A document management system is a system that is used to track, manage, and store documents or images of documents. These systems maintain records of various versions of documents created and modified by different users. Document management systems are mainly used for the storage and retrieval of self-contained electronic data sources in the document form. These systems are designed to help organizations manage the creation and flow of documents through a centralized repository.
The major factors driving the growth of the document management systems market include the increasing need to streamline business operations, benefits of digitalizing content across enterprises, increasing need to adhere to compliance requirements, and the increasing adoption of cloud-based services and cloud computing
The rising implementation cost acts as a restraint to the greater deployment of document management systems whereas data migration from legacy systems to cloud-based content management poses a major challenge for the market. The document management systems market is expected to be valued at USD 3.59 Billion in 2017 and reach USD 6.78 Billion by 2023, at a CAGR of 11.17%.
The document management systems market is segmented on the basis of offerings, which includes solutions and services. Based on organization, the market includes the small and medium-sized enterprises (SMEs) and large enterprises segments. The growth of document management systems among SMEs is projected to be steady during the next five years, mainly because the deployment of innovative technologies such as Social, Mobility, Analytics, and Cloud (SMAC) by new entrants in the market is compelling existing players to modernize their traditional IT infrastructure to meet changing customer requirements.
Based on deployment mode, document management systems are segmented into on-premise, cloud-based, and hybrid types. Of these, the hybrid solutions segment is expected to grow at the highest rate.
The document management systems market, on the basis of geography, has been segmented into four main regions-North America, Europe, APAC, and the RoW. North America is expected to dominate the document management systems market during the forecast period, while the market in APAC is expected to grow at the highest rate.
Document Management Systems Market by Offering (Solutions, Services), Deployment Mode (On-Premise, Cloud-Based, and Hybrid), Organization (Small & Medium-Sized Enterprise, Large Enterprise), Application, and Geography - Global Forecast to 2023
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