$34.2 billion, Document Management Market to grow at a CAGR of 17.3% from 2023 to 2032
document management market
The service segment is expected to witness the highest growth in the coming years, as document management services help to reduce the time and costs associated with optimizing systems in the initial phase of deployment.
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Document management software is used to manage and arrange papers throughout an organization. It includes information retrieval systems, output systems, workflow, document repositories, and document capture. Also, the processes used to track, store, and control documents. In addition, businesses need a competitive advantage to survive and expand in the fast-paced commercial world lately. A DMS is a crucial tool for contemporary businesses since it can boost productivity, strengthen security, conserve money, promote cooperation, and assure compliance. Document management solutions help organizations manage legal documents and records in a more organized and effective manner. Additionally, in the digital age, with the rise in cyber threats and data breaches, protecting sensitive and personal data has become crucial. DMS tools help businesses maintain electronic records securely. These factors are expected to propel the document management market forecast.
For instance, in May 2023, Xiao-I Corporation launched its Intelligent Document Processing (“IDP”) product. This innovative solution is delivered by a smart and efficient platform that streamlines and automates the document management process, empowering businesses toward an era of intelligent operations. Thus, instances are further expected to provide lucrative opportunities for the growth of global document management market during the forecast period. Moreover, increasing investment by top vendor and rise in adoption of cloud based solution and services, anticipated to propel the growth of the market.
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By region, North America dominated the market share in 2022 for the document management market. Businesses in this area are embracing document management solutions at an increasing rate, which in turn are expected to propel global market growth. However, Asia-Pacific is expected to exhibit the highest growth during the forecast period. The presence of strong government policies regarding privacy and security in this region has been driving the growth of the document management industry.
The key players operating in the document management market analysis are OpenText Corporation, IBM Corporation, Oracle Corporation, Canon Inc., Ricoh Company, Ltd., SpringCM, Hyland Software Inc., Revver, Inc, Xerox Corporation and Zoho Corporation. These major players have adopted various key development strategies such as business expansion, new product launches, and partnerships, which help to drive the growth of the document management industry globally.
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