North
America is expected to hold the largest share and dominate the document
management systems market between 2017 and 2023. North America, being
technologically advanced, is a leader in the market. North America is the early
adopter of the latest technology; moreover, awareness on the benefits of
document management systems and similar products is high in the region.
Some
key players in this region include OpenText Corporation (Canada), Xerox
Corporation (US), IBM Corporation (US), eFileCabinet Inc. (US), SpringCM (US),
Oracle Corporation (US), and Hyland Software Inc. (US).
The
document management system market in Asia Pacific (APAC) is expected to grow at
the highest CAGR during the forecast period. Infrastructural developments in
the field of IT and business processes are expected to create a demand for
document management systems in this region.
The document
management systems market is expected to reach USD 6.78 Billion by
2023 from USD 3.09 Billion in 2016, at a CAGR of 11.17% during the forecast
period. The base year considered for the study is 2016 and the forecast period
is between 2017 and 2023.
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In
this report, the size of the document management systems market has been
arrived at based on segments such as offerings, deployment mode, organization,
applications, and regions. Depending on the organization, document management
systems can be installed in both small and medium-sized enterprises (SMEs) as
well as large enterprises. Based on deployment mode, the market is further segmented
into on-premise, cloud-based, and hybrid models. On the basis of applications,
the market is further classified into banking, financial services, and
insurance (BFSI); government; healthcare; education; corporate; industrial
manufacturing; retail; and other applications.
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