Market Research Future published a research report on “Covid-19 Impact on Document Management System Market Research Report – Forecast to 2023” – Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2023.
Covid-19 Impact on Document Management System Market Overview
A document management system (DMS) refers to a computerized system used for the management and storage of various important documents. A document management system centralizes storage, extraction, and utilization of organized and unorganized documents. It also allows organizations to digitally manage such documents, reducing paper usage and hence is cost-effective in nature, and makes document retrieval easier. According to the latest MRFR study, the Covid-19 Impact on Document Management System Market is estimated to register robust growth during the assessment period.
Various factors contribute to the significant growth witnessed in the global document management system market. The advent of cloud-based systems has opened new growth avenues for the document management system market. Also, a burgeoning global startup ecosystem has led to a proliferation in the adoption of document management systems, propelling market growth exponentially.
Further, the cost-effective nature of global document management systems, along with favorable operational efficiency offered by the system are also driving up the demand and pushing the document management system market to grow. Moreover, the wide scope of application of document management systems in various sectors including BFSI, healthcare, education, and retail is likely to promote lucrative market growth during the review period.
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The global document management system market is segmented on the basis of deployment, organization size, and end-user. Based on deployment, the document management system market is segmented into on-premise and on-cloud. Based on organization size, the market has been segmented into small & medium enterprises and large enterprises. Based on end-users, the document management system market is segmented into healthcare, retail, education, and BFSI.
Important market players have been included in MRFR’s assessment of the competitive landscape of the document management system global market; these include Agiloft, HP, SpringCM, OpenText Corporation, Microsoft Corporation, Xerox Corporation, Alfresco Softwre Inc., IBM Corporation, Oracle Corporation, eFile Cabinet Inc., Canon Inc., Asite, Hyland Software Inc., and Ricoh Company Ltd. The market is highly competitive, and the use of cloud technology is expected to be highly conducive to the entry of startups. Mergers and acquisitions, strategic collaborations and product launches are among the leading growth strategies adopted by prominent market players.
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Based on region, the global market for document management systems has been segmented into Europe, Asia Pacific, North America, and the rest of the world (including Africa, the Middle East, and Latin America).
North America is accounted for a significant market share and is assessed as the largest region for the global document management system market over the review period. This dominance can be due to the presence of several significant players in the region. Additionally, product innovation is a constant activity being carried out by these market players and is projected to contribute considerably to the growth of the market in the coming years. Moreover, there is a higher adoption and implementation rate of cutting-edge IT technology in the region, especially in advanced countries such as the U.S. and Canada. Furthermore, several data-centric industries such as healthcare and BFSI are well-established in this region and implementing document management systems for optimization of vast volumes of data, which fuels the market growth.
Meanwhile, the Asia Pacific market displays a massive potential for growth due to the rapidly growing economic condition which can be credited to the higher concentration of emerging economies such as China, India, Japan, and South Korea, among others. The growing per capita disposable income of consumers in these countries has led to an augmented demand for products and services from several end-user industries. For example, the growing healthcare sector in the region is likely to surge the adoption of IT technology for the optimization of operations and administration. This is expected to contribute substantially towards the market share acquired from this region
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