Global Document Management Systems Markets 2020-2025: Blockchain Expected to have a Transformative Impact on the Overall Industry – ResearchAndMarkets.com
DUBLIN–(BUSINESS WIRE)–The “Document Management Systems Market – Growth, Trends, Forecasts (2020 – 2025)” report has been added to ResearchAndMarkets.com’s offering.
The global document management system market was valued at USD 4.89 billion in 2019, and it is expected to reach USD 10.17 billion by 2025, registering a CAGR of 13.04% during the period of 2020-2025.
The document management system (DMS) market is ever-changing, driven by the need for increased efficiency in the workplace. The improving technologies and efficient execution of DMS are expected to gradually eliminate the traditional paper files concept.
The document management systems market is ever-changing, driven by the need for increased efficiency in the workplace. The improving technologies and efficient execution of the DMS are expected to gradually eliminate the traditional concept of paper files. According to Xerox, 46% of employees of small- and medium-sized businesses still waste time on inefficient, paper-related workflows daily. This signifies that smart document management systems can improve these processes. Companies that already deploy sophisticated document management systems gain a significant competitive edge.
The banking sector is also one of the most regulated sectors of the economy. Ensuring compliance with legal norms and regulations, as well as providing updates, is essential for any financial or credit company. This calls for a bank DMS to support the execution of the regulatory and legal framework. In December 2019, Deutsche Bank partnered with NetDocuments for its cloud-based legal DMS. This is likely to ensure secure and fast access to relevant documents for all legal department employees of the bank.
Virtual learning environments amidst the COVID-19 pandemic have gained popularity. Managing and delivering complete online training solutions for volunteers are being observed, combined with document management systems to control the validation and publication of those training procedures and safety documents.
In the healthcare sector, the lack of cohesive data across patients amidst the prevalence of electronic health records is further aiding adoption of such tools. COVID-19 cases have led to a lot of data being generated, due to the increasing number of patients being treated and the rising number of medical facilities. The effective and reliable management of documents generated, along with the need to minimize the use of paper to reduce operational costs and storage issues, is significantly driving the market studied.
The document management systems market gained a competitive edge in recent years. It consists of several major players. In terms of market share, a few of the major players currently dominate the market. However, with the increasing demand to maintain the rapidly growing patient records has enabled companies to innovate and provide strategic document management systems. Many of the companies are increasing their market presence by securing new contracts by tapping into new markets.
- Mar 2020 – Hyland added new capabilities to its Document Filters product offering, launching three separate updates in the last six months. Each release aims to add additional file formats – pursuing its goal of providing the most complete filtering toolkit that can process all the files that an organization encounters in a typical day. With the recent releases, Hyland now supports more than 550 file formats, of which, over 75 are supported for high-definition renditions.
- Feb 2020 – Agiloft announced the addition of its new Agiloft AI Engine, complete with prebuilt AI capabilities for contract management and an open AI integration that allows customers to incorporate custom-built AI tools into the no-code-platform.
Key Topics Covered:
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Emergence of paperless offices
4.2.2 Growing trend towards digitization further driven by adoption of remote work environment
4.2.3 Demand from the Healthcare domain due to ongoing measures to digitize records in emerging markets
4.3 Market Challenges
4.3.1 Security, Privacy & Migration challenges
4.4 Market Opportunities
4.4.1 Blockchain expected to have a transformative impact on the overall industry, with several vendors focusing on commercializing key use-cases
4.5 Impact of COVID-19 on the Document Management Market
4.5.1 Need for a centralized data storage and retrieval system has never been greater given the shift to remote work environments
4.5.2 Organizations increasingly looking to opt for a single vendor rather than a fragmented stack to avoid integration challenges
4.5.3 DMS vendors increasingly focusing on SMEs to leverage their solution portfolio
4.6 Key trends and innovations in DMS
4.7 Industry Ecosystem Analysis
4.8 Industry Attractiveness Model – Porter’s Five Forces Analysis
5 MARKET SEGMENTATION
5.1 Mode of Deployment
5.1.1 Cloud-based DMS
5.1.2 On-premise DMS
5.2 End-user Industry
5.2.2 Banking & Financial Services
5.2.4 Other End-user Industries (Retail, Education, Manufacturing, etc.)
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Open Text Corporation
6.1.2 IBM Corporation
6.1.3 Microsoft Corporation (Sharepoint)
6.1.4 Oracle Corporation
6.1.5 Hyland Software
6.1.6 Alfresco Software Inc.
6.1.8 Newgen Software Technologies Limited
6.1.9 Altirnao Inc (Aodocs)
6.1.11 Agiloft, Inc.
6.1.12 Scrypt Inc.
6.1.13 Synergis Technologies LLC
7 INVESTMENT ANALYSIS
8 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/su30xs
Laura Wood, Senior Press Manager
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