The ability to produce, store, organize, and exchange electronic documents is provided by document management software. Features like document search, version control, and collaboration tools are frequently included. Software for managing documents includes Google Drive, Dropbox, and Microsoft SharePoint, for instance. Workflow automation, document security, and adherence to industry norms are all features of some of this software. This program can be applied to a variety of fields, including law, medicine, finance, and education.
Technology has benefited businesses in every way, from product improvement to planning and recording operations. Manual documentation is a time-consuming and hard process. This increases the chance of human error, which could lead to files being lost or corrupted.
As a result, businesses typically automate this process using efficient document management software. Users are able to view, store, and modify documents in a number of different forms, including PDFs, audio files, and video files. It also takes care of extra responsibilities including document creation, distribution, and archiving. It has made it feasible to organize digital files, helping firms create efficient 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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