market News
- May 2024 - Microsoft Corporation launched SharePoint Embedded, a revolutionary approach to developing file and document-centric applications. With SharePoint Embedded, users can seamlessly incorporate advanced Microsoft 365 features into their applications. This includes collaborative tools from Office, security and compliance features from Purview, and capabilities from Copilot. Additionally, SharePoint Embedded facilitates the creation of enterprise line-of-business applications and offers solutions for independent software vendors (ISVs).
- March 2024 - Oracle rolled out the Document Generator Pre-built Function, allowing users to merge JSON data with MS Word templates to produce PDF documents. In tandem, Oracle showcased the Sample Document Generator app, highlighting the Document Generator's capabilities within APEX.
Document Management System (DMS) Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET INSIGHTS
4.1 Market Overview
4.2 Industry Attractiveness Model - Porter's Five Forces Analysis
4.2.1 Bargaining Power of Suppliers
4.2.2 Bargaining Power of Consumers
4.2.3 Threat of New Entrants
4.2.4 Threat of Substitutes
4.2.5 Competitive Rivalry within the Industry
4.3 Assessment of the Impact of MacroeconomicFactors on the Market
5. MARKET DYNAMICS
5.1 Market Drivers
5.1.1 Emergence of paperless offices
5.1.2 Digital Transformation and Increasing Adoption of Work-From-Home Culture
5.1.3 Demand from the Healthcare Domain Due to Ongoing Measures to Digitize Records in Emerging Markets
5.2 Industry Ecosystem Analysis
5.3 Pricing Analysis
6. MARKET SEGMENTATION
6.1 By Component
6.1.1 Software
6.1.2 Services
6.2 By Deployment
6.2.1 Cloud
6.2.2 On-Premise
6.3 By End-user Industry
6.3.1 Banking and Financial Services
6.3.2 Manufacturing and Construction
6.3.3 Education
6.3.4 Healthcare
6.3.5 Retail
6.3.6 Legal
6.3.7 Other End-user Industries
6.4 By Geography***
6.4.1 North America
6.4.2 Europe
6.4.3 Asia
6.4.4 Australia and New Zealand
6.4.5 Latin America
6.4.6 Middle East and Africa
7. COMPETITIVE LANDSCAPE
7.1 Company Profiles*
7.1.1 Hyland Software Inc.
7.1.2 Open Text Corporation
7.1.3 IBM Corporation
7.1.4 Microsoft Corporation
7.1.5 Oracle Corporation
7.1.6 DocStar (Epicor Software Corporation)
7.1.7 Zoho Corporation Pvt. Ltd
7.1.8 DocLogix
7.1.9 Synergis Technologies LLC
7.1.10 AODocs (Altirnao Inc.)
7.1.11 Agiloft Inc.
7.1.12 Logicaldoc Srl
7.1.13 Cflow (Cavintek Inc.)
8. INVESTMENT ANALYSIS
9. FUTURE OF THE MARKET
Document Management System Industry Segmentation
A document management system (DMS) captures, tracks, and stores electronic documents, including PDFs, word processing files, and digital images of paper content. This study examines the diverse end-users of DMS and highlights recent advancements by companies propelling market growth. Given that unorganized content hampers larger organizations from efficiently extracting business-related information, DMS emerges as a vital solution to these challenges.
The document management system market is segmented by component (software, services), by deployment (cloud, on-premise), by end-user industry (banking & financial services, manufacturing and construction, education, healthcare, retail, legal, and other end-user industries), and by geography (North America, Europe, Asia-Pacific, and Rest of the World).
| By Component | |
| Software | |
| Services |
| By Deployment | |
| Cloud | |
| On-Premise |
| By End-user Industry | |
| Banking and Financial Services | |
| Manufacturing and Construction | |
| Education | |
| Healthcare | |
| Retail | |
| Legal | |
| Other End-user Industries |
| By Geography*** | |
| North America | |
| Europe | |
| Asia | |
| Australia and New Zealand | |
| Latin America | |
| Middle East and Africa |
Document Management System (DMS) Market Research FAQs
How big is the Document Management Systems Market?
The Document Management Systems Market size is expected to reach USD 9.26 billion in 2024 and grow at a CAGR of 13.51% to reach USD 17.45 billion by 2029.
What is the current Document Management Systems Market size?
In 2024, the Document Management Systems Market size is expected to reach USD 9.26 billion.
Who are the key players in Document Management Systems Market?
Hyland Software Inc., Open Text Corporation, IBM Corporation, Microsoft Corporation and Oracle Corporation are the major companies operating in the Document Management Systems Market.
Which is the fastest growing region in Document Management Systems Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Document Management Systems Market?
In 2024, the North America accounts for the largest market share in Document Management Systems Market.
What years does this Document Management Systems Market cover, and what was the market size in 2023?
In 2023, the Document Management Systems Market size was estimated at USD 8.01 billion. The report covers the Document Management Systems Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Document Management Systems Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Document Management Software Industry Report
Statistics for the 2024 Document Management Systems market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Document Management Systems analysis includes a market forecast outlook for 2024 to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
