Published Date: 31-May-2023
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According to a new report, published by KBV research, The Global Document Management System Market size is expected to reach $11.3 billion by 2029, rising at a market growth of 10.7% CAGR during the forecast period.
The Solution market acquired the maximum revenue share in the Global Document Management System Market by Component in 2022 thereby, achieving a market value of $7.6 billion by 2029. This can be ascribed to an increased need for document management, digital asset management, and eDiscovery by businesses to acquire strategic advantage and streamline their document management processes to avoid risks. During judicial processes, whether civil or criminal, e-discovery refers to locating, safeguarding, gathering, inspecting, analyzing, and creating material that is important to the matter at hand. Such factors are expected to aid the solutions segment's expansion.
The On-premise market is showcasing a CAGR of 9.8% during (2023 - 2029). This is due to its ability to gather and store documents using various sources. If one system fails, users will still have access to backups in hard drives, paper formats, and other storage mediums, allowing them to continue working normally. In addition, it enables improved technological and security control and compliance with standards.
The Large Enterprises market is leading the Global Document Management System Market by Enterprises Size in 2022 thereby, achieving a market value of $7.5 billion by 2029. The growth is attributed to the huge spending by large businesses for putting measures in place to guarantee data security and privacy. Also, document security, workflow automation, and ease of document storage are features of document management solutions. Thereby, the big spending by large firms to ensure data security and automate various document-related work will propel the segment's expansion.
The Healthcare market has shown the high growth rate of 11.3% during (2023 - 2029). This is because high volumes of paperwork and other operational tasks are common in the healthcare sector. Document management software is widely used in this field since it allows for quick storage and access to saved information. As a result, sales of document management software in the healthcare industry alone are anticipated to reach a certain amount in terms of end users, fueling the market segment’s growth.
The North America market dominated the Global Document Management System Market by Region in 2022 and would continue to be a dominant market till 2029; thereby, achieving a market value of $3.7 billion by 2029. The Europe market is experiencing a CAGR of 10% during (2023 - 2029). Additionally, The Asia Pacific market would register a CAGR of 11.6% during (2023 - 2029).
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of OpenText Corporation, IBM Corporation, Canon, Inc., Oracle Corporation, Newgen Software Technologies Limited, Xerox Corporation, Hyland Software, Inc., Zoho Corporation Pvt. Ltd., MasterControl, Inc., and Ricoh Company, Ltd.
By Deployment Mode
By Enterprises Size
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