Document Management Software Market By Deployment Type (On-Premises, Cloud-based (SaaS)), Organization Size (Small and Medium-sized Enterprises (SMEs), Large Enterprises), End-User Industry (Healthcare, Financial Services), & Region for 2024-2031
Report ID: 87975|No. of Pages: 202
Document Management Software Market Valuation – 2024-2031
Growing need for compliance and security is propelling the adoption of document management software. Strict regulatory requirements and the need for secure document storage and retrieval are propelling the adoption of document management systems with advanced security features is driving the market size to surpass USD 5.88 Billion in 2024 to reach a valuation of around USD 12.09 Billion by 2031.
In addition to this, organizations are rapidly adopting digital solutions to streamline operations is spurring up the adoption of document management software. The increasing integration capabilities of document management software with other enterprise systems, such as CRM and ERP is enabling the market to grow at a CAGR of 10.4% from 2024 to 2031.
Document Management Software Market: Definition/ Overview
Document management software (DMS) refers to digital systems designed to capture, store, manage, and track electronic documents and images of paper-based information. These systems offer a centralized repository for document storage, enabling users to easily access, share, and collaborate on documents while maintaining version control and ensuring data security. DMS solutions often include features such as indexing, search capabilities, workflow automation, and access permissions to streamline document handling and improve organizational efficiency.
Document management software is utilized across various sectors to enhance document organization and workflow. In corporate environments, it supports tasks such as contract management, compliance documentation, and internal communications by providing a structured system for document storage and retrieval. In legal and healthcare industries, DMS is crucial for managing case files, patient records, and regulatory documents. Additionally, educational institutions and government agencies use document management systems to handle records, research papers, and administrative documents efficiently.
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How will Rising Need for Efficient Digital Document Handling across Industries Increase Adoption of Document Management Software?
The document management software market is experiencing significant growth driven by the increasing need for efficient digital document handling across industries. Organizations are recognizing the value of streamlined workflows and improved collaboration that these solutions provide. According to the U.S. Bureau of Labor Statistics, employment in computer and information technology occupations is projected to grow 15% from 2021 to 2031, much faster than the average for all occupations, indicating a rising demand for digital solutions including document management software.
Data security and compliance requirements are also fueling market expansion as businesses seek robust systems to protect sensitive information and adhere to regulations. The growing emphasis on remote work and digital transformation has accelerated the adoption of cloud-based document management solutions. For instance, Microsoft announced in March 2024 the integration of AI-powered features into its SharePoint platform, enhancing document classification and search capabilities.
Sustainability initiatives are emerging as another key driver, with companies looking to reduce paper usage and minimize their environmental footprint. Document management software enables organizations to digitize their processes and significantly cut down on physical document storage. The European Commission reported that in 2023, the EU achieved a 34% reduction in paper consumption in office environments compared to 2015 levels, largely attributed to the adoption of digital document management practices.
Will Growing Integration Challenges Related to Document Management Software Restrain Its Market Growth?
Rising integration challenges also hinder the adoption of document management software. Many organizations use a mix of legacy systems and applications, and ensuring compatibility between new document management solutions and existing infrastructure can be complex. This complexity can lead to longer deployment times, increased costs for customization, and potential disruptions to business operations during the transition period.
User resistance and adoption issues are another restraint. Employees accustomed to traditional paper-based or less sophisticated digital systems may resist transitioning to new document management software. Overcoming this resistance requires effective change management strategies, comprehensive training, and user support, which can add to the overall cost and complexity of implementation.
Data security and compliance concerns further complicate the adoption of document management systems. Organizations must ensure that their document management solutions meet stringent data protection regulations and industry standards. Any lapses in security or compliance can result in legal penalties, data breaches, and loss of customer trust, making organizations cautious about adopting new systems without thorough risk assessments and robust security measures.
Category-Wise Acumens
Will Rise in Adoption of Cloud-Based Solutions Drive Document Management Software Market?
Cloud-based software-as-a-service (SaaS) solutions have taken the lead in the document management software market, offering scalability, accessibility, and cost-effectiveness. These platforms allow organizations to store, manage, and collaborate on documents from anywhere, supporting the increasing trend of remote and hybrid work models. According to the U.S. Census Bureau, in 2021, about 37% of households reported working from home, up from 9% in 2019, highlighting the growing need for cloud-based document management solutions.
The SaaS model’s dominance is further reinforced by its ability to provide automatic updates, robust security measures, and seamless integration with other business applications. This segment’s growth is also driven by small and medium-sized enterprises (SMEs) seeking affordable, feature-rich document management solutions without the need for extensive IT infrastructure. In a recent development, Dropbox announced in February 2024 the launch of its AI-powered document summarization feature, enhancing its cloud-based offering for business users.
Which Factors Enhance the Use of Document Management Software in Healthcare Sector?
The healthcare sector is emerging as a dominant force in the document management software market, driven by the critical need for efficient handling of patient records, regulatory compliance, and streamlined workflows. Healthcare providers are increasingly adopting these solutions to manage the vast amounts of medical documentation, improve patient care, and enhance operational efficiency. According to the Office of the National Coordinator for Health Information Technology, as of 2022, 96% of U.S. hospitals had adopted certified electronic health record (EHR) technology, underscoring the widespread digitization of medical records.
Document management software in healthcare facilitates secure storage, retrieval, and sharing of sensitive patient information while ensuring compliance with regulations such as HIPAA. These systems are crucial for managing the complex documentation requirements in healthcare, from patient histories and treatment plans to insurance claims and regulatory reports. In a recent development, Cerner, a leading healthcare technology company, announced in April 2024 the integration of advanced natural language processing capabilities into its EHR system, enhancing document classification and information extraction.
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Country/Region-wise Acumens
Will Presence of Major Technology Hubs in North America Drive Document Management Software Market Growth?
North America is expected to lead the global document management software market owing to widespread digital transformation initiatives across industries and a strong emphasis on operational efficiency. The region’s dominance is underpinned by the presence of major technology hubs, a mature IT infrastructure, and early adoption of cloud-based solutions. According to the U.S. Bureau of Economic Analysis, digital economy accounted for 9.6% of U.S. gross domestic product (GDP) in 2021, showcasing the significant role of digital technologies, including document management systems, in the region’s economy.
Stringent regulatory requirements in sectors such as healthcare, finance, and government have further propelled the adoption of sophisticated document management solutions in North America. These systems help organizations ensure compliance, enhance data security, and streamline auditing processes. In a recent development, Adobe announced in March 2024 the launch of its AI-powered document intelligence platform, designed to automate document processing and extract insights from unstructured data, further solidifying its position in the North American market.
Will Government Initiatives Promoting Digital Transformation Enhance Adoption of Document Management Software in Asia Pacific?
The Asia-Pacific region is experiencing rapid growth in the document management software market, driven by digital transformation initiatives across various sectors and increasing adoption of cloud-based solutions. Countries like China, India, and Japan are leading this growth, with businesses recognizing the need for efficient document handling to improve productivity and competitiveness. According to the Indian Ministry of Electronics and Information Technology, the Indian Software as a Service (SaaS) industry is projected to reach USD 50 Billion in revenue by 2030, indicating a substantial market for cloud-based document management solutions.
The surge in remote work and the need for seamless collaboration tools in the wake of the COVID-19 pandemic have further accelerated the adoption of document management software in the Asia-Pacific region. Small and medium-sized enterprises (SMEs) are increasingly embracing these solutions to streamline their operations and enhance efficiency. For instance, Alibaba Cloud announced in February 2024 the launch of its AI-powered document processing platform, targeting businesses across the Asia-Pacific region with advanced OCR and data extraction capabilities.
Government initiatives promoting digital transformation and paperless operations are also contributing to the growth of the document management software market in Asia-Pacific. Many countries in the region are implementing e-governance projects, driving the demand for robust document management systems. The Australian Government’s Digital Transformation Agency reported that in 2023, 89% of government services were available online, up from 70% in 2020, highlighting the increasing digitization of public sector operations and the growing need for efficient document management solutions.
Competitive Landscape
The document management software market is a dynamic and competitive space, characterized by a diverse range of players vying for market share. These players are on the run for solidifying their presence through the adoption of strategic plans such as collaborations, mergers, acquisitions, and political support.
The organizations are focusing on innovating their product line to serve the vast population in diverse regions. Some of the prominent players operating in the document management software market include:
- Microsoft Corporation
- Adobe, Inc.
- IBM Corporation
- DocuSign, Inc.
- OpenText Corporation
- M-Files Corporation
- Box, Inc.
- Evernote Corporation
- Alfresco Software, Inc.
- Google Workspace (formerly G Suite)
- Hyland Software, Inc.
- Laserfiche
- OnBase by Hyland
- SharePoint (Microsoft)
- Zylo
- Nintex
- Kofax
- Sage
- KnowledgeTree
- R1Soft
Latest Developments
- In July 2024, a major player in the document management software market introduced a cloud-based solution with advanced security measures, including end-to-end encryption and multi-factor authentication, to address growing concerns about data protection.
- In June 2024, a strategic partnership between two key companies resulted in the integration of advanced analytics tools into document management systems, enabling better insights and reporting capabilities for users.
Report Scope
REPORT ATTRIBUTES | DETAILS |
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STUDY PERIOD | 2021-2031 |
Growth Rate | CAGR of ~10.04% from 2024 to 2031 |
Base Year for Valuation | 2024 |
Historical Period | 2021-2023 |
Forecast Period | 2024-2031 |
Quantitative Units | Value (USD Billion) |
Report Coverage | Historical and Forecast Revenue Forecast, Historical and Forecast Volume, Growth Factors, Trends, Competitive Landscape, Key Players, Segmentation Analysis |
Segments Covered |
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Regions Covered |
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Key Players | Microsoft Corporation, Adobe, Inc., IBM Corporation, DocuSign, Inc., OpenText Corporation, M-Files Corporation, Box, Inc., Evernote Corporation, Alfresco Software, Inc., Google Workspace (formerly G Suite), Hyland Software, Inc., Laserfiche, OnBase by Hyland |
Customization | Report customization along with purchase available upon request |
Document Management Software Market, By Category
Deployment Type:
- On-Premises
- Cloud-Based (SaaS)
Organization Size:
- Small and Medium-sized Enterprises (SMEs)
- Large Enterprises
End-User Industry:
- Healthcare
- Financial Services
- Legal
- Government and Public Sector
- Education
- Manufacturing
- Retail and Consumer Goods
Region:
- North America
- Europe
- Asia-Pacific
- South America
- Middle East & Africa
Research Methodology of Verified Market Research:
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Reasons to Purchase this Report
• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors
• Provision of market value (USD Billion) data for each segment and sub-segment
• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market
• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region
• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions and acquisitions in the past five years of companies profiled
• Extensive company profiles comprising of company overview, company insights, product benchmarking and SWOT analysis for the major market players
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Frequently Asked Questions
1. Introduction
• Market Definition
• Market Segmentation
• Research Methodology
2. Executive Summary
• Key Findings
• Market Overview
• Market Highlights
3. Market Overview
• Market Size and Growth Potential
• Market Trends
• Market Drivers
• Market Restraints
• Market Opportunities
• Porter’s Five Forces Analysis
4. Document Management Software Market, By Deployment Type
• On-Premises
• Cloud-based (SaaS)
5. Document Management Software Market, By Organization Size
• Small and Medium-sized Enterprises (SMEs)
• Large Enterprises
6. Document Management Software Market, By End-user Industry
• Healthcare
• Financial Services
• Legal
• Government and Public Sector
• Education
• Manufacturing
• Retail and Consumer Goods
7. Regional Analysis
• North America
• United States
• Canada
• Mexico
• Europe
• United Kingdom
• Germany
• France
• Italy
• Asia-Pacific
• China
• Japan
• India
• Australia
• Latin America
• Brazil
• Argentina
• Chile
• Middle East and Africa
• South Africa
• Saudi Arabia
• UAE
8. Market Dynamics
• Market Drivers
• Market Restraints
• Market Opportunities
• Impact of COVID-19 on the Market
9. Competitive Landscape
• Key Players
• Market Share Analysis
10. Company Profiles
• Microsoft SharePoint
• OpenText
• IBM
• Oracle
• Hyland Software
• Nuxeo
• Alfresco
• Zoho Docs
• DocuSign
• Adobe Acrobat
• M-Files
• Laserfiche
• Box
• Dropbox
• Google Drive
11. Market Outlook and Opportunities
• Emerging Technologies
• Future Market Trends
• Investment Opportunities
12. Appendix
• List of Abbreviations
• Sources and References
Report Research Methodology
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Exploratory data mining
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For understanding the entire market landscape, we need to get details about the past and ongoing trends also. To achieve this, we collect data from different members of the market (distributors and suppliers) along with government websites.
Last piece of the ‘market research’ puzzle is done by going through the data collected from questionnaires, journals and surveys. VMR analysts also give emphasis to different industry dynamics such as market drivers, restraints and monetary trends. As a result, the final set of collected data is a combination of different forms of raw statistics. All of this data is carved into usable information by putting it through authentication procedures and by using best in-class cross-validation techniques.
Data Collection Matrix
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Demand side |
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Econometrics and data visualization model
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The collected data includes market dynamics, technology landscape, application development and pricing trends. All of this is fed to the research model which then churns out the relevant data for market study.
Our market research experts offer both short-term (econometric models) and long-term analysis (technology market model) of the market in the same report. This way, the clients can achieve all their goals along with jumping on the emerging opportunities. Technological advancements, new product launches and money flow of the market is compared in different cases to showcase their impacts over the forecasted period.
Analysts use correlation, regression and time series analysis to deliver reliable business insights. Our experienced team of professionals diffuse the technology landscape, regulatory frameworks, economic outlook and business principles to share the details of external factors on the market under investigation.
Different demographics are analyzed individually to give appropriate details about the market. After this, all the region-wise data is joined together to serve the clients with glo-cal perspective. We ensure that all the data is accurate and all the actionable recommendations can be achieved in record time. We work with our clients in every step of the work, from exploring the market to implementing business plans. We largely focus on the following parameters for forecasting about the market under lens:
- Market drivers and restraints, along with their current and expected impact
- Raw material scenario and supply v/s price trends
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We assign different weights to the above parameters. This way, we are empowered to quantify their impact on the market’s momentum. Further, it helps us in delivering the evidence related to market growth rates.
Primary validation
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The assumptions that are made to obtain the statistics and data elements are cross-checked by interviewing managers over F2F discussions as well as over phone calls.
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Different members of the market’s value chain such as suppliers, distributors, vendors and end consumers are also approached to deliver an unbiased market picture. All the interviews are conducted across the globe. There is no language barrier due to our experienced and multi-lingual team of professionals. Interviews have the capability to offer critical insights about the market. Current business scenarios and future market expectations escalate the quality of our five-star rated market research reports. Our highly trained team use the primary research with Key Industry Participants (KIPs) for validating the market forecasts:
- Established market players
- Raw data suppliers
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The aims of doing primary research are:
- Verifying the collected data in terms of accuracy and reliability.
- To understand the ongoing market trends and to foresee the future market growth patterns.
Industry Analysis Matrix
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