The document
management systems market is expected to reach USD 6.78 Billion by 2023, at
a CAGR of 11.17% during the forecast period. Growth in this market is mainly
driven by factors such as the increasing need to streamline business
operations, benefits of digitalizing content across enterprises, and the
increasing need to adhere to compliance requirements.
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. Document management systems play a pivotal
role in sourcing, monitoring, and managing content and extracting intelligible
strategic business insights from the voluminous content generated by
enterprises. Owing to this, there is an increased demand for document
management systems mostly among enterprises as data is regarded as a corporate
asset in enterprises.
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.
The document
management systems market, by offering, is segmented into solutions
and services. The solutions segment is growing at a significant rate due to the
increasing demand for document management, digital asset management, and
eDiscovery by enterprises to achieve a strategic advantage and streamline their
document management operations to minimize risks.
The market
has been segmented on the basis of deployment mode into on-premise,
cloud-based, and hybrid deployment modes. The hybrid segment is estimated to be
the fastest-growing segment of all the deployment models due to benefits such
as better flexibility, technical control, enhanced security, and improved
adherence to compliance requirements.
The
document management systems market has been segmented on the basis of
organization into small and medium-sized enterprises (SMEs) and large
enterprises. The market for SMEs is expected to grow at a higher rate. Growth
in this segment is projected to be steady during the next 5 years, mainly
because of the deployment of innovative technologies such as Social, Mobility,
Analytics, and Cloud (SMAC) by new entrants in the market, which is compelling
existing players to modernize their traditional IT infrastructures to meet
changing customer requirements.
Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=229353320
Moreover,
the market is segmented on the basis of application into BFSI, government,
education, healthcare, corporate, industrial manufacturing, retail, and other
applications. The BFSI segment is expected to hold the largest share of the
market during the forecast period. Document management systems play a pivotal
role in the BFSI sector in terms of gathering and managing all the financial
data. These systems also provide enhanced data security and access controls in
the event of cyber-attacks, bank robberies, and natural disasters. The
deployment of document management systems in the BFSI sector ensures better
accountability, risk management, operational management and end-to-end content
governance, and better management among different functional departments.
About
MarketsandMarkets™
MarketsandMarkets™
provides quantified B2B research on 30,000 high growth niche
opportunities/threats which will impact 70% to 80% of worldwide companies’
revenues. Currently servicing 7500 customers worldwide including 80% of global
Fortune 1000 companies as clients. Almost 75,000 top officers across eight
industries worldwide approach MarketsandMarkets™ for their painpoints around
revenues decisions.
Our
850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high
growth markets following the “Growth Engagement Model – GEM”. The GEM aims at
proactive collaboration with the clients to identify new opportunities,
identify most important customers, write “Attack, avoid and defend” strategies,
identify sources of incremental revenues for both the company and its
competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants
(Positioning top players across leaders, emerging companies, innovators,
strategic players) annually in high growth emerging segments. MarketsandMarkets™
is determined to benefit more than 10,000 companies this year for their revenue
planning and help them take their innovations/disruptions early to the market
by providing them research ahead of the curve.
MarketsandMarkets’s
flagship competitive intelligence and market research platform,
“Knowledgestore” connects over 200,000 markets and entire value chains for
deeper understanding of the unmet insights along with market sizing and
forecasts of niche markets.
Contact:
Mr.
Aashish Mehra
MarketsandMarkets™
INC.
630
Dundee Road
Suite
430
Northbrook,
IL 60062
USA:
1-888-600-6441
No comments:
Post a Comment