Document Management Systems Market Size (2024 - 2029)

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 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).