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.
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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.
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