Document management software enables users to create, store, organize, and share electronic documents. Version control, document search, and collaboration facilities are regularly added. Examples of document management software include Microsoft SharePoint, Google Drive, and Dropbox. Some of this software has capabilities like workflow automation, document security, and adherence to industry standards. Numerous professions, including law, medicine, finance, and education, can benefit from this program.
Technologies have helped organizations in every aspect, from planning and recording operations to improving products. Manual documenting is a laborious and time-consuming process. This raises the possibility of human error, which could result in corrupted or lost files.
As a result, firms frequently use effective document management software to automate this procedure. Documents can be viewed, saved, and modified by users in a variety of formats, including PDFs, audio files, and video files. Additionally, it handles supplementary duties including document production, dissemination, and archiving. The ability to organise digital files has made it possible for businesses to provide effective documentation.
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Growing Demand for Automated Workflow to Facilitate Market Expansion
Automation has facilitated a reduction in errors, an improvement in quality, and a reduction in time in various processes. Document management software with automated workflow offers efficient operational workflow. Moreover, it reduces costly paper handling with the smart routing of documents and saves time and money by reducing the need for photocopying, hand delivery, and repetitive dropping. It also enables automated distribution, printing, and overall document control. By centralizing documents and using automated workflow technology, it can timely route documents to stakeholders. The migration to automated workflow from manual workflow is pushing the demand for document management software.
Competition Tracking
The key players profiled in the report are
- Toshiba Corporation,
- IBM Corporation,
- OpenText Corp.,
- Asite, Ideagen,
- Alfresco Software,
- MasterControl,
- Computhink,
- eFileCabinet,
- OfficeGemini,
- Adobe Systems Incorporated,
- SmartFile,
- Lucion Technologies,
- Intranet Connections,
- FOLDERIT and
- LogicalDOC.
Disaster Recovery and Better Backup to Spur Demand for Document Management Software
Document management solution includes disaster recovery and data backup plan. With digital archiving, paper documents are protected from various types of disasters. In addition, with this software, documents are easily traceable and can be conveniently tracked within different ranges of criteria. Moreover, since the documents are stored centrally, they do not get misplaced after viewing. They can be digitalized as well as archived during their entry point into the system.
Segmental Snapshot of the Global Document Management Software Market
By component, the software segment is expected to grow at a higher rate and is expected to lead the global document management software market in the coming years. With respect to services, professional services are gaining high traction.
With respect to deployment, the cloud is gaining high steam owing to ease of access and convenience at any point in time. Cloud-based deployment is expected to showcase revenue sales of over US$ 6 Bn by the end of the assessment period.
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Market Segmentation
By Component
- Software
- Services
- Professional Services
- Managed Services
By Deployment
- On-Premise
- Cloud-Based
By End User
- Healthcare
- Retail
- Government
- BFSI
- Education
- Legal Service Firms
- Other
By Region
- North America
- Latin America
- Western Europe
- Eastern Europe
- Middle East and Africa
- Asia Pacific
- China
- Japan
Table of Content
1. Executive Summary
1.1. Market Overview
1.2. Market Analysis
1.3. FMI Analysis and Recommendations
1.4. Wheel of Fortune
2. Market Introduction
2.1. Market Definition
2.2. Market Taxonomy
3. Market Background
3.1. Macro-Economic Factors
3.2. Forecast Factors – Relevance & Impact
3.3. Value Chain
3.4. Market Dynamics
3.4.1. Drivers
3.4.2. Restraints
3.5. Opportunity Analysis
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